Pop sensation Britney Spears says she’s launching her own jewelry brand, to be called B Tiny.
She has already made a fortune from sales of Britney perfumes, first launched in 2004 and said to have generated total revenue of over $1.5bn.
The 42-year-old “Princess of Pop” announced on Instagram that she was “so excited” to launch her first jewelry line, of what she said were “delicate extremely different and one of a kind pieces”.
Her post, which has over 70,000 likes, includes pictures of rings connected by a gold chain to bands around her wrist.
The post gives no further details of the collection, price or launch date.
Since ancient times, jewelled collars, saddles and bridles have ensured that animal companions were as finely jewelled as their owners. Animal bling seems to have been particularly popular from the mid-19th century. Vogue’s 1896 article “Swagger Dogs” told its readers that “Dog jewelry forms an interesting exhibit, is marvelously fine and valuable, if absurdly extravagant”. These dogs sported jewelled collars, leg bracelets and bangles galore.
Lord Berners, the model for Nancy Mitford’s Lord Merlin in The Pursuit of Love, was well known for decorating his pet dalmatians with diamond necklaces, while the poet Elizabeth Barrett Browning made a collar for her dog Flush from a mosaic bead necklace. When Frances Work (Mrs Aurel Batonyi), the great-grandmother of Diana, Princess of Wales, visited the casino with her dog, she matched her jewels with its own diamond collar. The Daily Express of 1903 even recommended “diamond studded dog-collars with receptacles for scent” for smartly dressed dogs. According to early 20th-century newspapers, some dogs even wore bracelets around their paws and gem-set earrings. One of the gifts given to Jenny and Rosie Dolly, the fabulously glamorous cabaret dancers of the 1930s, was a pair of tortoises. These came from the besotted retail magnate Harry Selfridge, their shells set by Cartier with 4-carat blue diamonds.
The Dolly Sisters in the 1920s
The modern dog with a generous budget could choose from the famously expensive Amour Amour collars, the top-of-the-range set with 52 carats of diamonds, to elegant options from Hermès, Louis Vuitton, Tiffany and Christian Louboutin (with signature red lining). Sadly cats haven’t attracted the same attention from jewellers, although they might not have the same patience for dressing up as their dog counterparts.
The size M Loubicollar dog collar from Christian Louboutin
Animal lives are shorter than human ones and bereaved owners often wanted a record of their animal companions, often through paintings and photographs but also via memorial jewellery set with their images and sometimes even hair.
The brooch with a portrait of Nero made for Jane Carlyle
Jane Carlyle’s little dog Nero was a great comfort to her through the ups and downs of her marriage to the author Thomas Carlyle. Nero, painted as “large as a sheep” to Jane’s dismay, can be seen lying comfortably on the sofa in Robert Tait’s painting of the Carlyles at home. When Nero died in February 1860, Jane turned to the painter to help her create a memorial. Writing to Tait, she asked him to send her a photograph of the detail of Nero from the painting to make into a brooch.
Queen Victoria’s collie Gipsy, painted by Friedrich Wilhelm Keyl
Jane Carlyle wasn’t the only bereaved owner to want a lasting memory of her pet. Queen Victoria extended her appetite for sentimental jewellery to her animals. As well as a photograph album recording all the dogs in the Windsor kennels, one of her favourite dogs was immortalised in a jewel. In 1863 the Prince of Wales ordered a crystal brooch with the image of the Queen’s recently deceased collie Gipsy from the royal jewellers, Garrards. Some years later, as Edward VII, he kept strands of his favourite terrier Jack’s hair in a locket on his desk.
Amour Amour is the world’s most expensive dog collar with the price tag of $3.2 million
And although in general cats have not been lucky enough to be gifted jewels during their seven lifetimes, they have also been turned into a glittery accessory.
Mary Russell, Duchess of Bedford, was well known for her passion for Siamese cats. According to Boudoir Magazine in 1904, she wore a locket holding the portrait of Goblin, her favourite cat. Goblin’s thoughts on the matter are not recorded.
