Bulgari has confirmed its full year targets today, after chief executive Francesco Trapani revealed performance over the last five months was in line with expectations.

In the first quarter, net profit increased by 9.1 per cent to €14.7 million and sales reached €179.4 million, an increase of 11.9 per cent, according to Forbes.

Mr Trapani claimed that full year sales are expected to grow by ten to 12 per cent and net profit will be "slightly higher".

In addition, the company also argued it was not up for sale, following recent speculation that it was possibly looking for a buyer.

Mr Trapani said that the company doesn't even have any contacts with Richemont, the firm rumoured to be looking into purchasing Bulgari.

The company produces a range of various jewellery items made from precious metals such as platinum, and is recognised as a comparatively exclusive "high-end" retailer in the sector.