1-on-1 with Luca + Danni’s CEO After Closing Major Investment from PJC Venture Firm

Friday, October 28, 2016


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Luca + Danni’s CEO Fred Magnanimi

It's official - Luca + Danni has scored a major round of financing and may be on the road to being the next hot Rhode Island startup. GoLocal went 1-on-1 with Luca + Danni’s CEO Fred Magnanimi.

Luca + Danni is a different breed of handcrafted jewelry. Magnanimi would not disclose the size of the investment from PJC (formerly Point Judith Capital), but according to sources it is a seven figure deal and is in keeping with its target investment range of PJC — usually $500,000 to $3 million.  

Here is what Magnanimi told GoLocal about the deal and what it means for the future of the Cranston-based company.


GoLocal: How will you use of the investment from PJC? 

Magnanimi: We'll be using the funds to expand and strengthen all aspects of our wholesale and e-commerce businesses. For our wholesale channel, we plan on investing part of the capital in customer management including sales, marketing and merchandising (includes headcount increases).

Some of the funds will also be used to build inventory and streamline the operational / fulfillment side of the business, which includes software upgrades. For our e-commerce business, we'll be aggressively scaling our digital marketing efforts and are working with some ex-Teespring people to lead that build out. We're also looking at additional tools to our website in an effort to further enhance the online experience of our customers. 


GoLocal: What do you see as the impact of your growth on Rhode Island?

Magnanimi: Most importantly, we're going to be investing in people - at the core of our business, we want to continue to have a team of great people that understand the core values of our brand. We're proud to be a RI-based business and, even more so, to be one of the young companies helping to revive the jewelry manufacturing business that is still prevalent in this state. 

Over the next 12-18 months, we'd like to triple our workforce (currently 23) and that means hiring for positions across the board (sales / marketing, e-commerce, merchandising, fulfillment, manufacturing, etc). 

Rhode Island was once the jewelry capital of the world....we made great things in this state and over the past few decades, that's been taken away. Luca + Danni is a visible example that we can still make great products here in Rhode Island and I am committed to this as we expand nationally. I hope we serve as an example of what can be accomplished here. 


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Pt. Judith was originally a RI firm but move to Boston, MA

GoLocal: What round of investment was this?

Magnanimi:  It was our true “Seed Round” and we have closed this round. 


GoLocal: What are the company's long-term goal?

Magnanimi: Luca + Danni was started a little over two years ago with a few simple ideas and from that, we've grown into a national brand. Looking forward, we want to continue to expand on the things that we do well as a company - offering on-trend, high quality, American-made jewelry products. A big part of our brand involves my journey of losing my brother and, in part, channeling part of that frustration into building the business that I think he would have wanted to have built if he had the chance. It's through that journey that I've been on that I've learned to embrace the challenges that life throws at you. 

And it's that notion - one of #embracethejourney - that we've built into our brand and it's one of the key things that I believe separates our brand from others. There's real authentic meaning in what we do and our customers not only appreciate that but they've found inspiration in what we're doing and are happy to be a part of it. For that, I'm a very thankful man! 

For those who want to know a little more about the company -- 

Luca + Danni is an American-made jewelry designer and manufacturer headquartered in Rhode Island. The signature “top of the wrist” bracelets are among a variety of handcrafted pieces quickly becoming sought after across the country. 

CEO, Fred Magnanimi, left a career on Wall Street to reconnect with his roots at his family’s Rhode Island-based jewelry manufacturing business. In 2013, Fred’s younger brother, Danny, lost a difficult battle with cancer. Danny’s dream was to create a unique line of handcrafted, American-made jewelry that inspired others through the journey of life.  With Fred at the helm, fueled by Danny’s passion and a burning desire to carry forth his vision, Luca + Danni was born.

Named after Fred’s two young children, Luca + Danni believes that through love, inspiration, and passion, we should all boldly embrace the journey of life. Luca + Danni is sold in more than 800 retailers and online at www.lucadanni.com 


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