Hollywood icon Elizabeth Taylor once said that the only Italian word she knew was ‘Bvlgari’, the famed Italian luxury house. Jean-Christophe Babin, the company’s Group CEO, is hoping a large number of Indians will say the same. “We have strong ambitions for India,” says Babin in a conversation with Business Today. He adds that India is small right now because of limited distribution, but that will change. “Five years down the line, India will have four directly-operated stores and around five-six indirect stores. So, around 10 points of sale that not only showcase watches but jewellery, which is our core business,” says Babin.

Bvlgari opened its flagship store in New Delhi’s DLF Emporio mall in 2014. In 2023, it will open its second store—in Mumbai. It has also partnered with luxury watch retailer Ethos, which retails Bvlgari watches in its outlets, to display jewellery as well. The first such shop-in-shop opened in Hyderabad this July. “Globally, high-end watches and jewellery are often retailed from the same stores. It wasn’t happening in India, but we are excited about the collaboration. We will see very aggressive growth over the next couple of years,” says Yashovardhan Saboo, Founder and Chairman of Ethos.

I have always admired and been fascinated by Bvlgari’s magnificent works of art… From the rare colourful gemstones used in Bvlgari’s timeless jewellery creations to the scented flowers which become the main ingredients of its luxurious fragrances, we connect so organically over our love for India and the beauty it has to offer.

Priyanka Chopra Jonas
Global Brand Ambassador
Bvlgari

Bvlgari had entered India in 2004 when the luxury market was nascent. But it shut shop in 2011, after French luxury conglomerate LVMH Moët Hennessy Louis Vuitton acquired a controlling stake in it. Three years later, Bvlgari was back, by way of a subsidiary. However, the luxury jewellery market was still emerging. Branded jewellery was niche since most Indians preferred purchasing jewellery from family jewellers. But things have changed since then. Take, for instance, branded jewellery from Titan’s Zoya that closed FY22 at Rs 140 crore in revenue—way over its target of `100 crore. While the wedding market remains the biggest draw, jewellery is becoming more contemporary in design.

Bvlgari has benefitted from that. “We are growing very strongly. The boutique will surpass all past records this year in New Delhi,” says Babin. Bvlgari’s retail partners—Ethos, Johnson Watch Co. and Kapoor Watch Co.—have also done well, as per Babin. Ethos, India’s largest chain of luxury watch boutiques with 50 stores, reported revenue of Rs 173.6 crore with 95 per cent YoY growth in Q1 of FY23. “It has been a record year for us in India and we haven’t yet explored the full potential of the country,” says Babin.

An Ode to India
Bvlgari launched its interpretation of the traditional mangalsutra in India in 2021 to woo the Indian market.

Last August, Bvlgari appointed Priyanka Chopra Jonas as its global brand ambassador. “India is top of our mind and that is why we are working with Priyanka,” says Babin. He admits that it’s not just her popularity in India but also the Middle-East and the US, important markets for Bvlgari, which makes her an ideal brand ambassador. Not only will she be used for advertising but also for store appearances as more stores open in India. “I have always admired and been fascinated by Bvlgari’s magnificent works of art… From the rare colourful gemstones used in Bvlgari’s timeless jewellery creations to the scented flowers which become the main ingredients of its luxurious fragrances, we connect so organically over our love for India and the beauty it has to offer,” Chopra Jonas said in a statement.

Bvlgari’s love affair with India truly started in last year’s wedding season when it launched its version of the traditional mangalsutra—a piece of jewellery worn by married Hindu women from different communities. Set in 18-carat yellow gold, the Bvlgari Mangalsutra features five circles—reminiscent of the brand’s signature circular motif—studded with pavé diamonds and round black onyx inserts, whose inclusion is integral to the traditional design. Priced at Rs 3.82 lakh, the Bvlgari Mangalsutra has been a success with a three-month waiting period.

Yashovardhan Saboo
Founder and Chairman
Ethos

“In India, western jewellery has not been as successful as in other countries probably because Indian culture is so deep-rooted that luxury brands have to adapt somehow to some local traditions,” explains Babin. He says going ahead, 10 per cent of its jewellery will be India-inspired and the remaining will be part of its global assortment. “The Mangalsutra is the first step into that Indianisation of Bvlgari, working with Priyanka to combine the Bvlgari Bvlgari icon [name of a collection from Bvlgari] together with the mangalsutra spirit, to create the first ‘branded’ mangalsutra, at least from a western luxury brand,” says Babin. Chopra Jonas has been credited with being a collaborator in conceiving the design.

“Conceptualising and selling the Mangalsutra has been a game changer for Bvlgari in India. With Priyanka Chopra promoting it, they have ensured it will be a success with the Indian diaspora as well,” says Abhay Gupta, Founder and CEO of Luxury Connect, an advisory firm for luxury brands. Adds Pushpa Bector, Executive Director of DLF Retail: “Brands like Bvlgari are here to stay. They are innovating and the Bvlgari Mangalsutra has created quite a buzz.”