US Watch and Jewelry Sales in June: Biggest Monthly Increase for Two Years
Rolex Submeriner Date 41mm Oyster yellow gold
Watch and jewelry sales in the US picked up significantly in June, with their biggest single monthly increase in two years. The year-on-year increase was 6.2 per cent, according to the latest figures published by the US Department of Commerce. The last time we saw such an increase was in July 2022 (also 6.25 per cent). The trend for the last three months has been of continued growth, but at a slower rate (March 4.5 per cent; April 3.7 per cent; May 3.3 per cent). The rise in sales follows a year or so of almost relentless decline (October 2022 to October 2023). Revisions to figures for April and May by the Bureau of Economic Analysis (BEA) at the US Department of Commerce show sales were higher than initially reported. The year-on-year increase for April was 3.7 per cent (revised up from 2.7 per cent based on actual transactions rather than estimates) and for May it was 3.3 per cent (revised up from 1.4 per cent).
March US retail sales increased at a slower pace than the previous month’s as inflation eased and the job market improved.
Revenue grew 0.7% from the month before to $709.6 billion — adjusted for seasonal variation — compared to an increase of 0.9% in February, according to data the US Census Bureau released Monday.
“As inflation for goods levels off, March’s data demonstrates steady spending by value-focused consumers who continue to benefit from a strong labor market and real wage gains,” said National Retail Federation (NRF) CEO Matthew Shay. “In this highly competitive market, retailers are having to keep prices as low as possible to meet the demand of consumers looking to stretch their family budgets.”
Sales climbed 2.7% from a year earlier, on par with February’s year-on-year results, the NRF added.
March sales were up year on year in six of the nine retail categories the NRF monitors, compared to eight last month. Sales in the clothing and accessories segment — which includes jewelry — were flat compared to February, but advanced 2.1% versus the same period a year ago. Online sales saw the largest year-on-year gain, rising 15%, while electronics, furniture, and building and garden supply products fell.
Well-known jewellery chain Michael Hill has revealed it closed six stores in the past six months and scrapped senior management roles due to tough retail conditions.
In a trading update released by the stock market listed company, it described the six months to December 31, 2023 as a “challenging period for the business” as its profitability took a hit and is estimated to be down 45 to 39 per cent on the same period of 2022.
Of the six “underperforming” stores it closed, one was in regional WA, one in Queensland, one in Victoria, two in NSW and one in Canada.
In the statement, the company blamed economic conditions for “impacting consumer sentiment”, adding that its profit margin was affected by the inflated cost of gold and diamonds, and “aggressive competitor behaviour”, which led to a decision to “reduce operating costs, including the exit of a number of senior management roles”.
It did not reveal how many staff or which roles were affected.
Michael Hill also owns the more affordable Bevilles chain.
The company achieved sales of $362.8 million during the six months to December 31, 2023, which was up 4.1 per cent on the same period of 2022.
But it revealed its gross profit for the period was expected to be between $30-33 million, which represents a fall of 45 to 39 per cent from the gross profit of $54.5 million it posted in the second half of 2022.
Earlier in 2023 the company bought the more affordable Bevilles jewellery chain, and it opened four new Bevilles stores in Australia during the past six months.
Michael Hill CEO and managing director Daniel Bracken said profit margins were hit in the second half of 2023. Picture: Richard Walker.
Hong Kong retail sales rose in October as tourism to the municipality continued to improve and the government implemented initiatives to stimulate the economy.
Revenue from jewelry, watches, clocks and valuable gifts climbed 27% year on year to HKD 5.1 billion ($653.1 million) for the month, according to data the government’s Census and Statistics Department released Thursday. Retail sales across all product categories increased 6% to HKD 33.77 billion ($4.32 billion).
