An unstoppable march: the Damiani group continues to expand. The new stage is the acquisition of 100% of the Floris Coroneo jewelers. A shopping spree that follows the acquisition of the historic Zimmitti jewelers in Syracuse in just a few weeks and a minority stake in LuisaViaRoma in October. Floris Coroneo is an Italian retailer founded in 1954, which within its stores in Cagliari and Porto Cervo distributes prestigious brands including Rolex, Patek Philippe, Cartier, Breguet, Bulgari, IWC, Jaeger-LeCoultre, Lange & Söhne, Panerai, Piaget and Vacheron Costantin. The owners of the company will continue to collaborate with the Damiani Group.
Technical details: in the transaction, the Damiani Group made use of the law and tax firm Biscozzi, Nobili and Piazza, while Floris Coroneo of Studio Perseu. The acquired company thus becomes part of the Rocca distribution network, controlled by Damiani. Rocca is the only Italian chain of luxury jewelery and watches present in many luxury shopping streets in Italy and in some international airports.
We are extremely pleased to have finalized this strategic operation which on the one hand will guarantee the development of such an important company in our sector and on the other hand will help strengthen and expand the leadership of Rocca and our brands on a national and international level.
Giorgio Grassi Damiani, vice president of the Damiani Group
The Damiani Group thus presents itself as a partner in the world of watchmaking and jewelry retailers. The strategy aims to identify small and medium-sized companies that are still owned by the founding families but which, following the economic and cultural changes already underway for years, and now accelerated by the pandemic, must choose the best way to continue to be competitive on the market. Furthermore, Italy lacks a leading player in distribution in the luxury sector. Damiani also points out that, as a family business, it has a dialogue that is more in tune with the various small businesses that have a similar ownership structure. Damiani, among other things, is one of the very few international jewelry brands that distributes its collections not only through its network of prestigious single-brand boutiques but also through selected retailers.
I am proud of this operation: following the complex changes taking place, it will be increasingly difficult for small-medium local businesses to deal with the new economic, financial and social landscape. We have chosen the Damiani family that we have known and esteemed for decades to give continuity to our reality founded in 1954 by our parents. Being supported by a large independent group and led by a family with important and financially stable expertise will make our reality much stronger and more competitive with benefits for all stakeholders.
Ernesto Coroneo
The analysis of the Piedmontese company also underlines that despite the covid factor, Damiani has continued to pursue its expansion plans. Damiani and the controlled Salvini brand have strengthened their presence, particularly in Asia, by opening new stores and implementing new communication strategies. On the other hand, Rocca has become the Category Partner of Rinascente (high-end large-scale distribution) in Milan. Finally, in the coming months, after a refurbishment, the Bologna boutique, a single-brand Rolex boutique in the prestigious Galleria Vittorio Emanuele II, and a boutique at Milan Linate airport are expected to reopen.
Our goal is to strengthen and consolidate ourselves as an independent Group in the sector: for this reason we are interested in carrying out strategic transactions with other players in the sector, whether they are brands, retailers or producers of excellence. We are confident that these partnerships will give small and medium-sized companies the opportunity to face the new changes in the sector thanks to the support of a solid reality like the Damiani Group: highly international and managerialized, but which remains human thanks to the direct personal involvement of our family.
Guido Grassi Damiani, president of the Damiani Group
