Five Questions With: Fred Magnanimi

FRED MAGNANIMI is founder and CEO of Luca + Danni Inc. / COURTESY LUCA + DANNI
FRED MAGNANIMI is founder and CEO of Luca + Danni Inc. / COURTESY LUCA + DANNI

Fred Magnanimi, a Rhode Island native, is founder and CEO of Luca + Danni Inc., a Rhode Island-based accessories brand. Prior to forming Luca + Danni in 2014, Magnanimi spent 12 years working in quantitative finance, including roles as a partner in a managed futures hedge fund, as well as the North American head of business development for a quantitative investment strategies group within Citigroup Global Markets.

PBN: Why did you create a line of jewelry to benefit the Dana-Farber Cancer Institute?
MAGNANIMI:
Charitable programs and giving back are a huge part of Luca + Danni’s DNA and we couldn’t be more proud to donate 100 percent of the proceeds of the Dana-Farber collaboration to the charity – it’s a cause that is incredibly important to us. I know firsthand how valuable the cutting-edge research, high-caliber patient care and unparalleled family support that Dana-Farber provides. My brother was diagnosed with leukemia in 2013 and treated at Dana-Farber. He ultimately lost that battle, but our family spent a lot of time there and we quickly got to know the remarkable people that make Dana-Farber the best. They’ll always hold a special place in our hearts and we are truly honored to have the opportunity to partner with them.

PBN: What role does philanthropy play in your overall business?
MAGNANIMI:
Philanthropy is part of the overall mission of the company and it’s an increasingly important part of our business operations. A major part of the mission is to leverage our brand as a platform to raise awareness and funds for charities and organizations important to me and my team. It takes time to scale into it and while we still have an overall responsibility to running a business, we’re looking to collaborate three to four times per year with charitable organizations.

PBN: You come from Wall Street and have a business background – how has that impacted your decisions and how does charitable giving make smart business sense?
MAGNANIMI:
Charitable giving is something that is important to me, my family and my team, and while I believe it has an impact on the perception of our business, we really do it because we enjoy having the opportunity to give back. It’s never a profit and loss decision; it’s more about the mission of what we want to do with the business.

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PBN: What other charitable programs have you developed that have been rewarding for you?
MAGNANIMI:
For the past two years, we’ve partnered with the Gloria Gemma Breast Cancer Resource Foundation. When you meet Maria Gemma and Carol Donnelly, you can’t help but fall in love with their mission. They are doing amazing work and we were honored to have the ability to work with a local Rhode Island charity. Our most recent collaboration is with Full Circle Home and it’s something that hits home for all of us – supporting our troops. Full Circle Home is a volunteer nonprofit organization that has allowed more than 17,000 troops serving overseas to send gifts and love notes to their family members and loved ones here at home. On behalf of the soldier, Full Circle sends a box full of 12 gifts (for the 12 days of Christmas) to their loved ones. We created a custom bracelet, as part of the 12 gifts, that we hope is a visible reminder of the love and gratitude we have for our troops.

PBN: What do you see for the future of Luca + Danni in the charitable community?
MAGNANIMI:
We’ll continue to look for opportunities to collaborate with charities and organizations that have special meaning. We have a number of interesting opportunities that we’re working on and will announce some of these over the coming months.

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