Privacy policy

Personal data processing

This Privacy Policy contains the information that dictates the handling of the personal data of users (hereinafter the ‘User’) who access and use these websites owned by Milor S.p.A.:

each individually identified as “the Website”) to consult it or to buy the products on sale (“Products”).

Milor S.p.A. (“the Owner”) is registered on the Companies Register of the Milan Chamber of Commerce, Fiscal Code / VAT number 04362490155 principal office is located at Via dei Gracchi, 35 20146 Milano, e-mail:

This Privacy Policy is to be considered  in addition to the Terms and Conditions of Sale and Use of each website.

The information contained in the Privacy Policy are in compliance to  art 13 of the Italian Legislative Decree of 30th June 2003, n. 196 and subsequent amendments – (‘Privacy Code’)  and to art 13 of the General Data Protection Regulation N° 2016/679 (“GDPR”) to all Users who access and use the Website and/or purchase Products on the Website. This Policy refers solely to the use of the Website and to no other third-party Website, even if it is in some way mentioned and\or linked within Website.

Any changes will take effect immediately and will only apply to Members using the Site after the change. Therefore, we invite you to refer to it on each visit to our Site, to read its latest version permanently available on the Site.

Version of may 10 2018

Purpose for which we process Data

Data provided by Users when registering with the Website or subscribing to the Website’s newsletter and when submitting each order, will be used for purposes strictly relevant to the purpose indicated when the data itself is provided. More precisely, for sending the newsletter and/or for fulfilling an order and all the services connected to this such as, for example, payment and shipping. 

The personal data of Users will also be used by the Owner and by authorized third parties to fulfil all accounting and tax obligations related to the purchase of Products and to complete all activities directly related and preparatory to the management of Website-Client relations.

We used your Data to perform operations relating to our commercial relationship, i.e. concerning your registration to the Services (in particular verifying the veracity of your email), Orders, deliveries, invoices, accounting, monitoring of the “ customer relationship ” with a Member, such as conducting satisfaction surveys, claims and after-sales service management, refunds, specific commercial gestures, returning Orders, exercising your right of withdrawal, and  the management of non-payments and litigation.

In the event that the User has expressed their consent, their personal data may be used for other purposes related to the sale of products on the Website:

  1. sending promotions, offers and suggestions of products on sale;
    2. verification of customer satisfaction;
    3. sending promotional and/or publicity material relative to other activities bythe Websiteand its Partners;
    4. complete market surveys and post-sale analyses;
    5. offer you commercial offers close to your geographical location, especially in the context of offers through the “In-store collection” service;
    6. the management of your comments on the Website and/or on the web pages published by us and hosted on the websites of our Social Networks. 


Method of handling

All User information collected will be handled exclusively and with due expertise by individuals specifically employed for this task and specifically trained in the matter. The purposes of Data handling are those for which the Data was collected, principally with electronic and digital tools.

The Data will be recorded in digital and paper formats, as well as in any other format considered appropriate and with respect to security measures dictated by applicable regulation.

The Data is preserved in such a way as to minimize the time necessary to identify the User in order to achieve the objectives for which it was collected and then handled and, in every way, always conforming to the prescriptions of the law. 

Any damages caused by causes not directly attributable to the Owner, such as inaccessibility of the Website, or viruses, damaged files, interruption of internet or telephone connections, or other causes similar to the cases listed above, are not attributable to the Owner.

Furthermore, the User is bound to diligently and responsibly preserve all the personal information directly related to the Website, such as, for example, log-in details for the Website, any order numbers, shipping numbers or other data. Any misappropriation or improper use of this data, and the consequences derived from this event, are the full responsibility of the User.


Nature of acquisition of Data

The Personal Data requested by the Owner during use of the Website may be mandatory or optional. If the User does not consent to provide mandatory Personal Data will not allow the perform of the services for which the Data was requested. The compilation of optional Data, however, is completely subject to the discretion of the User who may choose to provide it or not. In this case, the refusal will bear no consequence on the carrying out of the purpose indicated when the information is requested. 
The User is also responsible for keeping this data updated, so that the Owner may carry out all its services effectively and efficiently without incurring lateness, errors or additional costs due to the lack of up-to-date Data. 

The Owner collects the Data that you voluntarily provide it with from a collection form on the Site, in particular at the time of your registration as a Member or of an Order, including socio-professional information (your profile, i.e. your surname, common name, first names, gender, date of birth, sponsor and/or sponsors, delivery address, profession, for example). During an Order, our banking providers also collect and process Personal Data concerning your means of payment (credit card number, expiry date of the credit card, visual cryptogram, which is not kept, etc.). As for us, we process the partial number of your bank card consisting of the first six (6) and last four (4) numbers and the expiry date of your credit card as transmitted by your bank. 

We also collect information about the transaction (transaction number, purchase details, etc.), or the payment of invoices issued from or via the Site (payment terms, discounts, receipts, balances and unpaid amounts, or relating to loans taken out, amount and duration, name of the lender, etc.). Some Data is mandatory and some optional, as indicated in the collection form on our Site.

 The Owner collects and/or receives from its Partners and processes Data relating to the monitoring of the commercial relation with you: product and/or service purchased, service or subscription purchased, quantity, amount, periodicity, delivery and/or billing address(es), telephone number, Digi code, as well as any other relevant delivery information (tracking numbers, shipment status, etc.), history of purchases and services, product returns, correspondence and/or telephone exchanges with you and our after-sales service, Members’ exchanges and comments, person(s) in charge of the customer relation, etc.


