Damiani acquires Rocca as part of expansion

Damiani S.p.A. has purchased Rocca S.p.A. from the Damiani family. The deal worth EUR 7 million ($10.08 million.) will be completed with Damiani paying EUR 2.05 million in shares and EUR 4.5 million in cash.

At present, Rocca owns 22 stores under direct management, which deliver high-end watches and jewellery. Its revenues figures in 2007 were around EUR 39.2 million ($56.4 million,), and the company faced a net loss of nearly EUR 2 million ($2.87 million,).

Damiani is citing the acquisition as an opportunity to strengthen its retail business and is part of its corporate expansion strategy.