Building a glittering path for market domination
As President and CEO of Damiani – Italy's most renowned jewellers – Guido Grassi Damiani is a man who doesn't shy away from publicity. In April a heist at the Damiani showroom in Milan generated huge media attention, and just weeks later his jewels were once again in the spotlight – this time for all the right reasons – when they appeared on the arm of Oscar-winning actress Tilda Swinton. With endorsements from Brad Pitt, Gwyneth Paltrow, Jennifer Aniston and Sharon Stone – and Paris Hilton as a spokesmodel for Bliss, the Damiani youth brand – he knows how to market himself. Emirates Business caught up with Damiani to talk business, celebrities and the importance of the Middle East market.
—Why are you opening another store in Dubai?
—Our first store is doing well so we looked for another location and Dubai Mall was a great option. I believe, as a location and venue, it will be perfect for Damiani.
The new store will be very special and I'm sure it will experience great success. It is all part of our expansion plans in the Middle East.
—Is it more difficult being at the helm of a family business than running a public company?
—In some ways it is more difficult because everyone expects you to fail. Before I worked for the family I was in real estate and kept my background quiet, nobody knew about the company or my connections, so didn't expect anything. But now it is easier. Normally family companies have conflict but for us everything is clear.
—What was it like growing up in a family of jewellers?
—We have a tradition and heritage and we have all grown up consumed by the industry. We had an apartment when we were younger [Damiani has a younger brother and sister] which was the office so as children we used to play with gold and diamonds. In the beginning our parents showed us a passion for jewellery, which we all share today. It all started with my grandfather in a small factory in Italy making jewellery with five to six people. My father then took over the company and we started branding and advertising. But since we are now the third generation we have pushed the brands across all markets.
—How is Damiani viewed in Italy?
—Italy is our best market, it is the most important and Damiani is the number one brand. If you ask any Italian to name a jewellery brand, the first that comes to mind is Damiani. We are renowned for luxury and we have tapped into that rich vein.
Italy is the most important country for fashion and we compliment this with our designs. Jewellery is a highly fragmented industry and very competitive which is why branding is so important.
—Your family has a rich tradition of designing jewellery – winning many awards – do you design yourself?
—I don't design myself but I do some sketches and then my brother Giorgio designs them. He is three years younger than me and has very good taste. He is also in charge of developing new collections. Even my mother and sister design and they have won international diamond awards: Actually we have the record for this. All the family have awards, I am the only one who doesn't. Maybe one day.
—Is it difficult to design one-off pieces for movie stars and other celebrities?
—I designed rings with Brad Pitt. These people, even if they are actors, are artists and show a good knowledge of what they want which helps a lot. Brad has a lot of interest in designing and has good ideas.
We start from €600 (Dh2.560) to €700 and have no ceiling. It is more difficult to design collections in the €3,000-€10,000 thousand price range because you are limited in the material you can use. But with millions we are able to create something very special.
—How has the jewellery market changed since you took over?
—The way people view jewellery has changed. It used to be only for big events, weddings and also for the rich. Now people are buying more jewellery for everyday elegance and for investment purposes, even in the current economic climate. Men are also starting to wear more. David Beckham did a lot for this industry with his love of diamonds and pendants.
—Do you have any rules as to where you buy your materials from?
—We do not buy from conflict areas, but when my father was in charge there wasn't this kind of awareness. Now we have become an ethical company, we organise visits to the factories and ensure our suppliers understand our ethics.
PROFILE: Guido Grassi Damiani, CEO, Damiani
Damiani gained a degree in sociology and a diploma in gemology before making his name in real estate.
After joining the company in 1994, he shared control with his siblings, becoming its majority shareholder, President and CEO two years later. In order to take the company forward he knew he had to make in-roads into the international market, which included the Middle East.
Damiani opened its first luxury jewellery outlet in Dubai in 2007 at BurJuman and in March this year opened a flagship store in Kuwait City.
Since his grandfather founded the business in 1924, it has grown into a global company with 50 stores and more than 500 employees.
Damiani, 40, is single and lives in Milan.