Bulgari SpA, which formerly held a 50 percent stake in jewelry producer Crova SpA, has sealed the deal and acquired the entire company, the company announced Friday, according to Dow Jones Newswires.

Bulgari had purchased a half-stake in Crova in late 2002 for $10.8 million, a move that helped the jewelry manufacturer boost in-house production from 10 percent to 50 percent. That bump has allowed new Bulgari products to hit the market faster, analysts say.

Last fall, Bulgari Chief Financial Officer Ernesto Greco said that acquiring Crova would help the company increase its gross margin by 80 to 100 basis points in 2004.


Source : National Jeweler Daily News

www.nationaljeweler.com

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