Damiani to plan new acquisitions

Damiani is growing. With a forecast to close the current fiscal year aiming to reach 300 million euros in turnover, up more than 30%, the group now plans new acquisitions in manufacturing and retail, with the goal of sustaining business and strengthen the brands’ internationalization. «We are satisfied with the year we are going to close in march. The positive trend was evenly recorded in all markets and brands», president Guido Grassi Damiani explained to MFF.

«We are optimistic for 2023 because branded jewelry is growing strongly at the expense of unbranded jewelry». To strengthen the presence of the Damiani brand in foreign markets, the group is planning to open new stores. «The Middle East is among the preferred markets. In fact, we are already present in Dubai and Doha, but we want to double in 2023 with a new store in Dubai and Bahrain. To further support the overseas market, we will invest on products like solitaires rings and stud diamond bands, which are in great demand in these areas», Damiani continued.

Meanwhile, Salvini is opening a single-brand store in Piazza Duomo, Milan. The brand continued its strong growth in 2022 after exceeding its 2019 results. In order to support it, the group has continued to invest in Italy and internationally through major strategic openings, such as the one in China, with two boutiques in Shanghai, in Korea with the boutique in Seoul, and in Italy, where it opened stores in the Rinascente in Milan, Florence, and Rome. «We will increase Salvini’s investment in communication, we want to make it more current and bring it closer to younger generations», Damiani added. «We will open new stores with Rocca, our multi-brand watch and jewelry distribution chain, but we also have in plan acquisitions of small top-of-the-line retailers. We have a large budget, but it is not easy to invest because we have to find the right targets. We are also willing to buy minority shares», he continued.

The Venini brand is at the same time growing through collaborations with many international brands, for example, through the development and new furnishing of stores and showrooms. «We want to grow stronger in manufacturing. We have direct workshops in Valenza, we also want to make acquisitions here. Today, in fact, we struggle more to produce than to receive orders. We are considering working with high-manufacturing local laboratories and family businesses to create a much stronger Italian manufacturing network for our own production and those of third-party brands». After the 2019 delisting, the Damiani group continues its path. «For now, we do not need input of additional external finance, but there is no doubt that, sooner or later, if we need it, we will consider it again». (all rights reserved)