Communication of Data

The communication of the User’s personal Data to third parties will only take place in accordance with applicable laws and for the purposes listed in this privacy policy. 

Third parties involved fall under the following categories:

  1. those handling warehouse, packaging, shipping, delivery and returns services of the products.
    2. the individuals employed bythe Owner for the administrative, contractual, accounting and legal management of the Website’s activities
    3. credit and insurance institutions and the company employed to manage payments, including electronic payments
    4. the individuals employed in the management and maintenance of the Website and all its functions
    5. any other individuals to which the Owner has given the ability to access the data, always with respect to the dispositions of law and to regulations.
    6. to related company, subsidiaries, branches o associated offices

Finally, the User’s personal Data may be used for contests and/or participation in prizes, for sending publicity and promotional material relating to the Website and Partners of the Owner, only with the prior, explicit and voluntary consent expressed by the User.


Consent to handling

In the event that data handling receives the explicit and voluntary consent of the User, it will be collected in a specific manner with an explanation of the individual purposes pursued. Specifically, article 6 GDPR provides for cases in which the handling of data does not request the express authorization of the User, such as, for example, for fulfilling legal or contractual obligations undertaken toward the User.


Rights of interested parties

In accordance with the Personal Data Regulations, User (“You”)  have the following Specific Rights:

  1. access (Article 15 of the GDPR),
    b. rectification (Article 16 of the GDPR),
    c. erasure (Article 17 of the GDPR),
    d. limitation of processing (Article 18 of the GDPR),
    e. portability (Article 20 of the GDPR),
    f. opposition (Articles 21 and 22 of the GDPR),
    g. post-mortem instructions (Law No. 78-17 of January 6, 1978 on computers, files and freedoms);


Rights of access

You have the option to obtain from the Owner confirmation that the Data concerning you is or is not processed and, when it is, access to said Data as well as the following information:

  1. the purposes of the processing;
    2. the categories of Data; the recipients or categories of recipients to whom the Data has been or will be communicated;
    3. when possible, the intended Data retention period or, when this is not possible, the criteria used to determine this period;
    4. the existence of the right to request the Owner to rectify or erase Data, or a limitation of the processing of your Data, or the right to oppose such processing;
    5. when the Data is not collected from you, any information available as to its source.
    6. when the Data is transferred to a third country or an international organization, you have the right to be informed of the appropriate guarantees with respect to this transfer.

The Owner provides a copy of the Data that is subject to processing. The Owner may require the payment of reasonable fees based on the administrative costs for any additional copy requested by the Member.When you submit your request electronically, the information is provided in a commonly used electronic form, unless the Member requests otherwise. Your right to obtain a copy of your Data must not affect the rights and freedoms of others.


Rights of rectification

You have the possibility to obtain from the Owner, as soon as possible, the rectification of Data concerning you which is inaccurate. You also have the possibility to have incomplete Data completed, including by providing a supplementary declaration.


Rights to erasure

You have the possibility to obtain from the Owner the erasure, as soon as possible, of Data concerning you when one of the following reasons applies:

  1. the Data is no longer necessary for the purposes for which it was collected or otherwise processed by the Owner;
    b. you have withdrawn your consent to the processing of such Data and there is no other legal basis for the processing;
    c. you exercise your right to object under the conditions set out below and there is no compelling legitimate reason for the processing;
    d. the Data has been unlawfully processed;
    e. the Data must be erased to fulfil a legal obligation;
    f. the Data was collected from a child.


Rights to limitation

You have the possibility to obtain from the Owner the limitation of the processing of your Data when one of the following reasons applies:

  1. the Owner verifies the accuracy of the Data following your challenge of the accuracy of the Data,
    b. the processing is illegal and you oppose the erasure of the Data and require instead the limitation of its use;
    c. the Owner no longer needs the Data for the purposes of processing but it is still necessary for you to ascertain, exercise or defend legal rights;
    d. you have objected to the processing under the conditions described below and the Owner checks to see if the legitimate reasons pursued prevail over your alleged reasons.


Right to data portability

You have the possibility to receive from the Owner the Data concerning you, in a structured format, commonly used and readable by machine when:

  1. the Data processing is based on consent, or on a contract and
    2. the processing is performed using automated methods.

When exercising your right to portability you have the right to have the Data sent directly by the Owner to a data controller you designate, when this is technically possible.


Right of opposition

You have the right to object at any time, for reasons relating to your particular situation, to a processing of your Data based on the legitimate interest of the Owner will no longer process the Data unless it demonstrates that there are legitimate and compelling reasons for the processing that prevail over your interests and your rights and freedoms or may retain it for the purpose of the ascertainment, exercise or defense of rights in court.

Finally, the User has the right to oppose, wholly or in part, for reasons legitimate to the handling of personal data pertaining to them, even if pertinent to the purpose of the collection as well as to the handling of personal data pertaining to them in order to send publicity material or direct selling or for completing market research or commercial communication.