The growth also reflected a favorable comparison with the same period last year, when the municipality was still operating under strict Covid-19 restrictions, leading to extremely low tourism. Hong Kong derives a large portion of its luxury revenue from tourists — primarily from China — who come to purchase goods. The border between Hong Kong and the mainland reopened at the beginning of the year.
For the first 10 months, proceeds from jewelry, watches, clocks and valuable gifts surged 55% to HKD 50 billion ($6.4 billion). Total retail sales for the period grew 17% to HKD 336.06 billion ($43.03 billion).
In October, 3.5 million visitors arrived in Hong Kong, compared to 80,524 during the same month of 2022. Of those, 2.7 million were from the mainland, versus 47,607 the year before.
“The value of total retail sales increased further in October over a year earlier alongside the continued revival of inbound tourism,” a government spokesperson said. “Further recovery of visitor arrivals should benefit the retail sector. Continued improvement in household income and various activities that bolster the economy, including the ‘Night Vibes Hong Kong’ [events], should also provide support. Yet factors such as tight financial conditions and economic uncertainties could weigh on consumption sentiment.”
This advice will give you a few tips to help you along the way.
TIP #1 Diamonds are usually given to display love, making the sentimental value higher to the seller than the actual value to a buyer. Should you be in the market to sell your diamond, make sure you are ready to part with the diamond before beginning the process.
TIP #2 Be sure of the quality and authenticity of what you are trying to sell. Make sure of the quality and the grade of the stone. This is most important for the ultimate value of the diamond. There have been many instances where a seller is committed to selling their diamond only to find out the quality isn’t as described when originally purchased.
There are Jewellers or services available, who will give an unbiased assessment of your stone. But it is far more valuable in the long run to get a report from a recognised Laboratory.
It is also recommended to verify the report matches the Laser inscription before placing your diamond on the market, to assure your diamond is the same stone should it not sell.
TIP #3 Now that you have an accurate report of the quality, make sure you get a realistic selling value. Believing the diamond holds a higher value than it truly possesses will lead to a challenging, frustrating experience which can be dragged out.
An appraiser can assist you with determining a fair selling, price so you can avoid this pitfall. Diamonds are priced in US dollars, so your diamonds price will be affected when converted to your local currency.
A good way to see current retail values is to visit online stores like dcladiamondexchange.com.au or bluenile.com.
TIP #4 There are many ways to sell a preloved diamond or diamond jewellery. Research your selling options to make an educated decision that works best for you. Be it an online market or exploring options through a local jeweller or dealer, be sure you are using the best option for your needs.
Example, if time is not of the essence, an online market or an auction house could be the best way forward. If you want a quick sale, visiting your local dealer may be the best option.
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DCLA will provide you with an experience expert to advise you and give you the accurate value protecting you when selling. Our goal is to provide you with as much knowledge as possible.
Visit www.dcla.com.au for information advice or to make an appointment.
Jewelers in India have shattered a world record with a ring made of 50,907 diamonds.
The Eutierria Ring has more than twice as many diamonds as the previous record holder, The Touch of Ami, with 24,679 diamonds. Both rings were made in India.
The new ring, created by H.K. Designs and Hari Krishna Exports, was certified last month by Guinness World Records as the ring with the most diamonds.
The ring took nine months to design and make, entirely of recycled materials – 460.55 grams of gold and 130.19 carats of diamonds all re-purposed from customer returns.
It is designed as a sunflower with four layers of petals, a shank, two diamond discs, and a butterfly.
It has been certified by IGI and has a retail value of $785,645, according to a press release issued jointly by both companies.
It takes its name, Eutierria, from a term describing a positive feeling of oneness with the earth.
Harakh Mehta created a three-piece, 150-carat diamond set to celebrate the store’s big anniversary.
New York City has many icons, like the Empire State Building and Rockefeller Center. And Bloomingdale’s, the department store that opened shop in 1872 and this year is marking its 150th anniversary.
