Commission clears acquisition of Bulgari by LVMH Group

Brussels, 30 June 2011 – The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Italian luxury goods company Bulgari by the Moët Hennessy – Louis Vuitton Group (“LVMH”) of France.

The Commission’s investigation showed that the acquisition would not significantly alter the competitive structure of the markets concerned, as Bulgari holds small market shares only and LVMH will continue to face effective competition from several other manufacturers of luxury goods.

The transaction was notified to the Commission on 24 May 2011.

Bulgari and LVMH both produce and sell high-end watches, jewellery, perfumes and cosmetics, as well as fashion and leather goods, including accessories. LVMH owns and operates several selective distribution retail chains.

The investigation showed that the combined activities of LVMH and Bulgari do not give rise to high market shares under any plausible market definition. The Commission therefore concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part
of it.

LVMH is controlled by Groupe Arnault, which also controls Christian Dior Couture. It owns the following brands: Louis Vuitton, Donna Karan, Fendi, Loewe, Céline, Kenzo, Marc Jacobs, Givenchy, Berlutti, Guerlain, Tag Heuer, Chaumet, Zenith, Hublot, Fred and De Beers Diamond Jewellers Bulgari operates mainly through its brand “Bulgari”. It is also active in the luxury hotels area.

[Text/Logo: The European Commission]