For exercising the rights provided under GDPR, you can send your request to: Tony S.r.l. – Via Carducci 32, 2012 Milan – email:

Data handling manager

The Manager of data handling for the personal data of Users who use the Website – Milor S.p.A. Via dei Gracchi, 35 20146 Milano. To exercise their rights and for any further information related to data handling, the User may contact the Data Handling Manager at the following address: Milor S.p.A. – Via dei Gracchi 35, 20146 Milan ITALY – email:



Your Personal Data, is kept, in an active database, for a period of three (3) years from your last activity on the Site or on an electronic communication medium (in particular an email). At the end of this period, your profile is considered “inactive” and will be automatically disabled. You will therefore have to create a new one for any new Order.

Your Personal Data in relation with an Order on the Site is kept for a period of three (3) years following an Order. It remains accessible by you and by us, in particular from your account, to allow you and us to have a complete history of your Orders. We can delete it at any time on request from you. However, at the end of these periods, including where applicable from the date of your deletion request, your Personal Data may be subject to intermediate Archiving to meet our legal, accounting and tax obligations.


Social networks

The Website is present on the Social Networks. To learn more about the protection of your Personal Data when browsing these Social Networks, we invite you to consult their respective privacy policies.

In order to enable you to register or connect more easily to our Site, you have the possibility to authenticate yourself on our Site via the account of a Partner Social Network. All you have to do is click on the button to automatically pre-fill your registration with the information you have already provided to the Network. We are able to collect information, as recipient, when you browse the pages of our Social Networks or use their authentication features.

Guidelines for children

By accessing the Web Site and/or Service(s), you affirm that you are more than 16 years old, are an emancipated minor, or have the consent of your parents or legal guardian and, therefore, are fully capable and competent to abide by and enter into the agreements and obligations set forth in these Terms of Services. When Children are permitted to register for a Service with parental approval, we will take additional steps to protect the Children’s privacy.


Cookie policy


A “cookie” is a text file that can be saved, subject to your choices, in a dedicated space of the hard drive of your Terminal, when consulting the Site. A cookie file allows its issuer to identify the Terminal in which it is stored, during the period of validity or storage of the cookie and must therefore be considered as Personal Data. When consulting our Site, the information may be stored in the cookie files installed on your Terminal, subject to the choices you have expressed concerning Cookies and that you can change at any time. The personal data of the users is never deliberately acquired by the site. The site does not make use of cookies to transmit information of a personal nature, nor does it use permanent cookies of any type or any other system for tracing the user. The use of session cookies (which are not permanently memorized by the computer of the user and disappear when the browser is shut down) is strictly limited to the transmission of the identification data for the session (made up of random numbers generated by the server) which are necessary for the safe and effective exploration of the site. The session cookies on this site are used to avoid the use of other computer technologies which would be potentially harmful for the privacy of the user’s navigation and do not allow the acquisition of the user’s personal data.

This website uses cookies.

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services. You consent to our cookies if you continue to use our website.

For more information we encourage you to review our privacy and cookie policies.

Cookies are small text files that can be used by websites to make a user’s experience more efficient.

The law states that we can store cookies on your device if they are strictly necessary for the operation of this site. For all other types of cookies we need your permission.

This site uses different types of cookies. Some cookies are placed by third party services that appear on our pages.

You can at any time change or withdraw your consent from the Cookie Declaration on our website.

Learn more about who we are, how you can contact us and how we process personal data in our Privacy Policy.

Your consent applies to the following domains:

Third Party Cookies

The use of third party cookies, both temporary and permanent, by the site is anonymous and solely for allowing the owner of the site to make use of web analysis services provided by others. These cookies make it possible to anonymously collect and record information on the site pages that have been visited but do not permit the identification of the visitor and are in no way connected with other information. These data are used exclusively to trace and examine the use of the sites by the users, compile statistics based on the information that has been collected anonymously and using data in aggregate form.

Specifically, users of the site should know that the analysis service that issues the cookies that we use is ‘Google Analytics’, which is described below.

Google Analytics is a web analysis service that is supplied by Google, Inc. (‘Google’) which uses cookies that are deposited on the hard disk of the user’s computer to analyze the way in which the user visits the web site. The information that is generated by the cookies concerning the way in which the site was visited (including the IP address) are transmitted to Google and deposited in the Google servers in the United States.  Google uses this information for tracing and analyzing the use of the web site by the user, compiling a report on the activities of the site for the site operators and supplying other services related to the activity of the web site and the use of Internet. Google may also communicate this information to third parties in those cases where it is required by law or where the third parties treat the information on behalf of Google. Google will not associate the IP addresses of the user with any other data possessed by Google.  At any time the user may refuse to use the cookies by selecting the appropriate set up on their browser.

By using this site, the user automatically consents to the treatment of his/her data by Google for the purposes described above.  To consult the privacy policy of Google about the service of Google Analytics, please visit the internet site


Code of ethics

Inspiring principles

The Code of Ethics is the Identity Card of an organisation; it sets forth the guidelines governing the behaviour of its members and is the main means of communicating the culture of ethics within a company. The Code of Ethics has become more popular in recent years, partly as a result of specific legal provisions which have persuaded companies and organisations to adopt it, especially at international level.

As a result of market globalization, there is an increasing worldwide need to introduce and clarify ethical and social rules in economic models that allow profit and values to cohabit with the requirements and interests of individuals involved in company activities, not only in national and international relationships but also within the company (either because the expectations and interests of the various subjects involved – Shareholders, Collaborators, Suppliers, Customers, Business Partners, and so on, although legitimate, may be in contrast with each other, or because in some cases the risk may be felt that the effective conduct does not correspond at all to the principles promulgated).

