CHINA DEAL: Damiani S.p.A. has signed an agreement with MingFung/Hengdeli Group, a leading Chinese high-end watch distributor, to strengthen its presence in the country. Under the agreement, Damiani will open several shop-in-shops and corners in the region in five years. Hengdeli is listed on the Hong Kong Stock Exchange. Swatch Group and LVMH Moet Hennessy Louis Vuitton are among Hengdeli’s shareholders. The group counts more than 400 stores in China, Macau and Taiwan, distributing more than 50 international watch brands.
Damiani already has five stores in China, and Guido Damiani, president and chief executive, said he plans to open “at least 10 more in the next two years, therefore this accord represents an important step in our strategy of international development,” pointing to a speedier penetration in the market, “covering also minor cities.”