Recently we've been so busy watching the drama as luxury mega-conglomerate LVMH
Moët Hennessy Louis Vuitton makes moves on French luxury brand Hermes
that we didn't even see them sneaking up on Bulgari
. The NY Times reports
that LVMH is set to announce on Monday that it is taking control of the luxurious Italian jeweler. According to the NY Times DealBook, Bulgari's founding family is exchange its 51 percent stake in the jeweler to LVMH for stock in LVMH and it will also have seats on LVMH's board. With those shares in place, it's said that LVMH is planning to make offers to acquire the rest of the shares.
LVMH is proving to be an unstoppable luxury juggernaut with over 60 of the world's most prestigious brands in tow including the ones in its name as well as Christian Dior, Fendi and Céline. Other luxury mega-groups include PPR and Richemont. The 127-year-old Bulgari brand is one of the most prestigious names in the jewelry and watches arena and is particularly popular in European and Asian markets. The brand also has several luxury hotels.