LVMH share price tumbles 3.5% as trio sell off £465m share.
The Bulgari family has sold its shares in LVMH following advice from the same financial adviser consulted when selling the Bulgari brand to the global luxury group last year.
Shares at LVMH tumbled 3.5% as news spread that brothers Bulgari chairman Paolo Bulgari and Bulgari vice-president Nicola Bulgari and nephew Bulgari chief executive Francesco Trapani had sold their €558 million (£465m) share.
The Financial Times has reported that the Bulgari family were advised by Credit Suisse to sell off their shares after strong rises in the past year following good results at the group.
The Bulgari family sold its business to LVMH last year at a 60% premium to its share price in a deal advised on by Credit Suisse.
Last week LVMH posted strong watch and jewellery sales for the year to December 31 up 23% with doubled profits. LVMH said that Bulgari recorded strong revenue growth in 2011 across all its product categories through its own stores as well as other distribution channels. LVMH chief executive Bernard Arnault added that “the agreement with the Bulgari family was one of the key moments of the year” for the luxury group.