The Chinese Fosun Group (over 93 billion dollars of revenues) has signed an agreement with the Damiani Group. The result is the establishment of a company between Damiani and Yuyuan, a subsidiary of Fosun, which will handle the distribution in China (including Macau) of two Italian brands: Damiani and Salvini. For Damiani, which is already present in China, it means the possibility of greater penetration in the Asian market.
We are very proud of this joint venture with Fosun because we found in them that same passion and that entrepreneurial approach that also guides our choices. We are sure that they are the best partner with which to develop our brands so that they reach Chinese enthusiasts, a people increasingly interested in luxury and Made in Italy jewelry, increasingly expert and attentive to high quality, style, but also to the heritage.
Guido Damiani, president of the Damiani Group
The project, in fact, provides for the opening of over a dozen Damiani single-brand boutiques and a hundred Salvini stores. Fosun, founded in 1992, is a giant operating in the insurance, investment, asset management and industrial sectors. But in recent times the group has approached the world of fashion and luxury, thanks to the acquisition of brands such as Wolford, producers of high-end high-tech skin wear, the American knitwear brand St John Knits, the company specializing in Caruso men’s tailoring and the Tom Tailo fashion chain and especially the recent purchase of Lanvin, the oldest Parisian Haute Couture house founded in 1889. In addition, Fosun is the owner of the historic Chinese jewelry brand Lao Miao, founded in back in 1906, and today has a turnover of about 3 billion dollars, with over 2000 stores and manages the International Jewelery Institute Igi, in addition to the jewelry brand of the French house Djula.
