As of Sunday evening luxury conglomerate, Louis Vuitton Moet Hennessy and high end watch and jewelry company, Bulgari are officially joining forces in a merger. According to WWD, “the French luxury conglomerate agreed to purchase the Bulgari family’s 50.4 percent stake for 1.86 billion euros.”

Bulgari’s current CEO, Francesco Trapani will now manage all of LVMH’s jewelry and watch entities and hold a place on the luxe firm’s executive committee.

“This is a significant step for our family as well as for Bulgari, occurring at a time of strong revenue growth,” said Trapani. “Our entrance into LVMH will allow Bulgari to reinforce its worldwide growth and to realize noteworthy synergies, in particular in the areas of purchasing and distribution.”

[via WWD]