First half 2011 sales for the Bulgari Group increased 23.6 percent, year-over-year, at current exchange rates to 548 million euro ($784 million). At comparable exchange rates the increase was 23.3 percent. The luxury jewelry house reported an operating profit of 15.3 million euro ($21.8) and a net profit of 9.1 million euro ($13 million) for the period.
During the first six months of the year, all product categories contributed to the growth, the Rome-based company said. Jewelry sales increased 20.2 percent at current exchange rates to 243 million euro ($347.6 million) due to the strong sales of its B.zero1, its high-jewelry line; a new ceramics collections; and Sassi, its medium-high end collection.
Watch sales grew 26 percent for the period to 111.1 million euro ($159 million), led by the “excellent results” of its women’s watch, Serpenti, and its complicated men’s models, including new versions of its Octo model.
Perfume and cosmetics sales increased 27 percent to 129.7 million euro ($185.5) for the period, led by the new launches of Mon Jasmin Noir and MAN. Accessories segment sales grew by 24.2 percent.
All geographical areas “performed exceedingly well” for the first-half 2011 period, the company said. Sales in Europe grew 18.6 percent (Italy increased 11.1 percent), the Americas were up 16.1 percent and Japan increased 4.6 percent. Sales for the rest of Asia grew by 44.2 led by a 59.5 percent growth in sales in mainland China. Sales in the Middle East and other areas increased 34.3 percent.
In March, Bulgari announced that Paris-based luxury conglomerate, LVMH, acquired a majority stake in the company. The two companies are in the process of working through the legal and logistical hurdles to bring Bulgari into the LVMH group.