“To celebrate, we desired to create iconic pieces that paid homage to our rich history,” Marissa Galante Frank, the store’s fashion director of accessories and beauty, wrote in an email. “For the first time ever, we created a jewelry suite that is comprised of 150 carats of diamonds” — to echo the store’s 150 years in business.
The retailer turned to the jeweler Harakh Mehta to create the three-piece set. The designer “first caught our attention when he was named the exclusive diamantaire for the 2019 Le Bal des Débutantes in Paris,” Ms. Galante Frank wrote, referring to organizers of the French event tapping Mr. Mehta for his skills as a diamond specialist.
Mr. Mehta, whose Harakh line already had a presence in several Bloomingdale’s locations throughout the United States, said he agreed immediately. “When they announced they were celebrating their 150th anniversary, we knew that we just had to be part of their joyous occasion,” the Indian jeweler said in an email, noting that in his native language Gujarati, his name means joy.
The designs for the earrings, bracelet and necklace were “inspired by my childhood memories of driving up the hills during the monsoons and bathing in the waterfalls,” Mr. Mehta wrote before describing each piece.
The earrings, which total 18 carats, were designed as dangling clusters of brilliant-cut round, pear- and marquise-shaped diamonds, interspersed with Harakh’s signature rose-cut round and pear-shaped stones. “They are set in specially created modulated settings to represent the energy and flow of the cascading water,” Mr. Mehta wrote.
The 32-carat bracelet had two straps of diamonds holding a central oval cluster set with brilliant-cut round, oval- and pear-shaped stones, interspersed with rose-cut gems in various shapes. And completing the trio was a V-shaped necklace, which has the same combination of brilliant- and rose-cut diamonds in rounds, pears, marquises and ovals, totaling 100 carats.
Bloomingdale’s
To make the jewelry weigh as little as possible, Mr. Mehta wrote, the diamonds were set in an 18-karat mix of white gold and a palladium-based alloy.
Finding the right diamonds wasn’t easy, the jeweler wrote: “The search for these 150 carats quite literally traversed six continents over nearly 12 months.”
In a later email he wrote: “There are certified Canadian diamonds. Also, there are diamonds in special shapes, cut and polished from rough diamonds sourced from the mines of Brazil, Africa and Australia. There are also other diamonds that were bought from the bourses of Antwerp, Mumbai and New York, which we recut.”
The suite has been displayed at various Bloomingdale’s stores, and is now available for sale as a set or as individual pieces. The high jewelry department at the retailer’s 59th Street flagship in New York has information on prices.
The project was all worth the effort, Ms. Galante Frank wrote: “Diamonds signify the longevity and brilliance of our brand. Diamonds are forever.”
Brilliant Earth lowered its outlook ahead of the crucial fourth quarter, noting that consumers were hesitant about making purchases.
The online-focused jeweler expects full-year sales of $436 million to $446 million, down from an earlier forecast of $450 million to $470 million, it said Thursday. Fourth-quarter revenue will be between $116 million and $126 million, compared with actual sales of $121.9 million a year earlier. The US company’s shares fell 26% Thursday following the news.
“While we’re pleased that we have continued to drive sustainable, profitable growth, as we look to finish the year, macro headwinds and the anticipated promotional environment are more difficult than earlier in the year, causing us to be more cautious about our fourth-quarter revenue outlook,” CEO Beth Gerstein said on an investor call transcribed by Seeking Alpha. “While we are still seeing strong consumer interest demonstrating the resonance of our brand, we are seeing a further lengthening of the decision-making process given the macroeconomic uncertainty as more customers take a wait-and-see approach.”
The adjustment came even as third-quarter sales rose 17% year on year to $111.4 million, reflecting the brand’s increased success among millennials and Gen Z-ers, the retailer reported. The company ratcheted up its use of TikTok after a study found that 13% of its customers learned about Brilliant Earth on that social platform; this led to a viewership increase on the site of more than 200%, management said. Group net profit jumped 44% to $5.7 million.
