Damiani (jewelry company)

45.008618°N 8.638025°E / 45.008618; 8.638025

Damiani S.p.A.
TypeSocietà per azioni[1]
BIT: DMN
IndustryJewellers
Founded1924, in Valenza, Italy
FounderEnrico Grassi Damiani
Headquarters
Valenza
,
Italy
Number of locations
52 directly operated stores (30 June 2013)[2]
Area served
World wide
Key people
Guido Grassi Damiani, CEO
ProductsJewelry
Total equity104,779,284 (2014)[1]
Number of employees
567 (2014)[1]
ParentLeading Jewels S.A.[2]
SubsidiariesRocca S.p.A.(2008)[3]
Websitewww.damiani.com

Damiani S.p.A or Damiani Group, is an Italian luxury jewelry corporate group that designs, manufactures, distributes and sells jewelry and luxury watches.[4] It was founded in Italy in 1924. The company uses celebrity endorsements to market its products. In the early 2000s the company had a dispute with Brad Pitt and Jennifer Aniston regarding the use of their names and wedding ring designs. The dispute was settled for $50 million and the couple helped Damiani create and market a line of products. Damiani expanded across Asia and the US. It went public in 2007 and its most well-known jewelry product brands are Calderoni, Salvini, Alfieri & St. John and Bliss.

History

Damiani was founded in 1924 by Enrico Grassi Damiani, in Valenza, Italy. It became popular among affluent Italians.[5] Damiani's son led the company from 1960-1990.[6] It started selling products on the US market in 2001 and introduced a $2.5 million ad campaign the following year.[7]

Damiani experienced negative press[7] after Brad Pitt and Jennifer Aniston filed a lawsuit. They said Damiani was selling reproductions of the ring custom-designed by Brad Pitt and made exclusively for their wedding in violation of their agreement with Damiani.[7] Damiani said they never made that agreement and that the rings were merely chosen from a collection of wedding rings.[8] A settlement was reached for $50 million in January 2002. As part of the settlement, Mr Pitt designed a ring for Damiani, which Aniston would model in its advertisements for it.[9][10]

By 2003 it had 25 stores which each sold a single brand of products, in Italy, Asia and the US.[11]

In 2007, Damiani announced an initial public offering, which valued the company at €150.8 million (USD$215.4 million) (in 2007 exchange rates).[12] Rocca S.p.A., an Italian jewelry and watch retailer, was purchased by Damiani for €7 million (US$9.81 million) in 2008[3]

In 2010, Damiani had a net loss of €18.2 million (USD$25.6 million).[13] The company's estimated total sales (in 2010/2011) were €150 million.[14] In 2010, Birks & Mayors agreed to distribute all Damiani Group's brands, for five years, in the United States. In 2012, Damiani entered into a partnership with MingFung/Hengdeli Group to distribute its watches and jewelry in China.[15] Also, in 2012, Damiani received permission by the Government of India to invest in the Indian jewelry market.[16]

As of November 2012, Damiani had an annual revenue of €151.6 million (USD$193.3 million).[17] In the fiscal year ending March 2013, Damiani S.P.A. had sales of €137.82 million (USD$185.75 million)[1] Currently, Damiani is run by the third generation of the Damiani family,[18] that has been on the board of directors since 1996.[17]

In 2012, the company became the first jeweler to obtain the authorization to hold a 51% controlling interest in an Indian-based entity, Damiani India.[17] In November 2013, Damiani raised funds for the Italian Red Cross to support people affected by the storms in Sardinia by donating 20 percent of certain sales in Damiani’s flagship stores in Italy and watch retailer Rocca.[19]

The President Guido Damiani received the America Award of the Italy-USA Foundation in 2013.

In December 2018, Leading Jewels, the holding company of Damianis, announced it will buy Casa Damiani's shares for 11.8 million euros total, in order to delist it from the Milan bourse.[20]

In January 2019, the company launched a takeover bid for delisting from the Stock Exchange: since its debut it has lost more than 75% of its value.[21][22]

In March 2019 the company returns to being family-owned after having exceeded 96% of ownership of the shares with an offer of € 0.855 per share and the consequent delisting after the bidder has exercised the right to purchase.[23]

Brands

Damiani designs and markets jewelry and watches, as well as jewels and unique pieces.[24] The company's major market is in Italy. It is sold in other major markets worldwide through subsidiaries and boutiques.[25] It has won 18 consecutive Diamonds International Awards.[5]

All Damiani suppliers are part of a restricted circle of selected organizations respecting UN regulations on the certification and origin of conflict-free diamonds.[5] There are 35 retail boutiques and 19 other franchises such as jewelry stores.[26]

The main brands of Damiani are:[27][28]

  • Salvini
  • Alfieri & St. John
  • Bliss (which is distributed, in Japan, by BGioielli Ltd.)[29]
  • Calderoni

Marketing
A $2 million Fantasy Bra designed by jeweler Damiani.

