Damiani (jewelry company)
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| Traded as | BIT: DMN |
|---|---|
| Industry | Jewellers |
| Founded | 1924, in Valenza, Italy |
| Founder | Enrico Grassi Damiani |
| Headquarters | Valenza, Italy |
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Number of locations
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52 directly operated stores (30 June 2013) |
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Area served
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World wide |
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Key people
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Guido Grassi Damiani, CEO |
| Products | Jewelry |
| Total equity | 104,779,284 (2014) |
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Number of employees
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567 (2014) |
| Parent | Leading Jewels S.A. |
| Subsidiaries | Rocca S.p.A.(2008) |
| Website | www |
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.
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.
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.
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Wikipedia