Limoni, a top Italian perfume chain, was sold to Douglas after debt-fueled expansion

Limoni began as a single perfume shop in Bologna in the 1930s, founded by Guarino Limoni. By the 1950s his sons had expanded the chain across Emilia-Romagna and beyond, reaching 46 stores and 200 employees at the family's peak. In 1998 the family sold to a group of investors who merged four regional chains into Limoni and pushed into Croatia, Slovenia and Serbia.

In 2006 the British private equity firm Bridgepoint bought a 70% stake. Limoni's revenue exceeded €300 million, but the expansion had been financed almost entirely through debt. By 2012 the chain had 430 stores and 2,300 employees with revenue of €318 million — and roughly €400 million in debt. In 2013 Limoni merged with rival La Gardenia to form Leading Luxury Group, the largest Italian perfume retailer with over 500 stores.

The combined group's debt was restructured to €114 million, but the entire amount fell due in a single payment at the end of 2017. Unable to refinance, the company was sold in May 2017 to Germany's Douglas GmbH. Over the following years Douglas closed or rebranded most Limoni stores, and by 2021 the 80-year-old brand had been fully phased out.