In Italy, the importance of adopting an instrument such as the Code of Ethics is highlighted, among other things, bya provision contained in Legislative Decree n° 231 of 8th June 2001 making organisations specifically liable for offences.

In this context, the companies that are part of the Milor Group (“the Group”) have always been committed to applying strict principles when carrying out their various activities and have always distinguished themselves thanks to the reliability and professionalism shown by their Management, Employees and Collaborators, to a degree that over the years they have earned an internationally recognized, consolidated reputation.

With the aim of pursuing objectives leading to continual improvement, Milor has deemed it appropriate to adopt and issue this Ethical Code on behaviour that clarifies the principles and values pursued by the company over the years, highlighting rules of conduct that must be observed by all those who – regardless of the position held, operate in the name and on behalf of the Group – in order to maintain and improve normal operations, the reliability of company processes and the image of the Group itself.

These principles and regulations must be respected in the operations and conduct of all addressees of this Ethical Code, both with regards to internal professional relationships and those with individuals outside the Group. 


The Group’s mission

The Group recognizes the importance of the role that ethical-social responsibility plays when conducting business and carrying out company activities, and is committed to respect the legitimate interests of the Shareholders, Administrators, Employees, Collaborators, Customers, Suppliers and Business Partners. Companies in the Group are therefore committed to:

maintain a conduct consistent with accepted policies regarding correctness, transparency, trust and cooperation, when carrying out business;
maintain an active role in market, economic development and technological progress relative to the fields in which they operate;
pursue solid and sustainable economic, financial and social values based on Customers’ trust, motivation ofCollaborators and a responsible and constructive relationship with the territory;
continuously improve the quality of products and services offered to the Customer, increase customer satisfaction through effective and honest market competition, in total compliance with the laws and regulations in effect in the country in which they operate;
involve Suppliers and assign them a pro-active role, especially with regards to laws and regulations governing the supply of goods and services and all that concerns transparency and communication with Customers/Final Users;
promote the personal and professional development of their Collaborators and encourage a sense of belonging and the desire to continuously improve efficiency and effectiveness, with the aim of increasing both company and personal satisfaction and wellbeing.

At the same time, all Employees working for companies in the Group, and all those who cooperate in running company activities, are required to abide by company regulations and directives established in this Ethical Code.

These goals can in fact only be met through constant and active participation by all individuals involved in the activities of the companies in the Group and their complete awareness that these goals must be achieved in compliance with reference values and rules of conduct clearly outlined in this Ethical Code.

The regulations contained in this Ethical Code and the principles for conducting business and interpersonal relationships, should not be taken “for granted” by the addressees of this document, but they should be considered as an instrument for a reflection on the values referred to; personal adherence to these values  contributes, amongst other things, to spontaneous respect shown by each Employee and Collaborator.


Adresses and sphere of code enforcement

The reference values and rules of conduct outlined in the Ethical Code are binding for all companies in the Group, their Administrators, Employees and any Third Parties who in any way operate in the interest of the Group; these include Agents, Technical Assistants, Suppliers, Distributors, Developers, Consultants and Collaborators in general (hereafter referred to as “Collaborators”). In particular, Administrators must adhere to these values and rules of conduct when establishing the objectives for companies within the Group, when proposing investments and implementing projects, as well as in all decisions or actions regarding company administration.

When managing companies within the Group, Top Management must refer to these values and rules of conduct both within the Group, by strengthening cohesion and the spirit of reciprocal collaboration, and when dealing with any third parties that come into contact with the Group itself. When carrying out their functions and responsibilities, all Employees must adhere to the principles and rules of conduct contained in the Ethical code, procedures, rules and company policies.

Furthermore, all employees must ensure that the principles and regulations contained in this Ethical Code are also respected by independent third party Collaborators who, for whatever reason, work in the interests of the Group. They are committed to inform Collaborators on the contents of this Ethical Code and to instruct them on how to adhere to the regulations contained therein. 

The Group’s Collaborators must adapt their conduct to the Code directives and to company procedures and regulations.


Reference values

The Group’s companies acknowledge that compliance with local laws and regulations in effect in the countries in which they operate is a totally indispensable principle. The Administrators, Employees and Collaborators that are involved in the activities of the Group’s companies in various ways must therefore carry out their operations with the maximum transparency and total respect of the laws and regulations in effect in the location where they operate. They are therefore committed to be constantly informed on all the rules and regulations that apply to their activity, and the implications that may derive from possible violations. Under no circumstances can the interests of the Group justify actions that do not comply with laws and regulations.

Moral integrity is a constant duty for all those that work in the name of and/or on behalf of the Group. All addressees of this Ethical Code must pursue objectives with honesty, correctness and responsibility, and maintain a correct conduct by respecting rules, laws and professional ethics.

The Group’s companies promote transparency in communications, formal agreements and in those criteria which form the basis of conduct which allows the individuals involved to make autonomous, informed choices. All recipients of this Ethical Code must abide by the principles of truthfulness, correctness, completeness, accuracy and transparency of information and must communicate the Group’s  image clearly and diligently in all internal and external dealings.

