Financial Highlights
| Year |
Revenue (€ million) |
Revenue YoY (%) |
Operating Income (€ million) |
Operating Income YoY (%) |
| 2020 |
412,25 |
-33,5% |
24,95 |
-57,7% |
| 2021 |
637,69 |
+54,68% |
44,04 |
+76,51% |
| 2022 |
712,79 |
+11,78% |
82,09 |
+86,4% |
| 2023 |
869,51 |
+21,99% |
125,66 |
+53,08% |
Industry Benchmarking and Competitive Context
Bulgari’s double-digit growth in both revenue (+21,99%) and operating income (+53,08%) in 2023 positions it among the stronger-performing brands within the luxury jewellery segment. This performance outpaced the overall growth of the personal luxury goods market, which, according to Bain & Company’s 2024 report, expanded by a more modest 4–5% during the year—highlighting the brand’s above-average momentum.
When benchmarked against competitors, Cartier (under Compagnie Financière Richemont S.A.) maintained steady demand but experienced slower growth in H2 2023, while Tiffany & Co. (LVMH Moët Hennessy - Louis Vuitton) reportedly faced headwinds in the US market, partially offset by strength in Japan and China. Within LVMH Moët Hennessy - Louis Vuitton’s Watches & Jewellery division, organic revenue rose 7% in 2023, suggesting that Bulgari likely outperformed the group’s category average in terms of both scale and profitability uplift.
This trend reflects Bulgari’s effective pricing strategy, investment in high jewellery and pop culture-aligned campaigns, and robust demand in Asia and the Middle East. The brand’s strong operating leverage—evident in operating income growth of over 50%—underscores its successful cost and inventory management, even amid an inflationary environment.
Brand and Strategic Developments
2023 was a pivotal year for Bulgari, marked by elevated brand storytelling, bold product introductions, leadership transitions, and high-profile marketing campaigns.
Creative and Collection Launches: Bulgari unveiled new editions of its signature Serpenti and Divas’ Dream lines, while also continuing to promote the Eden: The Garden of Wonders
high jewellery collection. In October 2023, it launched the Serpenti 75th Anniversary capsule globally, accompanied by a limited-time experiential exhibition tour across Paris, Tokyo, and New York.
Leadership Updates: In early 2023, Bulgari appointed Jean-Christophe Babin to an expanded strategic role within LVMH Moët Hennessy - Louis Vuitton’s watches and jewellery division. While continuing as CEO of Bulgari, his influence now extends to synergies across sister maisons.
Brand Ambassadors and Campaigns: Bulgari continued to capitalise on celebrity appeal. Key ambassadors in 2023 included Zendaya, BLACKPINK's Lisa, Anne Hathaway, and Priyanka Chopra Jonas. The “Magnifica” and “Unexpected Wonders” campaigns received global acclaim and were rolled out across both digital and traditional luxury media.
Retail Expansion: Bulgari opened several new flagship boutiques and renovated key stores. In March 2023, it inaugurated a major flagship in Macau’s Galaxy Promenade, followed by the reopening of its Milan Via Montenapoleone store in September. These spaces incorporated architectural storytelling, heritage displays, and elevated VIP experiences.
Event Participation: The brand hosted a gala event during the Cannes Film Festival 2023, where it unveiled rare gemstones and couture pieces to top-tier clientele and press. Bulgari also participated in the LVMH Moët Hennessy - Louis Vuitton Watch Week 2023 and Geneva Watch Days, presenting its Octo Finissimo novelties.
Sustainability and Innovation: As part of LVMH Moët Hennessy - Louis Vuitton’s LIFE 360 strategy, Bulgari increased traceability across its gold supply chain in 2023 and announced new initiatives in eco-conscious packaging, targeting full implementation by 2025. its high jewellery offerings with the Eden: The Garden of Wonders
collection and introduced new iterations of its Serpenti and Divas' Dream lines, reinforcing its design DNA while attracting a new generation of affluent customers.
2024 & 2025 Strategic Transition Outlook
Following its strong 2023 performance, Bulgari entered 2024 with momentum and a clear focus on strategic scaling. The company leveraged its profit gains to deepen investment in high jewellery development, retail experience innovation, and supply chain digitisation. In Q1 2024, Bulgari announced plans to expand its boutique network in Southeast Asia and confirmed new regional leadership hires to reinforce its APAC and Middle East growth strategies.
Additionally, the maison began piloting AI-enhanced virtual concierge services across flagship stores in Milan and Seoul, reflecting its aim to blend heritage luxury with high-touch digital experiences. Sustainability remained core to its agenda, with Bulgari initiating full supplier audits as part of the LVMH Moët Hennessy - Louis Vuitton LIFE 360 framework and targeting a group-wide packaging overhaul by the end of 2024.
The year also marked continued collaborations with its celebrity ambassadors and a reinforced presence in cultural events such as Milan Design Week and Venice International Film Festival.
Looking into 2025, Bulgari is expected to accelerate digital innovation and experiential retail concepts, with early plans to unveil immersive fine jewellery showcases in Shanghai and Los Angeles. The brand is also reportedly preparing a refreshed sustainability roadmap and is likely to play a leading role in LVMH’s upcoming transparency and circularity commitments. With increased focus on high-net-worth clients in Asia and brand-driven value creation, Bulgari aims to further cement its position as a leader in the global luxury jewellery sector.
Conclusion
Bulgari's 2023 results reflect a brand operating from a position of strength while actively investing in long-term differentiation and global relevance. With net profit rising over 60% and revenue approaching the €870 million mark, the maison has demonstrated both brand desirability and pricing power in a competitive, demand-softening environment.
Looking ahead, the brand’s strategic priorities align with the industry's broader transformation. The luxury sector is expected to grow at 5–8% annually through 2030, driven by experiential retail, digital immersion, and the rising influence of Gen Z and Gen Alpha consumers. Bulgari’s emphasis on high jewellery storytelling, omnichannel innovation, and sustainability places it in a favourable position to lead this next era of luxury.
With immersive retail showcases planned in key markets and a renewed sustainability roadmap anticipated in 2025, Bulgari is poised not only to maintain its momentum but to elevate its global stature. As the luxury jewellery space becomes increasingly consolidated and experience-driven, Bulgari’s bold blend of heritage, design innovation, and cultural relevance will remain central to its value proposition within the LVMH ecosystem and the industry at large.
Read the full Bulgari brand report Here.
Interested in financial insights from other top luxury brands?
Read the Navigating Divergence: Financial Highlights for LVMH Moët Hennessy - Louis Vuitton, Compagnie Financière Richemont S.A., and Kering Group from 2020-2024 here,
Fendi 2023 Financial Report here
Saint Lauren 2023 and 2024 Financial Report here.
Find more financial analysis here.
Sources: Bain & Company’s 2024 luxury report, MicKinsey, Bulgari Gioielli S.p.A. Bilancio 2023, 2022, 2021 reports.
Cover Image: Bulgari Magnificence Never Ends - a movie by Paolo Sorrentino 2023, courtesy Bulgari YouTube page.