With the Mangalsutra, Bvlgari has re-established itself as a jewellery brand in India. Since jewellery is available in only one store and watches in 12 multi-brand stores, more Indians are familiar with Bvlgari watches than with the jewellery. “To be successful, we know we have to put jewellery first,” says Babin.

Sotirio Bulgari
Founder
Bvlgari

The roman house of Bvlgari has always been about design, quality and exceptional beauty when it comes to jewellery. Since its founding in 1884 in Rome by Greek silversmith Sotirio Bulgari, the brand quickly established itself as a maker of exquisite jewellery. “Jewellery is really the core DNA of the brand, together with Rome,” says Babin. The letter ‘V’ instead of ‘U’ in Bvlgari is a nod to its Roman heritage as ‘V’ was used in the Roman language in place of ‘U’.

Over the ensuing decades, some of the most famous celebrities and royalty from around the world came to the brand. In the 1950s and ’60s, when film studios were using Rome as the backdrop for many movies, celebrities such as Ingrid Bergman, Audrey Hepburn, Grace Kelly and others shopped at Bvlgari and the creations they purchased often showed up on the big screen.

Bvlgari then branched into women’s watches and, later, men’s watches, too. It then diversified into leather goods, fragrances and even hospitality, owning seven resorts across the globe with five more in the pipeline. So, will we see a Bvlgari resort in India? “India is a very competitive market. We need to find something extraordinary so that like the other countries we operate in, we become the No. 1 here. In India it is difficult because the Oberoi and the Taj have set such high standards that are among the best in the world,” says Babin.

Bvlgari opened its first store in India at DLF Emporio mall in New Delhi in 2014. It is scheduled to open its second store in Mumbai next year.

Under Babin’s leadership—he took over as CEO from Michael Burke in 2013 when Burke moved on as Louis Vuitton’s Managing Director—there has been an increased focus on watches. Bvlgari’s watches are renowned for their craftsmanship where it has successfully replicated its jewellery expertise. A prime example is the Serpenti, made with a Tubogas bracelet that curves around the wrist. The watch, made for women, has a serpent-shaped head that serves as the dial. While it started making watches for men in the mid-1970s, it’s only with the launch of the Octo collection a decade ago that it began to be noticed for its men’s watches.

“Everything we do will be more feminine than masculine. Being a jeweller, the foremost priority is to appeal to women and then if additionally we can be relevant to men, we are happy to be so,” says Babin, who was previously the CEO for 13 years at TAG Heuer, another LVMH brand. In watches, 75 per cent of the business comes from ladies’ watches and the balance from men’s.

Jean-Christophe Babin
Group CEO
Bvlgari

At the recently held Geneva Watch Days, Bvlgari launched a series of new watches under both the Octo—known for its ultra-thin timepieces—and the Serpenti collection. It launched the Octo Finissimo Chronograph GMT in rose gold (popular with the Chinese), and the Octo Finissimo Automatic in both rose and yellow gold. Babin expects the yellow gold watch to do well in India. The Serpenti was launched in black ceramic and also with diamonds and black spinel. While currently at Ethos, the Bvlgari watches for women sell more than men’s watches (approximately 60:40), Saboo says there is a growing demand for the Octo collection and he won’t be surprised if it surpasses women’s watches in a few years.

As the world recovers from the pandemic, Babin says e-commerce has become important. “We took advantage of Covid-19 to increase our e-commerce presence from six countries to 19. So, today most major markets are covered with e-commerce,” he says. While India doesn’t have an e-commerce site yet, it is in the works. “In India, you have multiple big cities and you cannot pretend to have stores everywhere. In China, there are 100 big cities and we are only in 24. In India you probably have 60 big cities and we will be in 10, so obviously you need e-commerce to complement the accessibility to the brand,” he adds. Babin says that while fragrances and leather goods sell on e-commerce sites, for watches and jewellery one needs omnichannel distribution.

Serpenti was launched in black ceramic and also with diamonds and black spinel.

Agrees Saboo: “For luxury purchases, customers can browse the products online and then we encourage them to visit the boutique for a touch and feel before purchasing. For regular clients, we send the watches home, if required.”

While LVMH does not provide details of revenues per brand, the company recorded revenue of €36.7 billion in the first half of 2022, up 28 per cent YoY. In the first quarter of 2022, the Watches & Jewelry business group recorded organic revenue growth of 16 per cent YoY. As per a company report, “At Bvlgari, the Serpenti and B.zero1 Classic lines were important growth drivers, while new records were set by the recently launched High Jewelry and High Watchmaking collection Eden: The Garden of Wonders and its watch lines, including the new Octo Finissimo Ultra watch.”

The affair between Hollywood stars Richard Burton and Elizabeth Taylor resulted in him buying her several pieces from Bvlgari. He quipped: “I introduced Liz to beer and she introduced me to Bvlgari.” The Italian maison is looking at having a similar love affair with India.