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Damiani (jewelry company)

Topic: Company

 From HandWiki - Reading time: 11 min

Short description: Italian luxury jewelry corporate group

[ ⚑ ] 45°00′31″N 8°38′17″E / 45.008618°N 8.638025°E / 45.008618; 8.638025

Damiani S.p.A.
TypeSocietà per azioni[1]
Short description: Italian stock exchange
Borsa Italiana
TypeStock exchange
LocationMilan, Italy
Founded1808; 218 years ago (1808)
OwnerLondon Stock Exchange Group
Key peopleAndrea Sironi (Chairman)
Raffaele Jerusalmi (CEO)
CurrencyEUR
No. of listings353
Market capEUR[2] (2017) € billion 2,370.00 ($ billion 2,960.00)
VolumeUnited States dollar 738 billion
IndicesFTSE MIB
FTSE Italia All-Share
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE AIM Italia

Borsa Italiana S.p.A., based in Milan, is Italy's only stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.[3]

Following exchange privatisation in 1997, the Company was established and became effective since 2 January 1998.[4] It is now a subsidiary of the London Stock Exchange Group plc since 23 June 2007.[5]

In 2015, overall capitalisation for listed company on Borsa Italiana was worth €567.2 billion, representing 34.8% of Italian GDP.[6]

Borsa Italiana is also informally known as Piazza Affari ("Business Square"), after the city square of Milan where its headquarters (the Palazzo Mezzanotte building) is located.

Borsa Italiana is chaired by Andrea Sironi, and Raffaele Jerusalmi is the CEO. They are both directors of the London Stock Exchange Group.[7]

Borsa Italiana is regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB), an agency of the Ministry of Economy and Finance, based in Rome.

History

The Borsa di commercio di Milano (Milan Stock Exchange) was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808.[8] It operated under public ownership until 1998, when it was privatized.[9] In 1997, all the Italian stocks were merged. Before of this year other smaller stocks exchanges based in Naples, Turin, Trieste, Venice, Genoa, Florence, Bologna, Rome, and Palermo. In 1991 the electronic exchanges were approved and in 1994 the market with grida (A,B,C) was abolished. In Milan were also the currencies exchange rates fixing and the commodities fixing.[10]

On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover,[11] thus becoming part of the London Stock Exchange Group. In March 2016, the London Stock Exchange Group announced the agreement to merge in an all-stock deal with Deutsche Borse, but was subsequently blocked by the EU Competition Regulator.[12]

Operations

Borsa Italiana acts as a market management firm operating with autonomy and flexibility. It organises and manages the domestic stock market along with Italian and international brokers through fully electronic trading system. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings and supervising transaction activities.[13]

Trading hours

File:L.O.V.E. sculpture by Maurizio Cattelan in front of Milan Stock Exchange.jpg
L.O.V.E. sculpture by Maurizio Cattelan in front of Milan Stock Exchange
The exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 05:30pm and post-market sessions from 06:00pm to 08:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[14]

Markets

Major trading markets for Borsa Italiana are:

  • MTA, the leading equity market, which is devoted to mid and large-size companies. It includes two segments: STAR, for mid-sized firms, and MTA International, on which shares from non-Italian issuers already listed on other European markets are traded;[15]
  • AIM Italia, which collects stocks by small and medium high-growth companies;[16]
  • MIV (Market For Investment Vehicles), on which retail and professional investors operates on investment vehicles which have a defined strategic vision;[17]

Borsa Italiana also include markets for derivatives (IDEM),[18] ETF (ETFPlus) and bonds (MOT).[19]

Indices

Borsa Italiana's main indices are:[20]

  • FTSE Italia All Share
  • FTSE MIB, a capitalisation-weighted index of 40 of the biggest companies chosen to represent 10 economic sectors, created in 2009[21]
  • FTSE Italia Mid Cap
  • FTSE Italia Small Cap
  • FTSE AIM Italia
  • AIM Italia Investable

