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The story
Damiani was founded in 1924 by Enrico Grassi Damiani, in Valenza, Italy. It became popular among affluent Italians. Damiani's son led the company from 1960-1990. It started selling products on the US market in 2001 and introduced a $2.5 million ad campaign the following year.
Damiani experienced negative press after Brad Pitt and Jennifer Aniston filed a lawsuit. They said Damiani was selling reproductions of the ring custom-designed by Brad Pitt and made exclusively for their wedding in violation of their agreement with Damiani. Damiani said they never made that agreement and that the rings were merely chosen from a collection of wedding rings. A settlement was reached for $50 million in January 2002. As part of the settlement, Mr Pitt designed a ring for Damiani, which Aniston would model in its advertisements for it.
By 2003 it had 25 stores which each sold a single brand of products, in Italy, Asia and the US.
In 2007, Damiani announced an initial public offering, which valued the company at €150.8 million (USD215.4 million) (in 2007 exchange rates). Rocca S.p.A., an Italian jewelry and watch retailer, was purchased by Damiani for €7 million (US$9.81 million) in 2008
In 2010, Damiani had a net loss of €18.2 million (USD25.6 million). The company's estimated total sales (in 2010/2011) were €150 million. In 2010, Birks & Mayors agreed to distribute all Damiani Group's brands, for five years, in the United States. In 2012, Damiani entered into a partnership with MingFung/Hengdeli Group to distribute its watches and jewelry in China. Also, in 2012, Damiani received permission by the Government of India to invest in the Indian jewelry market.
As of November 2012, Damiani had an annual revenue of €151.6 million (USD193.3 million). In the fiscal year ending March 2013, Damiani S.P.A. had sales of €137.82 million (USD185.75 million) Currently, Damiani is run by the third generation of the Damiani family, that has been on the board of directors since 1996.
In 2012, the company became the first jeweler to obtain the authorization to hold a 51% controlling interest in an Indian-based entity, Damiani India. In November 2013, Damiani raised funds for the Italian Red Cross to support people affected by the storms in Sardinia by donating 20 percent of certain sales in Damiani’s flagship stores in Italy and watch retailer Rocca.
The President Guido Damiani received the America Award of the Italy-USA Foundation in 2013.
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In December 2018, Leading Jewels, the holding company of Damianis, announced it will buy Casa Damiani's shares for 11.8 million euros total, in order to delist it from the Milan bourse. The same year, the brand announced a partnership with the Rossoneri becoming AC Milan's "luxury partner".
In January 2019, the company launched a takeover bid for delisting from the Stock Exchange: since its debut it has lost more than 75% of its value.
In March 2019 the company returns to being family-owned after having exceeded 96% of ownership of the shares with an offer of € 0.855 per share and the consequent delisting after the bidder has exercised the right to purchase.
Centenary celebration
On March 14, 2024 the company celebrates 100 years since its foundation, with a special gala with Sophia Loren and Jessica Chastain at the Alcione Theater in Milan. Alessandra Mastronardi, Bebe Vio and Matteo Bocelli, son of Andrea Bocelli, are also present among the guests.
From 19 March 2024 to 28 April 2024, an exhibition 100x100 Italiani has been scheduled at the Gallerie d'Italia in Milan where it will exhibit 100 exclusive pieces for the centenary celebration.
From Wikipedia’s article on Damiani Group, shared under CC BY-SA 4.0.4