Type Società per azioni Industry Jewellers Area served World wide Founded 1924 Parent organization Leading Jewels S.A. | Traded as BIT: DMN Founder Enrico Grassi Damiani Headquarters Italy Number of employees 567 (2014) | |
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Number of locations 52 directly operated stores (30 June 2013) Stock price DMN (BIT) € 0.95 0.00 (0.00%)8 Mar, 5:35 PM GMT+1 - Disclaimer Subsidiaries Alfieri & St. John Spa, VENINI S.p.A. Profiles | ||
Damiani S.p.A or Damiani Group, is an Italian luxury jewelry corporate group that designs, manufactures, distributes and sells jewelry and luxury watches. 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. Its most well-known jewelry product brands are Salvini, Alfieri & St. John and Bliss.
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History
Damiani was founded in 1924 by Enrico Grassi Damiani, in Valenza, Italy. It became popular among affluent Italians. Damiani's son led the company from 1960-1990. It started selling products in the US market in 2001 and introduced a $2.5 million ad campaign the following year.
Damiani experienced negative press 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. Damiani said they never made that agreement and that the rings were merely chosen from a collection of wedding rings. 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. The Sunday Mail said the settlement was "bizarre". It was one of the most effective marketing campaigns in the industry.
By 2003 it had 25 stores which each sold a single brand of products, in Italy, Asia and the US.
In 2007, Damiani announced an initial public offering, which valued the company at €150.8 million (USD$215.4 million) (in 2007 exchange rates). Rocca S.p.A., an Italian jewelry and watch retailer, was purchased by Damiani for €7 million (US$9.81 million) in 2008
In 2010, Damiani had a net loss of €18.2 million (USD$25.6 million). The company's estimated total sales (in 2010/2011) were €150 million. 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. Also, in 2012, Damiani received permission by the Government of India to invest in the Indian jewelry market.
As of November 2012, Damiani had annual revenue of €151.6 million (USD$193.3 million). In fiscal year ending March 2013, Damiani S.P.A. had sales of €137.82 million (USD$185.75 million) Currently, Damiani is run by the third generation of the Damiani family, that has been on the board of directors since 1996.
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. 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.
The President Guido Damiani received the America Award of the Italy-USA Foundation in 2013.
Brands
Damiani designs and markets jewelry and watches, as well as jewels and unique pieces. The company's major market is in Italy. It is sold in other major markets worldwide through subsidiaries and boutiques. It has won 18 consecutive Diamonds International Awards.
All Damiani suppliers are part of a restricted circle of selected organizations respecting UN regulations on the certification and origin of conflict-free diamonds. There are 35 retail boutiques and 19 other franchises such as jewelry stores.
The main brands of Damiani are:
Marketing
Damiani collaborates with celebrities like Isabella Rossellini, Brad Pitt and Jennifer Aniston to promote their products. Gwyneth Paltrow was featured in its ads in 2004.
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. It also created the 2009 Harlequin Fantasy Bra, worn by model Marisa Miller during the Victoria’s Secret Fashion Show. 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.