Competition authorities and the European Commission have given the green light to the joint long-term development between LVMH and .
The agreement will see both companies working together to develop new cosmetic and fragrance lines, as well as working on watches and jewellery.
The coming weeks will see LVMH put out tender offers on the outstanding shares owned by Bulgari minority shareholders. This will see LVMH become the major shareholder in Bulgari.
LVMH CEO Bernard Arnault believes the businesses share similar goals and the partnership will lead to future and further development potential.
It is for these reasons that we immediately understood each other and agreed on the way we would work together. I am certain that our partnership will be greatly beneficial to Bulgari as well as to the LVMH Group,” says Arnault.
The Bulgari fragrance and skin care products will be joined by Christian Dior perfumes and cosmetics, Guerlain perfumes and fragrance retailer Sephora.