Signet Jewelers has signed a deal to acquire online retailer Blue Nile for $360 million in cash.
The purchase will boost Signet’s bridal, “accessible luxury” and digital businesses, while expanding the group’s consumer base, the US retail chain said Tuesday. The company expects to complete the transaction in the third fiscal quarter, which runs until late October. Either side can pull out if the deal hasn’t closed by November 3, 2022.
“Blue Nile brings an attractive customer demographic that is younger, more affluent, and ethnically diverse, which will broaden our customer-acquisition funnel,” Signet added.
The announcement comes around two months after Blue Nile revealed plans for a stock-market flotation via a merger with Mudrick Capital Acquisition Corporation II, a special-purpose acquisition company (SPAC). The proposed deal valued Blue Nile at $873 million. Mudrick was not immediately available for comment on how that transaction progressed. The current owners are Bain Capital Private Equity and Bow Street, which acquired the e-commerce jeweler for around $500 million in 2017.
Blue Nile’s sales exceeded $500 million in 2021, according to Signet, which has stated its intention to reach total annual revenues of $9 billion in the coming years. Last October, it agreed to acquire Diamonds Direct USA for $490 million; in 2017, it bought diamond retail website James Allen for $328 million.
“By joining Signet, we will extend our premium brand and fine-jewelry offering to millions of new customers while bringing new capabilities to our leading e-commerce business that will drive additional growth opportunities for Blue Nile,” said Blue Nile CEO Sean Kell.
Meanwhile, Signet has reduced its sales guidance for the second quarter, which ended in late July, estimating revenue of $1.75 billion compared with an earlier forecast of $1.79 billion to $1.82 billion. Management cited “heightened pressure on consumers’ discretionary spending and increased macroeconomic headwinds.”
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” said Signet CEO Gina Drosos. The new outlook for the quarter still translates to a sales increase of around 25% compared with the equivalent period of 2019, before the Covid-19 pandemic, the executive noted.
US authorities are investigating a massive theft of jewelry from a Brink’s armored vehicle in California last week.
The truck was transporting goods to the International Gem & Jewelry Show in Pasadena, California, exhibition director Brandy Swanson told Rapaport News on Tuesday. The victims were 16 to 18 vendors. The contents included “high-end jewelry, watches and diamonds,” Swanson said.
The executive estimated the losses at $100 million to $150 million. Brink’s put the value at less than $10 million, according to media reports — a discrepancy explained by the practice of vendors underinsuring goods, Swanson noted.
“They all have invoices and paperwork to show the higher value,” Swanson said.
The theft occurred early on July 11, according to a spokesperson for the Federal Bureau of Investigation (FBI) in Los Angeles, which is investigating the case together with the Los Angeles County Sheriff’s Department.
On that day, deputies from the Sheriff’s Department station in Santa Clarita, California, were called to the “Flying J” rest stop and gas station in the mountain community of Lebec in response to the burglary of a cargo container.
They “learned that several pieces of jewelry and gemstones valued at several million dollars were stolen from a locked ‘Brink’s’ tractor trailer by unknown suspects,” the department said Monday in a report.
“According to the information the customers provided to us before they shipped their items, the total value of the missing items is less than $10 million,” Brink’s said in a statement quoted in the US media. “We are working with law enforcement, and we will fully reimburse our customers for the value of their assets that were stolen, in accordance with the terms of our contract.” The company did not respond to a request for comment from Rapaport News.
Blue Nile, a market leader in online diamond jewelry, has combined with Mudrick Capital Acquisition Corp. II, a special purpose acquisition company (SPAC), to take the company public with an expected listing on NASDAQ in early fourth quarter 2022.
The company is valued at $873 million and is anticipated to generate some $450 million in capital before expenses, including $50 million in new funds from Mudrick and $80 million from sponsors Bain Capital Private Equity, Bow Street and Adama Partners and Mudrick Capital.
