Bulgari’s man of the hour
CEO Jean-Christophe Babin is the perfect face for the brand’s luxury game
2022 was a boon for the luxury market. Licking our wounds from an unresolved pandemic, we tested the limits of our plastic money and swiped with abandon.
The revenues of luxury companies such as LVMH Moët Hennessy Louis Vuitton, which had taken a knock during the most surreal time in recent memory, were boosted by what Bulgari CEO Jean-Christophe Babin calls “revenge buying”. This phenomenon lives in the province of “revenge travel” — a backlash against isolation and limited or controlled consumption over 2020/21. The performance was outsized, and it was no surprise recently when things trended toward normalisation. But revenues are still on the rise, if at a slower rate.
While LVMH’s 2023 Q3 revenues were up 9% from the same period in 2022, its 2023 Q2 results had increased by 17% year-on-year. This means a slowdown on a quarter-to-quarter basis. LVMH nonetheless saw a 14% organic revenue growth in the first nine months of this year, with subsidiary Bulgari experiencing “strong growth” in a period that saw the celebration of 75 years of the cross-category Serpenti collection, the launch of the Mediterranea High Jewellery collection, and an updated Octo line. The traditional Roman jeweller with a Greek founder has been synonymous with the pinnacle of Italian crafting since 1884, experimenting with materials and conventions and advancing its Roman heritage.
If he had a mission in the past decade, it was “bringing the meticulousness, craft and heritage of Rome to the entire brand”, he said. Beyond jewellery, the brand also plays in luxury hotels, leather goods, accessories, and fragrances, perennially seeking ways to set itself apart — as was clear in Geneva. Unlike its competitors, which had booths that ranged from the elaborate to the fantastical at the Palexpo convention centre where Watches and Wonders is held, Bulgari had commandeered a floor at the swish Hotel President Wilson, overlooking the lake. It was a proper takeover with varied displays in multiple rooms across the entire floor, with messaging ranging from heritage to the latest releases.
This decentralised strategy was, Babin said, a deliberate, longstanding decision, an attempt to stand out while presenting “the best of Roma” (a few months prior, the brand had been in the presidential suite of the Four Seasons Hotel Bangkok at Chao Phraya River, with upwards of 190 pieces on display).
After our chat, as I patiently waited to take a photo with him, he gave face-time to a Chinese delegation developing a mall in which they would like a Bulgari store. Having shaken every hand and looked in every eye, Babin kept the party of six transfixed with his words. Whether or not they’ll get their store remains to be seen, but the smiles as the group headed out were encouraging.
As I took my place next to the man of the hour and his PR reps snapped away, he apologised for “taking your time”. The pictures were decent and, naturally, he looked better than me, in his tailored suit and a Bulgari timepiece on his wrist proudly on display.