WWD.com/beauty-industry-news/financial/italian-jeweler-damiani-buys-pomellato-stake-747365/

MILAN — High-end Italian jewelry firm Damiani has bought a stake in Pomellato, a goldsmith known for its oversized volumes and colored stones.

This story first appeared in the October 16, 2002 issue of WWD.  Subscribe Today.

“Pomellato is a prestigious brand that will provide synergy for our company,” said Silvia Damiani, vice president and chief designer of the family-run company.

Damiani refused to disclose figures, but in a statement, Francesco Minoli, Pomellato’s general manager, said 82 percent of the company’s capital hasn’t been touched, which suggests that Damiani probably acquired the remaining 18 percent, which is owned by one partner.

Minoli joined Pomellato, which is based here, in 1999 to steer the company back to its heritage of colored stones set in 18-karat gold after the previous management lost focus, distracted by the fine jewelry world’s obsession with diamonds.

In addition to its signature Damiani brand, the jewelry house produces the Salvini, Bliss and Alfieri & St. John lines.

Damiani posted 2001 sales of $215 million with net profits topping $3 million. General investments, including retail expansion, reached $35.3 million in the same period.

Damiani operates 25 directly owned stores worldwide. The latest, a 2,376-square-foot concept boutique, opened in the heart of Milan’s shopping district last week with rosewood boiserie, honey-colored travertine marble floors and bronze chandeliers.