Bvlgari takes focused approach on leather accessories, to concentrate on core business
CEO Michael Burke, who took over the brand in February has recently revealed Bulgari will no longer enlist outside designers like Matthew Williamson, who created a line of leather goods for the Roman jeweler in 2010. “It’s about being consistent with jewelry. Every single bag that you see here tonight has an inspiration from jewelry,” Burke told WWD, pointing out a handbag featuring undulating strips of lamb and python leather, which he said was inspired by a lacquer and mother-of-pearl jewelry piece.
“It’s going to be more about few key lines than getting into the rat race of introducing a new ‘It’ bag every three months. That’s not the Bulgari model. Bulgari is not a fashion house,” Burke explained. Burke estimates that accessories account for between 12 percent and 15 percent of total sales, depending on the country.
This summer, Bulgari discountinued its cosmetics line, maintaining, however, its fragrances line. It remains to be seen whether its new owner, giant LVMH, will bring other changes in Bulgari’s business strategy. Bulgari’s brand diversifications from its core jewellery and watches business, include: Bulgari Hotels & Resorts (partnership with Marriott International), hotel bathroom amenities (licensed by Ada Cosmetics) fragrances and eyewear (licensed by Luxottica)