CRANSTON, R.I. (WPRI) – A new partnership is fueling growth at two Cranston jewelry businesses, one with a long history and another that’s newer to the scene.
Ross-Simons recently pumped a $6.2 million investment into the Luca + Danni brand, which is best-known for its hand-crafted bracelets.
The jewelry is made in a Cranston factory that’s been part of Fred Magnanimi’s family for decades. The Luca + Danni brand is much newer, and largely relies on social media to reach customers.
“We can go from a product idea to up on our website in about a week,” Magnanimi said. “Our bread-and-butter is $28 to $38.”
The company has about 70 full-time employees and an additional 30 temporary workers.
“What we’re doing now in a month is what I would have been very, very happy with doing in a year when I started,” Magnanimi said.
Magnanimi created Luca + Danni in memory of his brother, Danny, who lost a battle with cancer at age 33.
Magnanimi says Danny taught him to embrace the journey. The phrase has become the brand’s mantra, and Magnanimi says the meaning behind it is woven into each piece he sells.
To help the business continue its growth, Luca + Danni recently partnered with Ross-Simons. It’s another Cranston-based jewelry business, but it has a totally different price point, dealing in diamonds and gold.
“We know that there’s a customer out there, a younger customer, who doesn’t have that interest or doesn’t have the budget,” said Darrell Ross, whose father founded Ross-Simons. “Luca + Danni was a perfect way for us to expand our presence in the jewelry business to the Millennial.”
Along with the multimillion-dollar investment, Luca + Danni also gained prominent placement in the Ross-Simons store in Warwick.
“They’re doing very well,” Ross said. “I had no expectations, but customers love it.”
That’s important, especially during the holidays.
According to the National Retail Federation, 20% of all holiday shoppers say they plan to buy some type of jewelry as a gift this season. The NRF also says younger shoppers, people ages 18 to 24, are significantly more likely than the average shopper to give jewelry as a gift this season.
“The holiday is not just about buying gifts,” Magnanimi said. “It’s about expressing those really deep personal meanings, and I think as a founder of a brand, it’s very cool to see that they’re choosing our brand to be able to go and express those things that matter the most.”