Arena Red is the incumbent on the account, and has worked on the business for more than two years.
Bulgari is approaching agencies directly and Arena Red is expected to repitch for the business.
The main bulk of Bulgari's media spend is placed in glossy magazines and national press and websites, such as Vogue.com and Harper's Bazaar.
Before Arena Red, Arena Media's luxury brand agency, OMD UK held the media business for the luxury goods retailer. The Omnicom media agency won the account across Europe in 2001 from Starcom Motive.
Bulgari, which celebrated its 125th anniversary last year, joined with the Save the Children fundraising initiative "rewrite the future" and managed to raise EUR10m to support the charity's aid projects.