The Group’s companies promote the respect of an individual’s physical, moral and cultural wellbeing; they guarantee working conditions that respect individual dignity and safe working environments. All addressees of this Ethical Code must promote listening and dialogue as means for continuously improving and stimulating the search for proposed solutions, not only in dealing with customers but also when dealing with their own Collaborators and colleagues, respecting each person’s professionalism and capabilities.

The Group’s companies are committed to avoid all discrimination in personal conduct and to respect any differences in age, race, creed, political or union affiliation, language or disability. All addressees of this Ethical Code must operate bearing in mind the circumstances; they will not adopt discriminating or opportunistic behaviour but will contribute to encourage each person’s potential.

All situations in which the subjects involved in transactions have, or seem to have, a conflict of interest must be avoided.

Relations with supervisory bodies are based on transparency, integrity, truth and correct information. Information which by law must be communicated to supervisory bodies may not be withheld or distorted.

Milor guarantees the information in its possession remains reserved and does not obtain confidential data unless express and aware authorisation is given in compliance with current law. The collaborators of the Group may not use confidential information for purposes unconnected with their duties.

Milor bases its activities on the principles of competition and market freedom and, compatibly with the management independence of each of its subsidiaries, also focuses group activities on these principles.

Rules of conduct

The Milor Ethical Code is intended for all the Group’s companies, their Administrators, Employees and Collaborators, regardless of their specific productive and/or commercial organization, and clearly expresses the rules of conduct that must be observed by all addressees. Administrators, Managers, Employees and Collaborators that have any type of contractual dealings with the Group must observe these principles and ensure that they are observed at all levels of operation and responsibility, and collaborate in preparing suitable procedures intended to safeguard the interests of the Group.


With respect to the values set out above, the Group acknowledges that human resources are an indispensable element for successful competition on the market and achievement of company objectives; it also recognizes the importance of establishing relationships based on loyalty and reciprocal trust.

The Group’s companies must control that the hiring, assignment and career orientation of company personnel, as well as the selection of Employees and Collaborators for different roles, are made without discrimination and after  objective consideration of the professional and personal characteristics required to perform the work to be carried out and the effective capabilities demonstrated. The Group’s companies must refuse any type of discrimination when hiring, assigning job titles and tasks, career promotions or when assigning responsibilities.

Selection and management of resources
In the light of the above, the company’s policies on hiring, salary and training
of Employees and Collaborators must be based on criteria of professionalism, reliability, capability and merit. In particular, the appointed offices must ensure that:

 the resources acquired correspond to the profile effectively required by the company, avoiding any type of favouritism or facilitation, in compliance with the rules of equal opportunity, and without discriminating against the candidate’s private life or personal opinions;
 all conduct towards Employees and Collaborators is fair and consistent, excluding any form of favouritism, abuse or discrimination based on sex, race, creed, political or union affiliation, language, age or disability;
 equal treatment and equal opportunity are guaranteed when assigning roles or tasks, and that mobility between various work positions be considered an element that favours professional growth.

Professional improvement and training of human resources
The Group’s companies undertake to contribute to the training and professional growth of their Employees and Collaborators by offering them regular opportunities for the exchange of knowledge and information regarding their respective working experiences, as well as other training opportunities, in order to promote growth and permit them to develop their own professional capabilities within the Group.
For this purpose, Managers and Section Supervisors are required to pay careful attention to the professional improvement and growth of their colleagues and Collaborators by creating the conditions for developing their capabilities and applying their potentialities.

In particular, the appointed offices must ensure:

that suitable conditions are maintained to increase the responsibilities, capabilities and talents of each individual, in line with the company’s policies on equal opportunity;
that a system is maintained for the evaluation of responsibilities, knowledge and potential, according to criteria based on transparency and meritocracy;
that each person can express their individuality on the job, and that each person’s diversity and characteristics can make an essential contribution to the Group’s growth;
that each individual can carry out their role correctly, promoting constant improvement in the level of responsibilities and development of the capacity to work as a team in order to contribute to meet the company’s goals;
 that in establishing training programs, consideration be given to proposing, evaluating and developing training that also meets individual requirements.

Work Environment
All Employees and Collaborators must be treated with respect as established by the principles outlined in this Ethical Code and within an environment that favours maximum communication and cooperation, both between colleagues and with subordinates and superiors, in the light of a common, shared objective, that of increasing and consolidating a spirit of belonging within the Group.

In particular, Top Management, Managers, Employees and Collaborators that in various ways operate for and/or on behalf of the Group’s companies must:

base individual interpersonal and professional relationships on criteria and conduct based on correctness, loyalty and reciprocal respect;
promote and support respect for the individual personality of each colleague and Collaborator as a fundamental element in developing a working environment permeated by reciprocal trust and each individual’s contribution;
undertake to create a work environment that guarantees respect of personal dignity of all those who in some manner interact with the Group’s companies, and in which the characteristics of each individual cannot give rise to discrimination or influence conduct in his respect;
aim at creating an increasingly stimulating and gratifying work environment that thus favours the growth and potential of each individual.


Management Rigorous bookkeeping for each Group company is, at all times and under any circumstances, a priority requirement for the Group itself. Provisioning and disbursement of financial resources, together with their relative administration and control, must always comply with the Group’s approval and authorization procedures. Administrators, Employees, Collaborators and all those involved in any type of Group activities, must always maintain correct, transparent and collaborative conduct when dealing with budget preparation and other company communications, in compliance with relative legislation and company procedures.

