The Legacy of Francesco Trapani: The Man Who Transformed Bulgari (2025)

MILAN — Industry entrepreneur and investor Francesco Trapani has died in Rome, aged 68.

“It is with profound sadness that Bulgari mourn the passing of Francesco Trapani, a visionary leader and a key figure in the modern history of our maison,” stated the Bulgari house on Thursday.

He was the son of Lia Bulgari and the nephew of Gianni, Paolo and Nicola Bulgari. Accordingly, continued the statement, he “inherited a profound passion for excellence, creativity and innovation.”

He was appointed chief executive officer of the Rome-based jeweler in 1984, helming it for three decades, “transforming Bulgari into one of the world’s most iconic luxury jewelry brands and establishing it as a global leader. With a bold, forward-looking vision, Francesco redefined the boundaries of the luxury world, expanding Bulgari’s international presence and elevating it into a symbol of Italian elegance and contemporary refinement. His strategic insight and relentless drive helped shape not only the future of our maison but also left a lasting mark on the entire luxury industry.”

Bulgari concluded the statement by expressing deep gratitude “for his extraordinary contributions, his unwavering dedication, and the lasting legacy he leaves behind. His spirit, ambition and passion for beauty will continue to inspire us all. Our thoughts are with his family, friends, and all who had the privilege of working alongside him.”

Funeral services will be held in Rome on Saturday at the Basilica di Santa Croce in Gerusalemme at noon CET.

Trapani spearheaded Bulgari’s diversification into fragrances and hotels and publicly listed the company on the Italian Stock Exchange in 1995 until it was delisted in 2011 when LVMH Moët Hennessy Louis Vuitton acquired it for roughly $5.2 billion.

That year, Trapani joined LVMH as president of the French group’s watches and jewelry division, a role he relinquished in 2014 becoming an adviser to chairman Bernard Arnault on jewelry.

On Thursday, LVMH described Trapani as “a talented Italian entrepreneur,” who “left a indelible mark on the luxury sector, particularly at Bulgari, which he significantly developed during his presidency.”

Trapani is survived by his four children Rebecca, Agostino, Vittoria and Allegra.

Arnault, his family, and all LVMH Group and its employees expressed their “deepest condolences” to Trapani’s family and loved ones. “Bernard Arnault and his family also wish to honor his memory, as he contributed to the group’s success as a member of the board,” continued the statement by LVMH. “His leadership and passion for this sector will continue to inspire many within our group and beyond.”

“We are deeply saddened by the passing of Francesco Trapani,” said Jean-Christophe Babin, chief executive officer of Bulgari and of LVMH Watches, overseeing watchmakers Hublot, Zenith and Tag Heuer. “His visionary leadership and entrepreneurial spirit not only transformed Bulgari from a small family-run jeweler into a global high luxury brand but also left an indelible mark on the entire industry. In just three decades, he laid the foundations for what Bulgari is today, a symbol of Italian excellence, creativity, and innovation. We are profoundly grateful for his legacy, and he will always remain a part of our story.”

Babin described Trapani’s decision to venture into hospitality as “one of the most visionary moves ever, venturing into immersive and experiential luxury when these words didn’t even exist.”

In 2024, marking the 20th anniversary of the first Bulgari Hotel & Resorts in Milan in a former convent and recalling those early days, admitting the decision was met with some general initial skepticism, Trapani told WWD that “we wanted to think outside of the box, offer something that would stand out, noticeable and different from what others were doing.”

He was always thinking differently and had a great nose for marketing.

In 2001, Trapani came up with the idea of commissioning a Bulgari novel. He worked his contacts in London, and paid a reported $80,000 to the award-winning author and screenwriter Fay Weldon to write “The Bulgari Connection,” which the brand published and distributed to clients and friends.

Weldon — and Bulgari — were roundly criticized for blatant product placement, but the book turned out to be a hit and was published a year later by HarperCollins.

The soft-spoken Trapani could at first appear stern and cold, but behind that exterior was a warm man whose piercing gaze would twinkle as he talked about luxury, business and life in general. A driven, focused and visionary executive, Trapani was aligned with Bulgari’s sophisticated image.

To manage the hotels, “we thought we should partner with Marriott [International], the best in the industry, with 30 brands, and global, powerful marketing. While we would bring to the table our design concept and standard of service, we knew that if the chef decided to run away with a ballerina, Marriott would know what to do,” Trapani said then with a chuckle.

Bulgari’s hotel business has grown successfully to encompass units in Rome, Paris, London, Bali and Dubai among others.

Trapani’s résumé also includes a stint as chairman of private equity firm Clessidra SGR, where he spearheaded the acquisition of the Roberto Cavalli brand in 2015, and as an investor in two Italian food companies.

In December 2018, he became the main shareholder and chairman of VAM Investments, which together with Fondo Italiano d’Investimento, established Italian luxury production pole Gruppo Florence, supporting the Italian production pipeline and supply chain.

Ever attentive to quality and craftsmanship, Trapani told WWD in 2020 that Florence “will ensure the highest levels of business sustainability, protecting brands from any kind of reputational risk. We strongly believe that Florence can today represent an efficient response to the needs of fashion companies looking for quality, organizational efficiency, attention to sustainability and a more solid financing.”

Trapani, stated VAM Investments, “uniquely combined remarkable global achievements with a personality marked by humility, warmth, genuineness and balance. He was a man of few words, yet those words won the deep affection of people from all walks of life, including every member of our team.
Not long ago, he wrote that ‘perhaps the only war worth fighting is the one for dreams.’ We will honor his memory by doing so.”

In a long and moving post on LinkedIn, Attila Kiss, CEO of Florence, highlighted Trapani’s words of encouragement in setting up the pole. “You gave us visibility and a global reputation, your wise advice supported us along the path. The whole Gruppo Florence really owes you a lot.” In addition, Kiss spoke of more personal moments, “one-on-one weekly meetings becoming fun for the wealth of exchanges of opinion and the lightness of the conversations,” discussing challenges and “proudly finding solutions together.”

Before the sale to LVMH, Trapani sat on the board of Tiffany & Co. as part of a deal with another activist investment firm, Jana Partners LLC. He was instrumental as a board member in helping to recruit Alessandro Bogliolo as CEO and in pushing the American heritage brand’s reinvention. Trapani was also a partner in Bluebell Capital Partners.

— With contributions by Miles Socha (Paris) and Samantha Conti (London)