Toni Belloni: "Bulgari is a shining example of LVMH's ongoing commitment to Italy"
Nothing seems to slow down French luxury giant LVMH. The world's leading luxury goods group closed the first quarter of 2025 with revenue reaching €20.3 billion despite the challenging market environment. Under its umbrella, historic Roman jeweler Bulgari inaugurated the expansion of its gold and jewelry manufacturing site in Valenza, a town in Italy's Piedmont region. The site is now the largest jewelry factory in the world. On this occasion, FashionNetwork.com also sat down with Toni Belloni, chairman of LVMH Italy and a senior executive with the group since 2001.
"It's an emotional moment for me to be here today because I've followed the Bulgari Maison even before it joined LVMH. I worked closely with the family and Francesco Trapani for many years, and in 2011, I personally led the acquisition project. That was 14 years ago, and since then, the entire team—under the leadership of Jean-Christophe Babin—has accomplished incredible things," Belloni told us. "Perhaps the greatest satisfaction has been building on the legacy created over the last century by so many remarkable individuals while preserving and enhancing the brand's distinct Italian identity. We've supported both the personal and professional growth of many long-time Bulgari employees and kept many of them with us. We're also proud to have created more than 2,000 new jobs. Bulgari is a true testament to LVMH's dedication to Italy."
Belloni highlighted that of LVMH's six Italian Maisons, two—Loro Piana and Fendi —are celebrating their 100th anniversaries this year. LVMH currently operates 279 stores in Italy's major cities and 66 production sites across various industrial districts, all known for their excellence. "Our investments continue to grow year after year. Last year, thanks to several favorable factors, we invested €500 million. But the figure that matters most to us is that we have 18,000 people working directly for us. They are the true artisanal heart of our brands," said the Italian executive. "In turn, these brands collaborate with more than 4,000 companies, most of them small and medium-sized businesses with product expertise and know-how that are invaluable to our industry and to Italy. I would say this commitment is even more important now, at a time when the market is uncertain and increasingly competitive."
Belloni expressed continued optimism, saying he remains "firmly confident" in Italy's national system's medium- and long-term prospects. "That's the horizon we work within—it guides our strategy, shapes our investment planning, and defines the value of what we do. The luxury market will grow again," he said confidently. "Our brands will continue to stand out with distinctive features, innovative products, and fresh ideas that excite customers worldwide. I have the same level of confidence in Italy. I truly believe it will remain an ideal environment for strengthening luxury businesses."
Toni Belloni also pointed to Italy's deep-rooted artistic and cultural education and appreciation for craftsmanship. "It's a mindset that goes back centuries, born out of Renaissance guilds," he said. "Today, in Italy's industrial districts, we find a natural inclination for creativity, flexibility, and human connection—elements that make it a truly unmatched system of beauty." He added, "Together with institutions, schools, families, professional associations, and especially the younger generations, we must continue working to make this system more efficient, more flexible, and better equipped to stand against global competition."
"We play a leadership role in this ecosystem," Belloni added. "The expansion of Valenza clearly demonstrates the strong commitment LVMH continues to make." He also highlighted the group's ongoing retail development projects in Italy. "Between last week and this one, we've opened three stores on Via Montenapoleone in Milan—one each for Bulgari, Louis Vuitton, and Tiffany. In the coming months, we'll open two more for Dior and Fendi, which are also on the same street. On top of that, we're investing in multi-year renovations of three iconic hotels: the Timeo in Taormina, the Splendido in Portofino, and the Cipriani in Venice—each a jewel of Italian lifestyle."
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