Editor’s Note
This article features remarks from Francesco Trapani, former director of Tiffany & Co., on CEO tenure and his departure following LVMH’s acquisition. His comments provide insight into executive transitions in major corporate deals.
Francesco Trapani, the former director of Tiffany & Co. who left the company just days after LVMH Moët Hennessy Louis Vuitton announced its acquisition of Tiffany for over $16.2 billion on November 25, spoke at an event in Milan organized by the Italian newspaper Corriere della Sera on December 12.
Trapani, born in 1957 and now 62, is the great-grandson of Sotirio Bulgari, founder of Bulgari. He served as CEO of Bulgari from 1984 until LVMH acquired the company for approximately $5.2 billion in 2011, after which he became Chairman and CEO of LVMH’s Watches & Jewelry division. He served on LVMH’s board until 2016 and joined Tiffany’s board in March 2017, partly due to holding a 5.1% stake in Tiffany alongside activist investor JANA Partners.
Trapani explained his departure from Tiffany was not due to disagreements over management but because U.S. public company rules would limit his personal projects post-acquisition.
He praised Bernard Arnault, Chairman and CEO of LVMH, stating LVMH is an “incomparable, fantastic partner” largely because of Arnault, noting the group’s strength in long-term strategy and brand value building.
Having experienced the sales of both iconic luxury brands, Trapani described different emotions.
He revealed Bulgari had considered merging with other Italian luxury brands years before the LVMH sale, but talks fell through, partly due to differences between French and Italian corporate cultures.
Trapani noted the luxury market has transformed from being small, serving a narrow elite in Europe and the U.S., to a global industry with a vast customer base, especially in Asia. On the potential for Chinese luxury brands, he suggested customers often have strong opinions on what constitutes luxury and its historical origins.
He outlined key qualities for modern luxury CEOs: strategic ability to focus on core strengths, strong leadership to inspire ambitious employees, and international experience to manage diverse teams.
When asked about his favorite jewelry, Trapani smiled and said, “Bulgari’s B.ZERO1. It was a huge hit and greatly helped me when I was CEO.” He also expressed fondness for Bulgari’s Serpenti series, famously worn by Elizabeth Taylor.