It’s not the first time Blue Nile has been down this road. Founded in 1999, it first went public in 2004, then private again when it was acquired by Bain Capital and Bow Street in 2017.
With 2021 revenues estimated at $566 million, Blue Nile is expected to reach $661 million to $773 million in 2023, according to a report released by Mudrick. Since 2018, the company has garnered 17% CAGR, including a 22% rise from 2019, and a +515bps rise in gross margin. With gross margins in the 30% range currently, the target operating model aims to increase it to 40%.
The Mudrick analysis sees the $320 billion global fine jewelry market ripe for disruption with Blue Nile’s track record in disrupting the U.S. $60 billion fine jewelry market proof of concept.
The fact that its founder Mark Vadon and the CEOs who followed him, including current CEO Sean Kell, didn’t come from the in-bred jewelry industry gave the company a leg-up when it came to disrupting the status quo.
MORE FOR YOU ‘No Christmas Trees, No Christmas Trees’ Another Shortage May Be On The Way The Grocery Business Is Going To Get Much More Competitive Costco Addresses Supply Chain Pains By Chartering Their Own Ships Blue Nile believes its uniquely integrated digital-showroom strategy is the secret sauce that will power the company forward into the new world of what fellow Forbes.com contributor Steve Dennis calls “harmonized retail.”
There are currently 18 Blue Nile showrooms with two more coming soon in Atlanta’s Lenox Square and Bloomington’s Mall of America. The showrooms are designed to take the friction out of the traditional jewelry store shopping experience and make the online virtual experience real.
“Buying diamonds is much harder than it needs to be,” CEO Sean Kell shared with me. “It’s confusing and intimidating and it’s very hard to tell the difference between one diamond and another. Our showrooms and website provide multi-touch integration in a low-pressure, learning environment.”
Blue Nile Houston Showroom’s interior COURTESY OF BLUE NILE
In the showrooms, customers can touch-and-feel diamonds and see them in different settings with orders placed there or later from the comfort of home. “It’s an ‘inventory-less’ showroom concept where you can see the differences between different sizes, cuts and settings, then you can order in the store, by phone or online for delivery,” he continued.
Virtually every diamond shopper these days starts their journey on the internet no matter where they end up buying. It’s almost required for consumers to master the 4Cs of diamonds – Cut, Color, Clarity, Carats. And because that first diamond purchase is often the most expensive one that an individual or a couple makes, shopping is often a stress-filled experience since consumers are stepping into unfamiliar territory.
“The diamond shopping journey is like the kids’ game of ‘Chutes and Ladders,’ where a couple of steps forward may send you sliding back,” Kell reflected. “It’s an extremely convoluted shopping journey where people may look at one or many websites, walk into one or many stores, then go back and do it all again. But what underlies it all is a thirst for knowledge and confidence that they are getting a good deal.”
When it comes to selection, Blue Nile is the hands-down favorite, with over 650,000 diamonds available, which is orders of magnitude higher than the handful offered by a typical independent jeweler and five-times more than digital competitor Brilliant Earth.
But with all that selection comes confusion. Blue Nile works to eliminate that through its showrooms, the customer-friendly website that makes it easy to select the right diamond cut, size and setting and by-appointment virtual showrooms where a personal jeweler working in a professional studio presents carefully selected items for customers to view online and discuss. Its call center also helps close the sale, with 35% of revenue connected with it.
“We see such a great opportunity to make buying diamonds and fine jewelry easier by inspiring confidence. Our personal jewelers take a consultative approach to help customers find their perfect jewelry item. It is a very different experience than shoppers may have in a higher-pressure, ‘old-school’ jewelry store approach.”
And because Blue Nile started under a B2C internet business model, it’s been able to keep costs low and transfer the savings along to the customer. Blue Nile prices tend to run 25% to 50% below that of traditional brick-and-mortar retailers. And it offers a price-match guarantee if the customer finds a similar quality and size stone for less.
