By Rachel Sanderson
The buyout of Bulgari by LVMH has triggered more than a popular outcry in Italy about Italian fashion brands falling into foreign hands. The government yesterday passed a bill to try make it more difficult for foreigners – read the French – to acquire, literally in this case, the family jewels.
True, Italians have some reason to bemoan the buyout of some of their most lauded names by foreign owners. Bulgari’s move to LVMH follows Fendi before it, while Gucci and Bottega Veneta are securely enfolded in France’s PPR. Valentino is owned by a UK private equity firm. Gianfranco Ferre was recently rescued from bankruptcy by Paris Group, a Dubai-based retailer. Read more