Damiani acquires the majority of the Bruno Maria Zimmitti jewelry, historic Italian retailer, founded in Syracuse (Italy) in 1858, which distributes high-end watchmaking and jewelry brands within its stores, including Damiani, Salvini, Rolex and Bulgarians. The transaction was supported by the law and tax firm Biscozzi, Nobili and Piazza. Thanks to the bond of trust between the Damiani family and the Zimmitti family, the agreement states that the shareholders of Bruno Maria Zimmitti 1858 will remain operational within the joint venture and Salvatore Zimmitti will be reconfirmed as CEO.
I am proud of this innovative strategic operation: as a result of 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. Being supported by a large group, with an important expertise and vision, financially stable will make us much stronger and more competitive on the market. Having the Damiani family by our side and being able to count on a strong personal relationship that has binded us for decades reassures us and will allow us to better face the new challenges.
Salvatore Zimmitti, CEO of Bruno Maria Zimmitti 1858
The acquisition, adds the Damiani group, is part of a strategic plan aimed at strengthening and expanding Rocca 1794’s leadership on a national and international level. Rocca is the only Italian chain of luxury jewelery and watches present in many shopping streets and in the main cities of Italy and in international airports, with objectives of strong growth, both organic and perimeter, proposing itself as a consolidator in the sector . In Italy, in fact, the industrial fabric is full of small-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 being competitive on the market.
We have always valued the Zimmitti family from a human, ethical and entrepreneurial point of view. We are extremely pleased to have finalized this strategic operation which on the one hand will ensure the development of such an important company in our sector and on the other will help strengthen Rocca’s leadership at the national level. Precisely on this governance model we are interested in carrying out similar transactions with other players in the sector. We are confident that these strategic actions will give many small 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 involvement of our family.
Guido Grassi Damiani, president of the Damiani Group
Despite the numerous difficulties that last year affected many companies in the sector, the press release continues, Rocca 1794 has not stopped its plans for expansion and consolidation of its leadership: the luxury chain owned by the Damiani Group has become a category partner of the Rinascente in Milan for the distribution of high-end jewelry and watches, has inaugurated a prestigious boutique in the very central via Nassa in Lugano and in the coming months, the Bologna boutique, a single-brand Rolex boutique in the Galleria, is expected to reopen (after a renovation) Vittorio Emanuele II, in Milan, and a boutique at Milan Linate airport, as well as a series of new openings and acquisitions.