LVMH shareholders Paolo Bulgari, Nicola Bulgari and Francesco Trapani have sold a EUR558 million stake in luxury-goods group, according to the Financial Times, which cited unnamed sources.

The Bulgari family, brothers Paolo and Nicola and Mr Trapani, their nephew, had accrued the stake as part of a deal made in March 2011 which saw the Italian jeweller sold to LVMH for EUR3.7 billion. Mr Trapani also joined LVMH as head of its enlarged watches and jewellery division.

The shareholders decided to reduce their stake after a strong rise in LVMH shares in the last year and a strong set of results from the group, the FT report quoted the sources as saying.

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