Yuyuan Jewelry and Fashion Group, a subsidiary of Chinese conglomerate Fosun International Ltd, has entered a joint venture deal with Italy-based Damiani Group, says a report in jewellery.net.
According to the report, the joint venture is aimed at expanding Damiani’s presence in China. Yuyuan will reportedly own 55 per cent of the joint venture, which is expected to begin operation in the Q4 of the year.
Yuyuan will exclusively distribute Damiani and its Salvini brand in China, and open more than 10 Damiani flagship stores and around 100 Salvini boutiques within five years.
Luxury jeweller Damiani, which was founded in 1924, is celebrated for its statement diamond jewellery pieces by connoisseurs across the globe. Damiani launched its brand ‘Salvini’ in 1986 to cater to the needs of a younger generation of buyers for fashionable jewellery collections.
Yuyuan owns popular Chinese jewellery brands Laomiao and First Asia, which have a strong presence in the local market. Laomiao and First Asia currently have a sales network of nearly 3,000 stores. Yuyuan had previously acquired the French jewellery brand Djula.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
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