Bulgari bets on Milan

«The flagship store in Via Montenapoleone in Milan will increase from the current 300 square meters to over 700 on three floors». This is how Bulgari ceo Jean-Christophe Babin explained to MFF the project that will transform the current building on the luxury street into a true Lvmh hub. «In the same building Tiffany and Louis Vuitton will be our neighbors. So, for Lvmh it will be about making these brands dialogue with unique experiences». Sales space will increase, with high jewelry in pole position, as well as dedicated dining areas for top clients and high-tech sections, given the recent debut in the Metaverse and Nfts. While waiting for completion by 2024, a temporary store will be opened in Via Gesù. Meanwhile, 2022 is progressing positively, with excellent performance in which high jewelry stands out. «High jewelry now generates about 20% of revenues. It is the soul of our maison and represents over a century of history».

How is 2022 going and what are the drivers of growth?

2022 is going very well, partly because people are choosing the most precious version of a product. So, sales have grown despite not raising prices and with the same traffic, even lower in some countries.

How has the market changed after two years of Covid-19?

We at Bulgari have never really closed. Our e-commerce has grown a lot and is still going strong. I would say that some habits have changed, though. For example, if you used to buy a ring only in gold, now you buy it with a half pavé, which costs almost twice as much. In many countries, people have put off buying and now are craving something special. The search for uniqueness, quality and exclusivity is also found in other segments, from perfumes to watches, where today diamond dials and the combination of gold and steel represent the norm, with a growing demand for a dimension closer to jewelry.

What plans do you have for Milan and Italy?

We are an Italian brand and Italy is always central for us. After the maxi store in Place Vendome in Paris (opened at the end of 2021 with more than 1,000 square meters of floor space, ed.), for Milan we are working on a new mega flagship store in Via Montenapoleone, which will increase from the current 300 square meters to more than 700. Tiffany and Louis Vuitton will be our neighbors in the same building. So, for LVMH it will be about making these brands dialogue with unique experiences.

When will you open the new flagship store?

My hope is to open it by the second half of 2024. During the works, we will move to a temporary store in Via Gesù, which we want to open in October this year.

How much of your sales does the high jewelry segment represent? Has it increased compared to the pre-Covid-19 period?

High jewelry has been part of our history for more than a century and a half. We hired new master craftsmen in our manufactory in Via Aurelia, Rome, dedicated specifically to these works of art. We are talking about few pieces of great value which we showcase every year in a special way. I would say that it represents 20% of our current profit.

How many high jewelry collections do you launch in a year? Has the number increased?

We have a high jewelry collection who always starts in Italy. Even for Eden, the Garden of Wonders launched in Paris last June, we planned a fashion show at the Italian Embassy, which means Italian territory. Then, Eden started a world tour with a very popular event in Japan, to then go to China, US, Middle East and Singapore, enriching itself with new pieces at each stop. Italy became an important market again with the pandemic after many years dedicated to other countries, especially China.

China’s lockdowns are still going on. How have you organized in that country and what is expected?

Chinese citizens can travel the world but when they get back home, they undergo a very strict quarantine. We are going to hold an event for them in Shanghai and maybe another one in Shenzhen in fall. With less Chinese travelers, the mainland is more and more important. I have daily meetings with my Chinese team during which we carefully follow each client and e-commerce works very well.

How did the role of high jewelry change in the metaverse and what projects do you have?

As a high couture Maison which made pushing the limits a fundamental part of its DNA, part of our mentality is to constantly expand the vision of our creative universe. At VivaTech salon in Paris (see MFF of June 16), we revealed the beginning of a new journey that invites our clients to live, thanks to the metaverse, a luxury experience completely new but still inspired by the values deeply embedded in Italian excellence.

How do you envision Bulgari’s future compared to its competitors?

High jewelry and high watchmaking go hand in hand. And I am happy that our major Swiss competitors are shrinking their high-watchmaking offer because they give us valuable market spaces. At the same time, we continue our work on communicating our great history with an exhibition roadshow that will probably touch Riyad in Saudi Arabia this fall. (All rights reserved)