Greek for "miracle," the word "epiphany" came to be known as a celebration of three important events that took place early in Jesus' life: the visit to the a newly born Jesus of the Three Wise Kings, or Magi, his baptism by John the Baptist, and the first miracle he performed, at the wedding in Cana.
In Italy, the Epiphany marks the end of the Christmas season: it is, literally, the Twelfth Day of Christmas. As the saying goes "l'Epifania tutte le feste porta via", which can be rougly translated as "Epiphany takes all the holidays away".
On the sixth of January, children wake up to find presents from the Befana, an ancient Santa Claus-like figure with the appearence of an old, benevolent hag, all trussed up in old clothes and shoes and flying on a broomstick. Her name originally meant "giver of gifts". Just like Santa Claus, she flies down chimneys to fill stockings with toys and candy. In some areas of Italy, the Befana leaves toys and candies for good children, and pieces of coal for the naughty ones. Some parents use coal-shaped sweets as a friendly advice for their children, the implied message to them being "next year behave better". The entire family then ventures out to take part in large, colorful street fairs, where they buy more gifts, usually terracotta statuettes or kitchen ware. In Rome, Piazza Navona hosts a very popular Christmas street market, renowned as a favorite location for Epiphany day shopping in the city.