One of the world's largest luxury brands companies, Italian retailer Bulgari, has set up an Irish subsidiary in recent months to manage some of its global logistics.
Bulgari, which trades as Bvlgari, has based itself in a Liam Carroll-owned building in Dublin's north docklands and its memorandum of association says it will carry on the business "of the sale, import and export (retail and wholesale) of jewellery, watches, fashion accessories, perfumes and cosmetics and... provide intra-group finance, advice and services to businesses and companies".
Bulgari has been hit by the global economic downturn, with sales in the first quarter of this year down 30.6% at comparable exchange rates to just over €178m. The retailer made a net loss of more than €29m in the quarter. The company has said the new subsidiary will work on "existing distribution structures with the aim of planning the production and sales cycles and optimising logistical processes".