The Irish unit of Bulgari, the Italian jewellery brand whose creations were famously sought after by the actor Elizabeth Taylor, paid out a dividend of €90 million last year despite suffering a more than 22 per cent drop in profits.
Bulgari Ireland, a linchpin of the brand’s global operation, made a profit of €55.6 million in 2024, which was down from €97.8 million in 2023.
The dividend was up on the €85 million it paid out the year before, accounts filed with the Companies Registration Office show.
The Irish unit saw its turnover fall by more €98.8 million to €1.46 billion in the year. Cost of sales fell from €968.4 million to €960.2 million, while administrative expenses were also cut from €484.3 million to just under €402 million.
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The brand, owned by listed luxury good giant LVMH, redirects jewellery sales from across the globe to its Irish unit, in a structure similar to that employed by several major tech companies.
A breakdown of its revenue streams show the company does most of its business in Japan and the Far East.
It generated sales of €175.1 million in Japan last year, which was up from €120.2 million in 2023, as well as a further €638.6 million in the rest of the Far East, although this figure was down from €805.6 million.
It made sales worth €159.2 million in the lucrative Middle East, which was up from €144.3 million the year before, while it also enjoyed a bounce in revenue from the Americas, where it generated €165.2 million, up from €149.4 million.
Elsewhere, the company also generated €68.2 million in Italy, down marginally on the year before, as well as €242.4 million in the rest of Europe, which was down from €258.5 million, on top of €6.7 million in other counties.
The accounts show the Irish unit paid tax of €9.9 million on its ordinary activities, which was up from just over €7 million in 2023.
The company operates its own logistic centre for the storage and distribution of jewellery and watches at Horizon Logistics Park near Dublin Airport. It employs 183 staff across administration, distribution, sales (customer service), and warehouse.
Its employee costs totalled just over €14 million last year, which was up from a little over €13 million in 2023.
A note attached to the accounts also shows the company received a sum of more than €10.1 million from the Italian tax authorities in relation to a VAT refund since the year end.
Bulgari Ireland’s use in the brand’s global tax structures has attracted close scrutiny from tax authorities in its home country of Italy.
In April 2018, more than a dozen executives linked to the group, including the heirs to the Bulgari family fortune, Nicola Bulgari and his brother Paolo, were cleared of tax evasion following a trial that focused on the use of the Irish operation.
