Damiani S.p.A. announced Thursday that they reached a distribution agreement with Birks & Mayors Inc to distribute their brands in North America.
The distribution agreement, which has a five year term, covers all Damiani Group’s brands. Based on this agreement, Birks & Mayors would initially purchase $10.6 million Damiani products, to be paid annually starting on February 15th, 2010, of which $5 million can be returned at the termination of the agreement. The agreement also includes the ongoing replenishment of certain products during the term of the agreement.
Damiani’s brands will enjoy a highly visible position within the Birks and Mayors stores, and the two companies will coordinate marketing plans to support the sales of the Damiani brands.