Listed companies

See also

References

Notes

  1. ↑ "Damiani S.P.A. Company Snapshot". CorporateInformation.com. http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C380I5R10. 
  2. ↑ "Borsa in tempo reale - Listino completo - Milanofinanza.it". https://www.milanofinanza.it/quotazioni/ricerca/capitalizzazioni. Retrieved 4 April 2018. 
  3. ↑ italy24.ilsole4ore.com, "Borsa Italiana"
  4. ↑ source sense.com, "Borsa Italiana"
  5. ↑ news.bbc.co.uk, "London Stock Exchange Buys Borsa"
  6. ↑ borsaitaliana.it, "2015 Highlights"
  7. ↑ lseg.com, "Board"
  8. ↑ http://www.historytour.it, "History Tour – Borsa Italiana "
  9. ↑ "Historical Stages". Borsa Italiana. http://www.borsaitaliana.it/headerservices/bicentenario/tappestoriche.en.htm. [|permanent dead link|dead link}}]
  10. ↑ "24 dicembre 1802: viene istituita la Borsa Valori di Roma -". 24 December 2016. http://www.parmadaily.it/293111/24-dicembre-1802-viene-istituita-la-borsa-valori-di-roma/. Retrieved 4 April 2018. 
  11. ↑ "I Principali Indici di Borsa Italiana dopo la fusione con la Borsa di Londra". 21 January 2020. https://toptrading.org/indici/indici-borsa-italiani/. 
  12. ↑ competitionpolicyinternational.com, "EU: LSE and Deutsche Börse officially announce merger"
  13. ↑ borsaitaliana.it, "EU: LSE and Deutsche Börse officially announce merger[yes|permanent dead link|dead link}}]"
  14. ↑ Market Hours, Italian Stock Exchange via Wikinvest
  15. ↑ lseg.com, "MTA "
  16. ↑ lseg.com, "AIM Italia"
  17. ↑ lseg.com, "MIV: Trading "
  18. ↑ lseg.com, 'IDEM Equity "
  19. ↑ lseg.com, "MOT "
  20. ↑ borsaitaliana.it, "Gli indici"
  21. ↑ strategystocks.co.uk, "Milan Stock Exchange: The Italian Index "
  • Affari



IndustryJewellers
Founded1924, in Valenza, Italy
FounderEnrico Grassi Damiani
Headquarters
Valenza
,
Italy
Number of locations
52 directly operated stores (30 June 2013)[1]
Area served
World wide
Key people
Guido Grassi Damiani, CEO
ProductsJewelry
Total equity104,779,284 (2014)[2]
Number of employees
567 (2014)[2]
ParentLeading Jewels S.A.[1]
SubsidiariesRocca S.p.A.(2008)[3]
Websitewww.damiani.com

Damiani S.p.A or Damiani Group, is an Italian luxury jewelry corporate group that designs, manufactures, distributes and sells jewelry and luxury watches.[4] It was founded in Italy in 1924. The company uses celebrity endorsements to market its products. In the early 2000s the company had a dispute with Brad Pitt and Jennifer Aniston regarding the use of their names and wedding ring designs. The dispute was settled for $50 million and the couple helped Damiani create and market a line of products.[citation needed] Damiani expanded across Asia and the US. It went public in 2007 and its most well-known jewelry product brands are Calderoni, Salvini, Alfieri & St. John and Bliss.

History

Damiani was founded in 1924 by Enrico Grassi Damiani, in Valenza, Italy. It became popular among affluent Italians.[5] Damiani's son led the company from 1960-1990.[6] It started selling products on the US market in 2001 and introduced a $2.5 million ad campaign the following year.[7]

Damiani experienced negative press[7] 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.[7] Damiani said they never made that agreement and that the rings were merely chosen from a collection of wedding rings.[8] 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.[9][10]

By 2003 it had 25 stores which each sold a single brand of products, in Italy, Asia and the US.[11]

In 2007, Damiani announced an initial public offering, which valued the company at €150.8 million (USD$215.4 million) (in 2007 exchange rates).[12] Rocca S.p.A., an Italian jewelry and watch retailer, was purchased by Damiani for €7 million (US$9.81 million) in 2008[3]

In 2010, Damiani had a net loss of €18.2 million (USD$25.6 million).[13] The company's estimated total sales (in 2010/2011) were €150 million.[14] In 2010, Birks & Mayors agreed to distribute all Damiani Group's brands, for five years, in the United States.[citation needed] In 2012, Damiani entered into a partnership with MingFung/Hengdeli Group to distribute its watches and jewelry in China .[15] Also, in 2012, Damiani received permission by the Government of India to invest in the Indian jewelry market.[16]

As of November 2012, Damiani had an annual revenue of €151.6 million (USD$193.3 million).[17] In the fiscal year ending March 2013, Damiani S.P.A. had sales of €137.82 million (USD$185.75 million)[2] Currently, Damiani is run by the third generation of the Damiani family,[18] that has been on the board of directors since 1996.[17]

In 2012, the company became the first jeweler to obtain the authorization to hold a 51% controlling interest in an India n-based entity, Damiani India.[17] 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.[19]

The President Guido Damiani received the America Award of the Italy-USA Foundation in 2013.

