The founding family of Italian jewelry group Casa Damiani said on Friday it would launch a takeover to buy the company and delist it from the Milan Stock Exchange.
Leading Jewels, the holding company of the Damianis, will buy Casa Damiani’s shares at 0.855 euros apiece, a 5.04 percent premium to the stock’s closing price on Dec. 27. The holding company, which already controls Casa Damiani, will spend up to 11.8 million euros ($13.52 million) to buy the whole group, the family said in a statement.
The company, which went public in 2007, is active in the jewellery sector through brands such as Damiani, Salvini, Bliss and Calderoni. The move comes during difficult times for luxury jewellery houses.
Damiani’s core collection is fine jewellery and haute joaillerie as well as, most recently launched, several diamond studded watches. Damiani’s international retail network is made up of mostly franchised stores. The brand has often featured top celebrities as brand ambassadors, most recently Sharon Stone for the Spring 2018 Collection.
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