Italian jewellery retailer Damiani is not looking to sell, despite frequent approaches from private equity firms, company chief executive Guido Damiani said to Reuters.
The family-owned business has been hit by the economic downturn, reporting an operating loss of €2.2m for the nine months to the close of 2013.
The company is looking to expand its presence in Asia to boost its sales which, Damiani said. It recently opened its first boutique in Kyrgyzstan, a former Soviet republic in Central Asia, as well as its second directly operated boutique in Shanghai’s Xin Tian Di area.
Just last week mid-market consumer firmVendis Capital invest in Belgian jewellery company Victoria Group, while 2013 saw Italian private equity firm Clessidra acquire Milan-based Bucellati.
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