Italian jewellery group Damiani boosts growth, revenue up 69% in fiscal 2021-22
Fiscal 2021-22 has been an extremely positive year for jewellery group Damiani, based in Valenza, Italy. In the year that ended on March 31 2022, the group recorded a consolidated revenue of €238 million, a 69% rise over the previous year and a figure well above its pre-pandemic levels.
The luxury jewellery and watchmaking group also reported “robust growth in the initial months of the current fiscal year, going from April 2022 to March 2023, with sales still increasing in double digits,” said Damiani in a press release.
Despite generalised and continuing global geopolitical and financial uncertainty, Damiani grew in all regions and sales channels, but mainly in retail, where revenue was up 82%. Profitability also increased sharply, with EBITDA growing by 41%, thanks especially to the group's revenue rise and the growing revenue share accounted for by retail sales, while net operating profit stood at €25 million.
Damiani has decided not to distribute dividends, but to allocate all profits to reserves for future operations, but it paid out a bonus to all employees not already participating in the group’s MBO scheme. In addition, Damiani invested in human resources, hiring and training as many as 162 new members of staff, 67% of them women.
With regards to store openings, in 2021-22 Damiani opened a shop-in-shop at the Globus department store on rue du Rhône in Geneva, and four new concessions in department stores in Asia. In Italy, Damiani forged closer ties with its top authorised dealers, and opened new concessions for its brands Salvini and Damiani at the Rinascente department store's Florence and Rome branches. At Rinascente in Milan, Damiani runs virtually the entire watches and jewellery section. Additionally, the group opened two new multibrand stores for the Rocca 1794 chain, at Milan Malpensa and Linate airports.
Damiani, founded in 1924 in Valenza and also the owner of the Calderoni, Venini and Bliss brands, was quite active in fiscal 2021-22 on the acquisition front. In September 2021, it bought a majority stake in Bruno Maria Zimmitti, a jewellery retailer founded in 1858 in Siracusa, Sicily. In November 2021, Damiani acquired a minority stake in LuisaViaRoma, the leading Florentine luxury e-tailer. In the same month, the group bought a 100% stake in Floris Coroneo, an Italian jewellery retailer founded in 1954, with stores in Cagliari and Porto Cervo, Sardinia.
“Despite the fact that the global situation is still influenced by the effects of the Russian invasion of Ukraine, these results allow us to look to the future with cautious optimism, and to continue to invest in our brands and retail expansion,” said Damiani in the press release.
President Guido Grassi Damiani said that “consistent with our [retail expansion] goals, in June 2022 we were granted by the Municipality of Milan the authorisation to open a shop at 21 Piazza Duomo, which will be home to a new Salvini store. In August 2022, we opened a new subsidiary in Taiwan and, only a few days ago, our first directly operated Damiani store in the country, in Taipei’s Regent Galleria mall,” said Grassi Damiani, adding that the company is also paying “special attention to potential external growth opportunities,” relating both to “companies upstream in the supply chain,” and to “the expansion and strengthening of our distribution channels.”
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