Lvmh Group Jewellery And Watch Division Chairman Resigns As Private Equity Partner

After leaving the post of chairman of the LVMH Group’s jewelry watch department on March 1, FrancescoTrapani, the fourth generation heir of the Bulgari (extended location information) family, quickly changed his status: he joined Italy Private equity fund Clessidra serves as Executive Vice-Chairman and becomes a shareholder and partner of Clessidra.

RapTrapani has been in charge of Bulgari since 1984 and has grown the family business into Europe’s second largest jewelry brand with annual sales of 1 billion euros. In early 2011, he led the historic transformation of the LVMH group.

Despite leaving LVMH’s specific management work, since the Bulgari family (through a share swap) is the second largest shareholder of LVMH, Trapani is still a member of LVMH’s board of directors and also assumes the advisory role of Group Chairman Arnault.

Trapani will help Clessidra develop an investment strategy for the fashion and jewelry industry. Clessidra acquired a 70% stake in Buccellati, a jewellery brand in Milan, Italy last year, and is now in exclusive negotiations with Italian menswear brand Harmont & BlaineSpA.