In particular, it is mandatory that:

each person strictly abides by established procedures and provides maximum collaboration so that all management deeds are entered into the company books correctly and in a timely manner;
each person, within his respective field, must strictly adhere to the principles of transparency, correctness and truth when preparing accounting documents and data, as well as in the compilation of all administrative records;
financial-property elements founded on evaluations must be recorded by clearly illustrating, in the relative documentation, the criteria used to determine the value of the property;
the supporting documentation for each accounting operation must be appropriate, truthful, clear and complete; all deeds must be conserved so that it is possible, at all times, to control the characteristics of each operation, the relative motivation, and the person who authorized, implemented, recorded and verified the operation itself in all the various phases; responsibilities must be clearly defined and communicated within the organization;
 the relative accounting record must reflect clearly, completely and truthfully what is described in the supporting documentation;
 the supporting documentation must be easily retrievable and filed according to appropriate criteria, so that it can be easily consulted by both internal and external control organizations.


Propriety regarding flows of funds
Any transaction that may imply the slightest possibility of the Company being involved in receiving stolen goods, laundering money or using assets or funds of illicit origin is strictly forbidden. Flows of funds must be managed in a way the ensures full traceability of the relevant transactions, with sufficient documentation being preserved, and in observance of the limits of responsibility assigned to each individual. Compliance with the following principles regarding documentation and preservation of the accounting records is necessary for said purpose:
all incoming and outgoing payments and other transfers must be recorded accurately and in full in the Company’s accounting system;
all payments must be made only to individuals/entities and in relation to business activities governed by contracts that have been formally approved and/or deliberated by the Company.

The Company puts in place the controls necessary to verify the authenticity of ready cash that is collected and used as part of the Company ‘s business. Addressees are asked to give the utmost care and attention when handling ready cash to ensure that counterfeit money is neither collected nor spent.

The Company has commit that the gold used for the production of its own jewellery doesn’t originate from world geographical areas involved in conflict of war produced by economic affairs for the control of the extraction of precious metals. Besides the Company confirms also being committed to the responsible sourcing of gold products.

For this purpose our commitment is to respect the regulations of Dodd Frank Act and to only purchase gold from banks, metal dealers or refineries on the LBMA good deliver list or which are certified by the RJC organization (Responsible Jewellery Council).


In compliance with current laws, the Group’s companies undertake to guarantee protection of privacy relative to information regarding the private sphere and the opinions of each of their employees and anyone interacting with the Group.

All Employees and Collaborators acting in the name and on behalf of the Group are required to handle personal information as required by current laws regarding protection of privacy. In particular, it is mandatory to:

 obtain and use only the information actually needed and directly related to the individual’s position;
respect the confidential and reserved nature of the information;
obtain and use information for established, explicit and legitimate reasons;
obtain and use information which is pertinent, exact and complete not in excess for the purpose for which it was obtained and subsequently handled, guaranteeing correct updating;
store this information in such a way that extraneous third parties cannot gain access;
communicate and divulge information only as established by procedures, after authorization by appointed authorities;
store information in such a way that the subjects concerned can be identified for a length of time that does not exceed the period needed to implement the purpose for which the information was collected and subsequently used.

Management, Employees or Collaborators tasked with handling personal information must use all appropriate measures to avoid any risk that the above information be destroyed or lost, even accidentally, or that the information is accessed or used without authority or in a manner that does not comply with the scope for which it was collected; these measures are identified and regularly updated within the companies of the Group.


It is the intent of the Group’s companies to maintain the highest level of hygiene and safety, and to guarantee the necessary preventive measures against on-the-job injuries and illness. Everyone must contribute to maintain a healthy and safe working environment and guarantee the safety of their colleagues and Collaborators at all levels.


Each company office must make all efforts to always be fully aware of the rights and obligations that apply to the sector for which it is responsible within the Group, according to laws, contracts or relations with the Public Administration, and must not adopt conduct that could in any manner damage the interests of the Group. Employees and Collaborators thatoperate for and on behalf of the Group’s companies are strictly prohibited from revealing to third parties any information not already of public domain regarding projects, acquisitions, fusions, market strategies and any information regarding companies in general which, if revealed, could in some manner damage the interests of the Group itself.

Each individual is responsible for storing, maintaining and defending all Group property and resources entrusted in connection with assigned tasks, and utilizing it in a proper and consistent manner, preventing any improper use.


In order to protect the integrity of the company’s assets, it is especially prohibited, except where otherwise provided by law, to:

 return contributions in any form, or free members from the undertaking to implement them
 distribute profits non actually gained or destined by law to a reserve, that is a reserve that is not legally distributable; purchase or underwrite company stocks or shares;
effect reductions of company assets, fusions or scissions, violating regulations that protect creditors; fictitiously sign or increase company assets; in case of liquidations, damage company creditors in order to meet the request of shareholders.


This includes all those relations between the Group’s companies and public officials or designated public officials that operate on behalf of the Public Administration, or national and international legislative organizations, institutions of the European Community, or public organizations of any foreign country. Relations with governments and public institutions are reserved to those company offices authorized to establish and manage these relations based on directives established by company service orders and current pro- tempore procedures.

