Press Releases
Bulgari and Crova consolidate their partnership in high-end jewellery production
Rome, December 23, 2002 – the Bulgari Group acquired today* a 50% stake of Crova S.p.A., leader in the production of high-end jewelry for a price of 8 millions Euro.
Bulgari and Crova will, with this deal, reinforce their existing 25 year relationship and set the
foundations for new projects.
Specifically, if Crova will, on one hand, continue to develop and produce collections for its clients with
a jewellers’ tradition, it will also offer all those services – such as the product conception, product
development, prototype creation, and production – necessary to those brands that plan to add jewelry to their core-business.
Crova is active in the craftsman sector since 1845, when Emanuele Crova opened his first artisan shop, servicing the most important brands within the jewelry segment since 1977. The company owns today three production units, two in Valenza and one in Solonghello Monferrato (near Alessandria), in an area world-wide known for its jewelry artisan tradition. Crova has over 350 employees and reached in year 2002 a turnover of about 35 million Euro. In April 1999, the factory in Solonghello obtained the UNI EN ISO 9001 certification, the first company in the world to achieve - in the goldsmith sector - this prestigious acknowledgment.
The Bulgari Group, with its experience in the jewelry business, will give an important contribution also thanks to its managerial, organisational and financial expertise and its knowledge of international markets and distribution leverage.
Francesco Trapani, Chief Executive Officer of the Bulgari Group, commented: “I am very satisfied with this agreement which not only improves the vertical integration of Bulgari in the jewelry production, but also allows Bulgari – by servicing additional clients and giving added value – to play an increasingly important role in the medium-high jewelry segment which we believe has a high growth potential”.
Pier Vittorio Crova, Chairman of Crova S.p.A., commented: “We are pleased to consolidate our excellent relationship with Bulgari. This will allow us to further grow and enlarge our client portfolio. Furthermore thanks to Bulgari’s organizational and financial ability, we will be able to reinforce our presence in the high-end jewelry segment and further improve the service to our clientele”.
* Within the next days the deal will be presented to the Antitrust Commission.