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.[20]

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.[21][22]

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.[23]

Brands

Damiani designs and markets jewelry and watches, as well as jewels and unique pieces.[24] The company's major market is in Italy. It is sold in other major markets worldwide through subsidiaries and boutiques.[25] It has won 18 consecutive Diamonds International Awards.[5]

All Damiani suppliers are part of a restricted circle of selected organizations respecting United Nations regulations on the certification and origin of conflict-free diamonds.[5] There are 35 retail boutiques and 19 other franchises such as jewelry stores.[26]

The main brands of Damiani are:[27][28]

  • Salvini
  • Alfieri & St. John
  • Bliss (which is distributed, in Japan, by BGioielli Ltd.)[29]
  • Calderoni

Marketing

A $2 million Fantasy Bra designed by jeweler Damiani.

Damiani collaborates with celebrities like Isabella Rossellini, Brad Pitt and Jennifer Aniston to promote their products.[30][31] Gwyneth Paltrow was featured in its ads in 2004.[30]

Damiani created the "Aro Necklace, which Aro, a leader of the Volturi ruling vampire clan," in the Twilight movie, The Twilight Saga: Breaking Dawn – Part 2, gives to Bella Swan.[32] It also created the 2009 Harlequin Fantasy Bra, worn by model Marisa Miller during the Victoria’s Secret Fashion Show.[33] The bra has an 18k gold frame with 2,355 colorless and cognac diamonds, with a focal point of a 16-carat, champagne-color, heart-shape diamond, for a total of nearly 150 carats total weight.[33]