These relations must be undertaken and handled in strict and absolute compliance with current laws and regulations, rules and principles established in the Ethical Code and internal reference procedures.

Careful attention must be given to the relations with the above mentioned bodies, in particular with regards to: competitive tenders, contracts, authorizations, licenses, concessions, requests and/or management and use of finances from a public (national or community) source, management of work orders, relations with control authorities or other independent authorities, social security organizations, revenue offices, or offices dealing with civil, penal or administration proceedings.

Careful attention must also be paid in those sectors which, even though not directly involved in concluding business with the Public Administration, are however considered as support for company activities such as management of financial flows, and management and protection of data processing systems.

The above mentioned operations and correlated management of financial resources must be implemented in compliance with laws, principles of the Ethical Code and with total observance of internal procedures.

In particular, it is strictly prohibited to:

 accept, give or promise, either directly or indirectly, or through an intermediary, money, gifts, goods, services, benefits or favours to public officials – or individuals related to them either by family ties or other affinity – in order to promote and favour personal interests or the interests of the Group’s companies, as well to compensate or repay for services provided by offices or to obtain services that are contrary to the duties of that office;
 receive, offer or promise gifts of any sort to public officials – or individuals related to them through family ties or other affinities – when these gifts, in considering of their value, exceed normal marketing and courtesy practices or, in any case, are not in line with the provisions of internal company protocols;
 hire personnel, make agency, consultancy or other appointments, in cases where the engagement or assignment are – or may appear to be – made with the purpose of exchanging favours with individuals that belong, or in the past have belonged, to the Public Administration;
 grant payment in favour of external Collaborators that cannot be adequately justified by the type of assignment to be carried out or by current local practice;
 present false statements or other untruthful types of documentation to public organizations in order to influence their opinion;
 present false statements or other types of documentation to public national or community organizations with the purpose of obtaining public funds, contributions or easy-terms loan;
 designate any loans, contributions or financing received from public national or community organization for purposes other than those for which they were originally intended;
 alter the operation of a computer or telematic system, or manipulate information contained therein, with the purpose of obtaining unjust profit and causing damage to the Public Administration.

When dealing with the Public Administration it is necessary to always operate in compliance with the law; it is especially prohibited to operate in a manner which, in order to favour the Group, could result in a criminal offense.


The success of the Group inevitably depends on a correct and transparent relationship with Suppliers and Clients. Satisfaction of Clients’ requests and the building of a constructive relationship with Suppliers are primary company objectives.

The Group’s companies expect their Administrators, Employees and Collaborators to respect the laws and regulations in effect in the countries in which they operate when marketing goods and services and represent the Group in dealings with Suppliers and Clients. When pursuing the objectives of each of the Group’s companies, all relationships established with other public or private bodies, in the name and on behalf of the Group’s companies, must be established and managed without using illegal or inappropriate measures.

Relations with suppliers

Administrators, Employees and Collaborators of the Group’s companies must guarantee equal opportunity when selecting Suppliers, taking into consideration their compatibility and adequacy with respect to the size and requirements of the Group. In particular, officials appointed to select independent third parties such as consultants, agents, suppliers of goods, merchandise and services, must ensure that:

they are selected on the basis of objective evaluations and parameters (such as quality, convenience, price, capability and efficiency, etc.) intended to safeguard the commercial and industrial interests of the Group, and in any case, to increase its value;
 they are selected based on criteria of reliability and integrity, in view of the requirement to respect reference values, rules of conduct contained in the Ethical Code and internal procedures, using the written form and respecting the Group’s hierarchical structure;
 they are informed of the Group’s policies, and that specific contractual clauses be included regarding the respect of this Ethical Code.

The appointed officials must also ensure that Suppliers are continuously sensitized and involved in a pro-active role, and that they have a responsible attitude towards transparency, communication, respect of the law and regulations, and are aware of the risks and social and ethical opportunities that result from their activities.

Relations with clients

In relations with public or private Clients, the Administrators, Employees and Collaborators of the Group’s companies must:

develop and maintain favourable, long- lasting relations based on maximum efficiency, collaboration and courtesy;
 operate according to current regulations and require that they be respected;
 ascertain that all declarations and statements furnished are precise and true;
 respect commitments and obligations undertaken in their regards;
 provide accurate, complete, truthful and timely information so that the Client can make informed decisions.

In business dealings with Suppliers and Clients the company’s policies must be followed, and relations must be based on maximum correctness, especially when managing and finalizing contracts, avoiding even potential conflicts of interest.

Bearing in mind what is established in the paragraph on “Relations with the Public Administration”, in business dealings with Suppliers and Clients all gifts, acts of courtesy and hospitality (both direct and indirect) are prohibited, unless they are of such a nature that they do not compromise the Group’s image or cannot be interpreted as being intended to obtain special treatment not otherwise foreseen by licit market regulations. In any case, all gifts, acts of courtesy and hospitality that cannot be considered as normal practice, must be properly documented and notified to the superior who will evaluate the relative appropriateness. Employees and Collaborators that receive from supplier or Clients any gifts or special favours that exceed ordinary courtesy, must promptly notify their immediate superior; after verification by the appropriate section manager, the companies will inform the promoters of the gift, etc. through their appointed officials, regarding the Group’s policies on this matter.


The Group’s companies undertake to guarantee maximum market competition and their marketing policy must therefore be based on respect for regulations that govern competition, both on the nation and international market.

