Luxist

Famed Italian jeweler and luxury goods firm Bulgari plans to cut jobs, close stores and pare down its collections in the wake of a disastrous 45% drop in profits. The company, which was founded in 1884, has seen its watch business suffer badly in the economic downturn. The company, a red carpet favorite of stars like Halle Berry, Keira Knightley and Kate Hudson, describes its jewelry as "pure luxury obtained by means of daring combinations, precious materials, purity of design and meticulous attention to detail." "[This year] will be a very difficult year," states Bulgari CEO Francesco Trapani, adding that future earnings are impossible to predict. "We don't feel able to give a number of any meaning because the situation is so very complicated." 29/04/09