References

  1. ↑ 1.0 1.1 "Company Overview of Damiani SpA". Bloomberg BusinessWeek. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=26540287. 
  2. ↑ 2.0 2.1 2.2 "Damiani S.P.A. Company Snapshot". CorporateInformation.com. http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C380I5R10. 
  3. ↑ 3.0 3.1 "Damiani Acquires Rocca S.p.A.". JCK. 19 September 2008. http://www.jckonline.com/2008/09/19/damiani-acquires-rocca-spa. 
  4. ↑ Damiani S.p.A. eveluation 
  5. ↑ 5.0 5.1 5.2 Pittilla, Mary Jane (28 October 2010). "Damiani on sparkling form with new travel retail concept". The Moodie Report. http://moodiereport.com/document.php?doc_id=24288. 
  6. ↑ "Studi Societari" (in it). Borsa Italian SpA. http://www.borsaitaliana.it/documenti/studi.htm?filename=96429.pdf. 
  7. ↑ 7.0 7.1 7.2 Molofsky R. Damiani turns sights stateside. National Jeweler [serial online]. April 16, 2002;96(8):22. Available from: Business Source Complete, Ipswich, MA. Accessed May 31, 2014
  8. ↑ DeMarco, Anthony (August 9, 2001). "Damiani says it owns the designs to Pitt and Aniston's wedding bands". JCK Magazine. http://www.jckonline.com/2001/08/09/damiani-says-it-owns-designs-to-pitt-and-anistons-wedding-bands. 
  9. ↑ N.A. Jewellery is the Pitts. Sunday Mail, The (Brisbane) [serial online]. n.d.;Available from: Newspaper Source Plus, Ipswich, MA. Accessed May 31, 2014.
  10. ↑ "Pitt and Aniston settle rings case". BBC News. 13 January 2002. http://news.bbc.co.uk/2/hi/entertainment/1758361.stm. 
  11. ↑ Demarco A. Store Brand: Damiani's Distinctive Look. Jck [serial online]. May 2003;174(5):152. Available from: Business Source Complete, Ipswich, MA. Accessed May 31, 2014.
  12. ↑ Kaiser, Amanda (29 October 2007). "Damiani IPO Kicks Off". WWD. http://www.wwd.com/beauty-industry-news/financial/damiani-ipo-kicks-off-478686?src=search_links. 
  13. ↑ Zargani, Luisa (15 June 2010). "Damiani Posts Loss". WWD. http://www.wwd.com/accessories-news/jewelry/damiani-posts-loss-3118020?src=search_links. 
  14. ↑ Chevalier, Michel (2012). Luxury Brand Management. Singapore: John Wiley & Sons. ISBN 978-1-118-17176-9. 
  15. ↑ Zargani, Luisa (16 May 2012). "Damiani Enters Deal for China Distribution". WWD. http://www.wwd.com/fashion-news/fashion-scoops/damiani-enters-deal-for-china-distribution-5913563?src=search_links. 
  16. ↑ Turra, Alessandra (26 October 2012). "Damiani Invests in India". WWD. http://www.wwd.com/accessories-news/jewelry/damiani-invests-in-india-6457831?src=search_links. 
  17. ↑ 17.0 17.1 17.2 Lankarani, Nazanin (27 November 2012). "Creating Golden Opportunities Amid Austerity". The New York Times. https://www.nytimes.com/2012/11/27/fashion/creating-golden-opportunities-amid-austerity.html?_r=1&. 
  18. ↑ "Studi Societari" (in it). Borsa Italian SpA. http://www.borsaitaliana.it/documenti/studi.htm?filename=99921.pdf. 
  19. ↑ Turra, Alessandra (November 29, 2013). "Damiani Launches Initiative for Sardinia". WWD. http://www.wwd.com/fashion-news/fashion-scoops/damiani-launches-initiative-for-sardinia-7294749?src=search_links. 
  20. ↑ "Founding family launches takeover to delist Casa Damiani jewelry group" (in en-UK). 2018-12-28. https://uk.fashionnetwork.com/news/Founding-family-launches-takeover-to-delist-casa-damiani-jewelry-group,1048801.html. 
  21. ↑ "Damiani, la famiglia fondatrice lancia l'OPA per il delisting". 2 January 2019. https://it.fashionnetwork.com/news/Damiani-famiglia-fondatrice-lancia-OPA-per-delisting,1052503.html#.XDm4T7vsaM8. 
  22. ↑ Damiani saluta il listino italiano, Corriere della Sera, 29 dicembre 2018, p. 40
  23. ↑ "Damiani: via da Borsa, famiglia torna a essere proprietaria unica" (in it-IT). 2019-03-19. http://www.askanews.it/economia/2019/03/19/damiani-via-da-borsa-famiglia-torna-a-essere-proprietaria-unica-pn_20190319_00200. 
  24. ↑ Bharadwaj, Chumki (27 December 2012). "Alchemy of desire". India Today. http://indiatoday.intoday.in/story/alchemy-of-desire/1/239638.html. 
  25. ↑ Tan, Amy (24 April 2013). "Sparkling Display". The Edge Malaysia. http://www.theedgemalaysia.com/lifestyle/235817-sparkling-display.html. 
  26. ↑ "Studi Societari" (in it). Borsa Italian SpA. http://www.borsaitaliana.it/documenti/studi.htm?filename=89544.pdf. 
  27. ↑ "Damiani S.p.A welcomed at Dubai". Diamond World News Service. 24 September 2007. http://www.diamondworld.net/contentview.aspx?item=951. 
  28. ↑ "Damiani Company Overview". Wall Street Journal. http://quotes.wsj.com/IT/MTAA/DMN/company-people. 
  29. ↑ Roberts, Andrew (1 October 2008). "Damiani Signs Deal for Youth Brand in Japan". WWD. http://www.wwd.com/business-news/financial/damiani-signs-japan-deal-1813350?src=search_links. 
  30. ↑ 30.0 30.1 Gwyneth Graces Damiani Campaign. By: Ilari, Alessandra, WWD: Women's Wear Daily, 01495380, 11/1/2004, Vol. 188, Issue 93
  31. ↑ "Damiani eyes expansion in Asia, Middle East". Jewellery Outlook. 20 March 2010. http://jewelleryoutlook.com/index.php?option=com_content&view=article&id=327. 
  32. ↑ Turra, Alessandra (14 November 2012). "Damiani Designs Jewelry for 'Twilight'". WWD. http://www.wwd.com/fashion-news/fashion-scoops/jeweled-twilight-6486576?src=search_links. 
  33. ↑ 33.0 33.1 Heebner, Jennifer (30 November 2009). "Damiani Designs Fantasy Bra for Victoria's Secret". JCK Magazine. http://www.jckonline.com/blogs/style-360/2009/11/30/damiani-designs-fantasy-bra-victoria-s-secret. 



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