All addressees of this Ethical Code must always keep up to date on current regulations and consult their immediate supervisor before concluding any agreement or contract that could be subject to illegal competition.


Top Management, Employees and Collaborators that operate in the name and on behalf of the Group’s companies must operate with the object of avoiding situations that conflict with the interests of the Group itself. Brief examples of conflicts of interest could be the following:

 exploiting one’s official position to achieve interests that contrast with other company colleagues;
 using to one’s own advantage or for a third party, information obtained while carrying out assigned task and in any case in contrast with the interests of the Group;
 participation – either evident or concealed – by Employees in the activities of Suppliers, Clients or competitors;
 any type of working activities carried out for competitors, Clients, Suppliers and/or third parties, that contrast with the Group’s interests. In particular, before accepting a professional task offered by a third party, an Employee must first consult with his immediate supervisor and the Human Resources Manager of Milor S.p.A. who will determine whether this constitutes an incompatible or compromising situation.

It is each person’s duty to promptly report to the competent management any situation that could be considered, even if only potentially, compromising regarding the rights and interests of the Group, so that Management can also proceed promptly with the necessary protective actions.


Relations with the Bodies responsible for performing legally assigned controls or audits, and the relations with the auditing firms, must be based on maximum correctness, transparency and collaboration, in full respect of the laws and current regulations.

In particular, both internal and external auditors must have free access to data, documents and any information needed to carry out their activity. It is specifically prohibited to prevent or interfere with the controls or audits legally attributed to shareholders, other company organizations or the auditing firm.

These prohibitions are extended to relations with the Inspection Body that, within the field of responsibilities established by the respective Organizational and Management Models voluntarily prepared by the Group’s companies, in accordance with Legislative Decree No. 231 dated June 8th, 2001, “Regulation of the administrative responsibilities of legal persons, companies and associations, even without legal responsibility, according to article 11 of law No 29 dated September, 29th, 2000, No. 300”, has the task of controlling that existing preventive and control systems are observed, and that they are effectively suitable, especially in those areas where there could be offence-risk situations connected to the activities carried out (see Ethical Code and Organizational Model ex Legislative Decree 231/2001).

Ethical code and organizational systems according to the legislative decree 231/2001

With reference to the internal control systems for the Group’s companies, this Ethical Code constitutes an integral part of the Organizational and Management Models ex Legislative Decree No. 231/2001 voluntarily adopted by the companies. In respect of their total independence and specific commercial and/or productive activities, the Group’s companies adopting the Organizational and Management Model in accordance with the principles outlined in Legislative Decree 231/2001 and subsequent modifications and/or supplements, are required to perform risk assessments in order to identify areas in which offences could be committed, and to implement a prevention and control system based on the directives of that same decree.


Inspection body

The Group’s companies nominate their own Inspection Body (IB) provided with independent powers of initiative and control, and with the task of:

 checking the compliance with the Group Ethical code and company procedures, particularly in those areas where possible offence-risks have been identified according to the Legislative Decree 231/2001, in connection with the activities carried out – the Body is free to access all company information, to review documents and consult data;
 receiving and/or reporting any violations to the Ethical Code;
 proposing eventual updating of the Ethical code and internal protocols, with the purpose of adapting them to the law;
 verifying, controlling and evaluating all cases of violation of the regulations established by the Ethical Code, and reporting them to the assigned offices so that appropriate sanctions can be applied, in compliance with laws, regulations and National Labour Contract.


Reporting to the inspection body

The Group’s companies must establish suitable communication channels through which all those who become aware of any behaviour – within any of the Group’s companies – that is contrary to the rules of conduct outlined in this Code may freely, directly and confidentially report it to their immediate superior and to the Inspection Body if appointed.

Information acquired by the Inspection Body and assigned officers, for the purpose of investigations, must be handled in such a way as to guarantee:
 that a person reporting the misconduct can remain anonymous and the information confidential;
 that the reporting person is safeguarded from any form of retaliation, penalization or discrimination, notwithstanding the legal rights of the Group’s companies or persons accused erroneously or in bad faith.


Violation of code penalty system

The observation of the principles and rules of the Ethical Code must be considered by Employees an essential part of the contractual obligations. Violation of the regulations of the Ethical Code can constitute a breech of the primary obligations of the work contract or a disciplinary offence, with all legal consequences including termination of the employment contract, and could result in a claim for damages. Compliance with the Ethical Code must be considered an essential part of the contractual obligations accepted by non subordinate Collaborators and/or individuals that have business dealings with the Group. The violation of the regulations of the Ethical Code could constitute a breech of contractual obligations, with all legal consequences, including the termination of the contract and/or assignment, and could result in a claim for damages. Violations by members of the Board of Directors or Auditors are subject to relative laws and consequential sanctions.

The Group’s companies undertake to provide for and inflict, in a consistent, impartial and uniform manner, sanctions proportional to the relative violations of the Code, and in compliance with current directives regarding labour and collaboration regulations.


Distribution of ethical code

The Group’s companies undertake to distribute the Ethical Code to all addressees, to promote and give wide space, in their internal communication system, to matters regarding ethics/conduct and the prevention of irregularities.

All recipients of this Ethical Code are therefore required to become familiar with the contents, and to observe and ensure that others observe the principles and rules of conduct contained therein.

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