Yuyuan Jewelry and Fashion Group, a subsidiary of Chinese conglomerate Fosun International Ltd, has entered into a joint venture deal with Italy-based Damiani Group aimed at expanding the latter’s presence in China.

Yuyuan will own 55 per cent of the joint venture, which is expected to begin operation in the fourth quarter of the year. 

It 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. 

Founded in 1924, luxury jeweller Damiani is celebrated for its statement diamond jewellery pieces that have gained favour among global audiences. In 1986, it launched Salvini to cater to the needs of a younger generation of buyers for modern, more fashionable jewellery collections. 

Guido Damiani, president of the Damiani Group, commented, “Chinese buyers are ever more drawn to luxury and Italian-made jewellery, and are increasingly becoming experts in quality, style and heritage.”

Zhen Huang, executive president of Yuyuan Inc and Yuyuan Jewelry and Fashion Group’s chairman and CEO, is upbeat about Damiani’s success in China. 

“Yuyuan owns popular Chinese jewellery brands Laomiao and First Asia, which have a strong presence in the local market. We have also made many breakthroughs and enhanced our brand voice, laying a good foundation for Damiani and Salvini in China,” noted Huang.

Laomiao and First Asia currently have a sales network of nearly 3,000 stores. Yuyuan previously acquired the International Gemological Institute and French jewellery brand Djula.