Damiani S.p.A., the flagship company of the Damiani Group, said it has purchased 100 percent of Rocca S.p.A., a high-end Italian jewelry and watch retailer, from W.J.R. S.A., a company belonging to the Damiani family.
The purchase price is 7 million Euro ($9.81 million) and was through a combination of Damiani stock and cash, the Italian luxury jeweler said in a statement.
Damiani said the purchase will strengthen its retail sector and further consolidate its leadership in the Italian market. Founded more than 200 years ago, Rocca S.p.A., is the main chain in Italy for the sale of watches and high end jewelry, with 22 stores under direct management (some are already franchisees of the Damiani Group) and visibility on the most prestigious business streets of Italian and Swiss cities.
“Rocca is a unique company in the Italian market, the high end jewelry retail and watch retail chain, leader in Italy, and is part of our expansion strategy to maximize the distribution network of our Group and allow ourselves to further develop synergies with existing Group brands,” Guido Damiani, president and chief executive officer of Damiani S.p.A, said in the statement.
He went on to say that the Rocca will allow Damiani to sell its products in multibrand stores to help the Damiani brand to continue to expand in national and international markets.