MILAN — The Damiani family is injecting 4 million euros in Venini, raising its stake in the Italian glassmaker firm to 89 percent.
The Chimento and Tabacchi families, which had bought Venini in 2001, will retain 11 percent of the business and no reshuffles in the management of the company is expected for the time being.
The new investment will help Venini enhance its operations and further develop on international markets, as part of a strategy, which recently saw the openings of flagship stores in Milan and Tokyo.
“Among the upcoming goals, we list for sure entering more and more consistently the Asian markets, along with strengthening the traditional ones, such as Italy and the U.S.,” said Guido Damiani, president of the namesake group which also counts jewelry firms Salvini, Rocca, Calderoni and Bliss under its umbrella.
Since Damiani first invested in the company two years ago, Venini has followed a development trajectory, which enabled the company to register a 30 percent uptick in sales and higher operating profits in 2017.
The glassmaker house, founded in 1921 by Paolo Venini and Giacomo Cappellin and known for its colorful and artistic glass designs, has worked over the years with artists, architects and designers ranging from Tomaso Buzzi; Tobia Scarpa, and his father Carlo Scarpa; Fernando and Humberto Campana; Ken Scott; Alessandro Mendini; Tadao Ando; Giò Ponti; Gae Aulenti; Ettore Sottsass, and Massimiliano Fuksas.
Venini pieces are exhibited at the Fondation Cartier in Paris, London’s Victoria and Albert Museum, the Museum of Modern Art in New York and the Triennale in Milan.
Jewelry house Damiani, which is publicly listed on the Milan Stock Exchange, was established as a family business in Valenza, Italy, in 1924 by Enrico Grassi Damiani. In June, the company acquired the former exhibition center Palafiere in Valenza with the goal to turn it into a new production pole. The deal was valued at about 8 million euros.