Damiani, the renowned Italian jewelry group headquartered in Valenza, has seen remarkable growth in the fiscal year 2021-22. The company’s consolidated revenue skyrocketed to €238 million, marking a 69% rise from the previous year and exceeding pre-pandemic levels. Notably, Damiani’s growth trajectory has continued into the current fiscal year, with double-digit sales increases from April 2022 to March 2023.
Impressively, Damiani managed to achieve growth across all regions and sales channels, with retail experiencing the most substantial leap in revenue at 82%. The company also witnessed a significant boost in profitability, evident in the 41% increase in EBITDA and a net operating profit of €25 million.
In a strategic move to fortify its financial position for future endeavors, Damiani decided to allocate all its profits to reserves instead of distributing dividends. However, the company did reward employees who were not part of the group’s MBO scheme with a bonus. Additionally, Damiani prioritized investing in its workforce by recruiting and training 162 new employees, a majority of whom were women.
The expansion of Damiani’s presence was evident through various store openings. The company enhanced its footprint at the Globus department store in Geneva and established four new concessions in department stores across Asia. Domestically, Damiani bolstered its partnership with esteemed authorized dealers and opened new concessions for the Salvini and Damiani brands at Rinascente department stores in Florence and Rome. At Rinascente in Milan, Damiani now boasts management of almost the entire watches and jewelry section. Furthermore, the company inaugurated two new multibrand stores for the Rocca 1794 chain at Milan Malpensa and Linate airports.
Founded in 1924, Damiani, which also owns the Calderoni, Venini, and Bliss brands, embarked on a series of acquisitions in the fiscal year 2021-22. These acquisitions included obtaining a majority stake in Bruno Maria Zimmitti, a jewelry retailer established in 1858 in Siracusa, Sicily. Damiani also secured a minority stake in LuisaViaRoma, a prominent luxury e-tailer based in Florence. Additionally, the company acquired full ownership of Floris Coroneo, an Italian jewelry retailer with stores in Cagliari and Porto Cervo, Sardinia.
Despite the continued repercussions of the Russian invasion of Ukraine, Damiani remains cautiously optimistic about the future. The company intends to persist in investing in its brands and expanding its retail presence. Guido Grassi Damiani, the president of the Damiani group, revealed that they have acquired authorization to open a new Salvini store at 21 Piazza Duomo in Milan. Furthermore, Damiani recently launched a subsidiary in Taiwan and its very first directly operated Damiani store in Taipei’s Regent Galleria mall. Grassi Damiani emphasized Damiani’s exploration of potential external growth opportunities, including partnerships with supply chain companies and the expansion and reinforcement of distribution channels.
Useful links related to the article:
– Damiani Official Website
– LuisaViaRoma Website
