The family-owned luxury brand Bulgari SpA announced last night that they had agreed to sell their 50.4 percent stake to LVMH for 1.86 billion euros, or about $2.6 billion. As part of the deal, the Bulgari family will retain a strong leadership presence in the company: They will be allotted two spots on the LVMH board of directors, and Paolo and Nicola Bulgari (formerly the chairman and vice-chairman of the company respectively) will remain chairman and vice-chairman of the Bulgari board. Meanwhile, Bulgari CEO Francesco Trapani will join the executive committee of LVMH and take over the group's watch and jewelry division, replacing Philippe Pascal, who "will be given new responsibilities within the group," according to LVMH. In his announcement about the merger last night, Bernard Arnault stated, "The alliance between my group and the Bulgari family is a perfect combination from all points of view as we share the same culture in terms of respect for identity and roots of the brands, quest for excellence, creativity and innovation."
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