Bulgari’s plans to triple high jewelry

«Bulgari persists in their challenge against Cartier, representing the best of Made in Italy». In characteristic fashion, Jean-Christophe Babin, ceo of Lvmh’s roman Maison, is straightforward. He added: «Our high-end jewelry workshop on Via Aurelia in Rome is at capacity. We plan to expand to a larger facility and increase our number of employees from 100 to roughly 300. In Valenza, we plan to strengthen our workforce from 600 to 1,700 employees». The manager discusses his jewelry world vision in an exclusive interview with MFF during the big event in Milan for the only european stage of Serpenti, 75 Years of Infinite Tales, on display until November 19th. Precious jewelry remains the core focus of the Maison, which joined Bernard Arnault’s group in 2011 and has had Babin leading the brand since 2013. «Upon my arrival, we had approximately 2,000 employees. Presently, incorporating hotels, we employ around 8,000».

Why invest in Milan again?

Bulgari, for me, must be 100% Italian, except for watches produced in Switzerland. Milan is a crucial destination for us. Therefore, we selected this city as the only European stop for our exhibition commemorating our iconic Serpenti. These jewelries are evocative of a style that reached Rome during Julius Caesar’s reign, brought over from Egypt by Queen Cleopatra, with whom Caesar had a romantic liaison and a child (the Roman Maison has recently restored the Sacred Area of Largo Argentina in Rome, where Caesar was assassinated in 44 BC, ed.).

The maxi store on Milan’s Via Montenapoleone is under construction. When is it going to reopen?

Due to the unpredictable nature of building sites, the goal is to complete the construction by November 2024 and reopen in time for Christmas. The updated store will encompass more than 700 square meters across three floors, a significant expansion from its current 300 square meters.

Working alongside Tiffany in the new store… What is the relationship between this competing brand within the LVMH stable?

As in Formula 1, it is beneficial to have a teammate. Anthony Ledru, ceo of Tiffany, and I are two drivers on the same team. Once on the racetrack, however, it is evident that our ultimate goal is victory. Our main competitor is Cartier, who currently holds larger volumes than us. Yet, they serve as our benchmark. If they reach a particular objective, we know it is attainable for us as well. Our company philosophy is purely composed of Italian-made goods, setting us apart from them.

How is Bulgari’s core business, the jewelry industry, faring at present?

It is thriving. We have invested consistently in creativity and remarkable gems. Our comprehensive investments in gemstone acquisitions and research strengthen the creative department that drives the events. The exhibition will move to Tokyo approximately one month after Milan, showcasing newly crafted high-end jewelry items for the event.

Can you define growth potential?

Jewelry has the greatest potential for growth in the coming years. This is why fashion brands are increasingly entering the jewelry market, recognizing its enormous potential. Approximately 25% of jewelry sold worldwide is estimated to be globally branded, while the remaining 75% is more localized. The jewelry industry is the only luxury category where the most famous brands represent a minority of the total market, indicating significant room for growth.

Are you going to expand your production?

Our high-end jewelry studio on Via Aurelia, in Rome, is at full capacity. We intend to increase our current workforce of 100 employees to around 300 workers in a new larger facility. Similarly, we plan to grow from approximately 600 to 1,700 employees in Valenza.

What are your thoughts on the Chinese market?

China continues to be the primary market for luxury goods. The opening of Macau and Hong Kong, which are major tourist destinations for the Chinese, indicates the enthusiasm of consumers.

What is the current state of Chinese tourism in the West since Covid-19?

Compared to 2019 levels, there has been a noticeable decrease in the number of Chinese tourists, with estimates suggesting recovery is only at about 60%. However, tourism in general remains prevalent, and Bulgari continues to be a popular destination for many. The capacity of European embassies to issue visas still falls short of the demand, especially when compared to the high levels of demand experienced in 2019.

Currently, Hainan has everyone’s attention. What actions have been taken? Are there any plans in motion?

Hainan, much like Sardinia in Italy, is a sought-after destination, plus it has a duty-free status. We are partnering with a Chinese agency developing significant new projects. Choosing the right location is crucial, but as part of the Lvmh family, we have access to valuable opportunities.

What is Bulgari’s current challenge?

Its current challenge is to outgrow its competitors and establish itself as the most desirable brand and experience in the world. The company is approaching its 140th anniversary next year, and preparations are underway for a large-scale event in Italy.

Serpenti: 75 Years of Infinite Tales exhibition is on display in Milan until November 19th

From now until November 19th, the Dazio di Levante building in Milan’s Piazza Sempione is hosting a free exhibition called «Serpenti: 75 Years of Infinite Tales», which recounts the history and development of one of Bulgari’s most significant accomplishments. Inaugurated in the late 1940s, the snake symbol was introduced in watchmaking, featuring the Tubogas technique. While filming Cleopatra in Rome, Elizabeth Taylor cherished it as a talisman. Andy Warhol regarded the Roman store on Via Condotti as the paramount contemporary art museum. The current exhibition showcases six interpretations of the Serpenti symbol created by both Italian and international artists, testifying to the icon’s eclectic nature, Quayola, Sougwen Chung, Daniel Rozin, Cate M, Fabrizio “Bixio” Braghieri, and Filippo Salerni. Cailee Spaeny, the new ambassador of the Omnia women’s fragrance and winner of the Coppa Volpi at the Venice film festival, Maria-Olympia of Greece, and model Anna Cleveland attended the opening of the event. (All rights reserved)