Listed Indian manufacturer Renaissance Jewelery has acquired Jay Gems, the parent company of Jewelmark, Simply Diamonds and New York-based Enchanted Disney Fine Jewelry brand for $ 26 million.
Renaissance is also the parent company of jewelry maker Verigold.
The acquisition, which was finalized in early August, was officially led by the company’s US subsidiary, Renaissance Jewelry New York.
According to a statement from Renaissance, Jay Gems had sales of $ 79 million last year, about half of which came from the Enchanted Disney Fine Jewelry collection. The Enchanted Disney line, which is now sold at Zales, Helzberg Diamonds, Fred Meyer Jewelers and Reeds, includes engagement rings, earrings and pendants. The collection features designs based on classic Disney princesses and heroines such as Snow White and Belle de The beauty and the Beast, as well as his iconic villains, like Ursula from The little Mermaid.
In June, Gina Drosos, CEO of Signet Jewelers, named the Enchanted Disney line as one of the best sellers in her business. The brand’s Facebook page has collected over 67,000 likes.
In the statement, Sumit Shah, Vice President of Renaissance Jewelery, said that with “the financial strength and global distribution of his business … we hope to be able to grow Enchanted Disney Fine Jewelry into a global brand within five years. “.
Siraj Shah will remain President of Jewelmark, and Roopam Jain will remain President of Simply Diamonds and the Licensed Brands. The two founded Jay Gems in 2001.
Renaissance will now oversee three divisions in the United States: Simply Diamonds, which targets independent jewelers; Jewelmark, which focuses on bridal, basic and more refined program jewelry for specialty jewelers; and Verigold, which sells fashion items at a fixed price.
Renaissance Jewelery global sales totaled $ 282 million in 2018, up 24% from the previous year. Since 2016, the company has offered another licensed line, Hallmark-branded jewelry, which is now sold at JC Penney and Kohl’s.
(Image courtesy of Jewelmark)
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