Texas Jewelry company valued at USD 1 billion after PE investment
In Austin, the design connoisseur, Kendra Scott’s eponymous business received large investment backing from Berkshire Partners LLC. Though the size of the investment is undisclosed, company’s value has crossed over USD 1 billion. The jewelry and fashion accessory company will continue to be led by Scott who is one of the city’s best CEOs according to Austin Business Journal published in 2014. The company operates 50+ stores and online retail channel and its jewelry and accessories are sold at retail outlets including Nordstorm Inc and Bloomingdale’s.
Chinese conglomerate acquires top Italian Jeweler
100 year old and Italy’s one of the most prestigious jeweler Buccellati declared, along with the private equity firm Clessidra, that they have sold a majority stake of 85% in the company to a Chinese conglomerate Gangtai group. Buccellati has international presence especially in Europe and US, but now the company, worth USD 282 million, aims to expand into Asian Market. Marco Carotenuto, Managing Director of Clessidra, said in a joint statement, “We have strongly supported Buccellati in the last three years achieving a 60 percent growth in revenues since acquisition. We believe that the company is now ready for a new growth cycle that Gangtai Group will support, considering also its experience in the jewelry market and its strong presence in China.”
Indian Online Jewelry marketplace received USD 50,000 funding
An early 2016 born India online jewelry marketplace, Vivokarat.com recently received its seed funding from a group of individual investors. The USD 50,000 fund will be used for product development, team building and marketing. According to the CEO, Ritesh Oza, being a marketplace in jewelry has its own advantages. And they have managed join hands with more than 30 reputed brands across Mumbai & other cities like Jaipur, Surat, Kolkata and New Delhi.
French Jewelry designer’s attempt in crowdfunding
Accomplished French Jewelry designer Botta launched a crowdfunding campaign to support his business Simplechic. Simplechic creates unique minimalist bracelets made of non-allergic stainless steel. Customized engraved quotes add to the coolness factor of the bracelets. The company is purposely avoiding use of precious gems and stones to keep the product affordable for all. Alexandra, Botta’s wife expressed, “heartfelt sayings on the bracelets will enable one to convey his messages to the loved ones – which one is otherwise too shy to express verbally”. The campaign on Kickstarter was supposed to raise USD 5,000.
African billionaire pumps money into diamond miner Trans Hex
Africa’s third richest person who created the largest retail store of Africa, Christoffel Wiese’s recent investment venture surprised the market. His family business Cream Magenta 140 Proprietary Ltd. and Metcap 14 Proprietary Ltd. bought dominant stake of 47% in diamond company Trans Hex. Though for Wiese this is not his first venture in diamond mining as he had an investment in Ocean Diamond Mining Holdings in late 1990s which he sold to Namco, his latest venture is surprising on the front of Africa’s struggling diamond industry. There used to be 4,500 diamond beneficiators in Africa and now there are only 200 left. Trans Hex too has been hit by the crisis of industry. But this move by the risk taker and smart investor has given much needed positivity to the company. Wiese said, “I used to be in the diamond industry 40 years ago and the opportunity arose to acquire a controlling stake in Trans Hex which is one of the junior diamond mining companies and one I think has potential.”