Bulgari Refutes Richemont Merger Talks Rumors

The family that owns luxury jeweler Bulgari is not planning to give up control of the Italian jeweler and has not had any contact with Swiss luxury goods group Richemont over a rumored merger, Bulgari's chief executive Francesco Trapani told French newspaper La Tribune.

Rumors in the market in recent months have suggested that Bulgari and Richemont may have been holding merger talks, although both firms have denied the rumors.

"We have had no direct or indirect contacts with Richemont," Trapani said. "The Bulgari family, which owns 52 percent of the capital has no intention and no need to sell," he added.

Bulgari, which last year signed a diamond supply agreement with Israeli diamond magnate Lev Leviev, aims to diversify in the accessories sector and become one of the world's top 10 brands in that business within the next five years, Trapani told La Tribune.