Bulgari's UK division has reported a loss in its latest financial year despite an increase in the sale of high-end jewellery and watches. The London-based branch, which is part of the LVMH Group, noted that while its overall turnover decreased in 2023, it anticipates an increase in the sale of jewellery and watches in 2024. According to recently filed accounts with Companies House, Bulgari recorded a turnover of £54.
5m, down from £60.3m, and shifted from a pre-tax profit of £3.4m to a loss of £3.
2m. The board acknowledged in a statement: "2023 was a challenging year with instability in the UK market which affected the luxury market." They added: "Bulgari UK had a strong Q1 in 2023 followed by a decline in revenues from Q2 due to the impact of the stagnant UK economy and the lack of tourists.
" Despite a reduction in sales in their regular business category of 10 per cent, the company saw an increase of 26 per cent in high jewellery and 15 per cent in high-end watches, as reported by . Looking ahead, Bulgari said: "The directors' objective for the business in 2024 is to focus on brand elevation and to continue to strengthen our position in the UK market with continued collaborations with Bafta, Harrods and Selfridges." They added: "The global strategy is to increase the desirability of the brand, focusing on the creativity of our exclusive unique high-end jewellery pieces and a new LGA creative director.
" The UK division of Bulgari has seen its results affected following it.