Damiani collaborates with celebrities like Isabella Rossellini, Brad Pitt and Jennifer Aniston to promote their products.[30][31] Gwyneth Paltrow was featured in its ads in 2004.[30]

Damiani created the "Aro Necklace, which Aro, a leader of the Volturi ruling vampire clan," in the Twilight movie, The Twilight Saga: Breaking Dawn – Part 2, gives to Bella Swan.[32] It also created the 2009 Harlequin Fantasy Bra, worn by model Marisa Miller during the Victoria’s Secret Fashion Show.[33] The bra has an 18k gold frame with 2,355 colorless and cognac diamonds, with a focal point of a 16-carat, champagne-color, heart-shape diamond, for a total of nearly 150 carats total weight.[33]

References
  1. "Damiani S.P.A. Company Snapshot". CorporateInformation.com. Retrieved 6 February 2014.
  2. "Company Overview of Damiani SpA". Bloomberg BusinessWeek. Archived from the original on February 18, 2014. Retrieved 6 February 2014.
  3. "Damiani Acquires Rocca S.p.A." JCK. 19 September 2008. Retrieved 6 February 2014.
  4. Damiani S.p.A. eveluation
  5. Pittilla, Mary Jane (28 October 2010). "Damiani on sparkling form with new travel retail concept". The Moodie Report. Retrieved 12 February 2014.
  6. "Studi Societari" (PDF) (in Italian). Borsa Italian SpA. Retrieved 12 February 2014.
  7. Molofsky R. Damiani turns sights stateside. National Jeweler [serial online]. April 16, 2002;96(8):22. Available from: Business Source Complete, Ipswich, MA. Accessed May 31, 2014
  8. DeMarco, Anthony (August 9, 2001). "Damiani says it owns the designs to Pitt and Aniston's wedding bands". JCK Magazine. Archived from the original on 23 February 2014. Retrieved 6 February 2014.
  9. N.A. Jewellery is the Pitts. Sunday Mail, The (Brisbane) [serial online]. n.d.;Available from: Newspaper Source Plus, Ipswich, MA. Accessed May 31, 2014.
  10. "Pitt and Aniston settle rings case". BBC News. 13 January 2002. Retrieved 6 February 2014.
  11. Demarco A. Store Brand: Damiani's Distinctive Look. Jck [serial online]. May 2003;174(5):152. Available from: Business Source Complete, Ipswich, MA. Accessed May 31, 2014.
  12. Kaiser, Amanda (29 October 2007). "Damiani IPO Kicks Off". WWD. Retrieved 6 February 2014.
  13. Zargani, Luisa (15 June 2010). "Damiani Posts Loss". WWD. Retrieved 6 February 2014.
  14. Chevalier, Michel (2012). Luxury Brand Management. Singapore: John Wiley & Sons. ISBN 978-1-118-17176-9.
  15. Zargani, Luisa (16 May 2012). "Damiani Enters Deal for China Distribution". WWD. Retrieved 6 February 2014.
  16. Turra, Alessandra (26 October 2012). "Damiani Invests in India". WWD. Retrieved 7 February 2014.
  17. Lankarani, Nazanin (27 November 2012). "Creating Golden Opportunities Amid Austerity". The New York Times. Retrieved 12 February 2014.
  18. "Studi Societari" (PDF) (in Italian). Borsa Italian SpA. Retrieved 12 February 2014.
  19. Turra, Alessandra (November 29, 2013). "Damiani Launches Initiative for Sardinia". WWD. Retrieved 6 February 2014.
  20. "Founding family launches takeover to delist Casa Damiani jewelry group". FashionNetwork.com. 2018-12-28. Retrieved 2020-03-13.
  21. "Damiani, la famiglia fondatrice lancia l'OPA per il delisting". 2 January 2019. Retrieved 12 January 2019.
  22. Damiani saluta il listino italiano, Corriere della Sera, 29 dicembre 2018, p. 40
  23. "Damiani: via da Borsa, famiglia torna a essere proprietaria unica". Askanews (in Italian). 2019-03-19. Retrieved 2022-05-16.
  24. Bharadwaj, Chumki (27 December 2012). "Alchemy of desire". India Today. Retrieved 12 February 2014.
  25. Tan, Amy (24 April 2013). "Sparkling Display". The Edge Malaysia. Archived from the original on 21 May 2013. Retrieved 12 February 2014.
  26. "Studi Societari" (PDF) (in Italian). Borsa Italian SpA. Retrieved 12 February 2014.
  27. "Damiani S.p.A welcomed at Dubai". Diamond World News Service. 24 September 2007. Retrieved 6 February 2014.
  28. "Damiani Company Overview". Wall Street Journal. Retrieved 6 February 2014.
  29. Roberts, Andrew (1 October 2008). "Damiani Signs Deal for Youth Brand in Japan". WWD. Retrieved 6 February 2014.
  30. Gwyneth Graces Damiani Campaign. By: Ilari, Alessandra, WWD: Women's Wear Daily, 01495380, 11/1/2004, Vol. 188, Issue 93
  31. "Damiani eyes expansion in Asia, Middle East". Jewellery Outlook. 20 March 2010. Retrieved 12 February 2014.
  32. Turra, Alessandra (14 November 2012). "Damiani Designs Jewelry for 'Twilight'". WWD. Retrieved 6 February 2014.
  33. Heebner, Jennifer (30 November 2009). "Damiani Designs Fantasy Bra for Victoria's Secret". JCK Magazine. Archived from the original on 23 February 2014. Retrieved 6 February 2014.
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