CRANSTON – Luca + Danni Inc. has received a $6.2 million boost in a round of funding that is designed to help the Cranston-based jewelry brand grow. Ross-Simons Inc., also based in Cranston, is the majority investor in the deal, while PJC, an early investor in Luca + Danni and a venture capital firm in Boston, retains a stake in the company.
Luca + Danni’s founder, Fred Magnanimi, will stay on as CEO and board member. He announced the funding Monday.
“I started this brand to honor my family’s 50-plus year heritage in U.S.-made handcrafted jewelry and help others embrace the journey of life,” Magnanimi said in a statement. “With the amazing resources and strategic support of Ross-Simons and PJC, I am confident we will help millions embrace their own journey and continue to build our community.”
Magnanimi founded the company, known for its stacking bracelets, three years ago after the loss of his brother to leukemia. Although its products are sold in some stores, the company markets itself as a digital brand and says its online sales are particularly strong.
Jim Speltz, president of Ross-Simons, said his company was drawn to Luca + Danni’s purpose, growth and craftmanship.
“Luca + Danni is a digitally-native brand rapidly taking market share in the jewelry space. Our resources, product expertise and go-to-market experience matched with Luca + Danni’s powerful brand will foster meaningful growth in the evolving e-commerce world,” Speltz said.
David Martirano, managing partner of PJC, said Luca + Danni’s digital approach makes for a smart collaboration with Ross-Simons.
“This strategic partnership leverages the complementary core values and synergies between two great consumer brands, positioning Luca + Danni to truly disrupt the direct-to-consumer market,” Martirano said.
Elizabeth Graham is a PBN staff writer. She can be reached at Graham@PBN.com.
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