“Everyone is looking for a fair price. Most people aren’t looking to pay the absolute lowest price, but they want a deal for really good quality. That’s what we try to do,” Kell explained.
And customers can buy with confidence with its 30-day return policy, lifetime warranty and its upgrade policy that allows customers to recover full value to move up to a more expensive diamond. “Our upgrade offering puts a new spin on the ‘diamond is forever’ notion,” he quipped.
Today Blue Nile boasts nearly three million customers and nearly one-third of its sales come from repeat customers. Its customer base skews 45 years and under for engagement rings – the typical first purchase – with ages skewing to 55 years and under for jewelry purchases. And incomes and net worth runs high for both buyers, $100k+ and $1 million+ respectively.
“After someone buys an engagement ring, they come back a year, two or three later for an anniversary gift. Diamond-stud earrings, eternity bands and tennis bracelets are our most gifted items,” he continued.
As for the future, Blue Nile plans to have 26 showrooms open by end of the year and another ten or so added in 2023. Showrooms not only provide a higher closing rate and increase the average order size compared to website-alone orders, but they increase overall sales in the trade area by 80%.
Continued expansion into international markets is also ahead as it currently ships to 44 countries, including China, U.K., Canada and Australia.
“We are very excited about our pending, plans to go public,” Kell concluded. “We think it’s a great opportunity for our business. And raising capital gives us a great opportunity to invest in our business and expand our showroom network. We already have a good business beyond the U.S., including China, Canada and Europe and see a big opportunity for us outside the U.S. Everybody all over the world wants great value and beautiful jewelry.
The industry continued to downsize in the US in the third quarter, according to the latest data from the Jewelers Board of Trade (JBT).
Some 113 businesses exited the sector during the three months ending September 30, compared with 101 in the same period a year earlier, the figures showed Friday. In total, the number of companies active in the US industry fell 1.9% year on year to 23,984.
Bankruptcies dropped to zero from nine a year earlier, while closures due to consolidation — mergers, acquisitions and similar transactions — declined to 28 from 37 a year before. However, 85 companies left the industry for other reasons that the JBT does not specify, up from 55 for the same quarter in 2020.
The industry continued to downsize in the US in the third quarter, according to the latest data from the Jewelers Board of Trade (JBT).
Some 113 businesses exited the sector during the three months ending September 30, compared with 101 in the same period a year earlier, the figures showed Friday. In total, the number of companies active in the US industry fell 1.9% year on year to 23,984.
Bankruptcies dropped to zero from nine a year earlier, while closures due to consolidation — mergers, acquisitions and similar transactions — declined to 28 from 37 a year before. However, 85 companies left the industry for other reasons that the JBT does not specify, up from 55 for the same quarter in 2020.
The largest deal in luxury is back on after New York’s famed jeweller Tiffany agreed to a slightly reduced offering price from LVMH in Paris.
LVMH will now pay $US131.50 for each Tiffany share, putting the total price tag at $US15.8 billion ($22.5 billion), down from the $16.2 billion that was first offered earlier this year.
Tiffany’s
The owner of Louis Vuitton, Christian Dior, Fendi along with a basket of wine and champagne brands, appeared to walk away from the acquisition last month after it said the French government had pushed for a delay because of the threat of proposed US tariffs. But the reasons for its cold feet seemed to shift, and there was pressure from investors on both sides to make a deal happen.
Rumours that the two luxury companies had rekindled talks began to surface in recent days.
“We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany,” LVMH’s billionaire CEO Bernard Arnault said in a prepared statement on Thursday.
Tiffany & Co’s flagship store in Sydney. The company has hired advisers to review LVMH’s offer but has not yet responded to it
Tiffany sues LVMH for reneging on $22b deal as France steps in Tiffany, with its famed blue boxes, has in recent years attempted to regain the luster of the “Breakfast at Tiffany’s” era as its customer base ages.
It’s shifted its focus to younger shoppers and made a significant push online. The deep pockets of LVMH could go a long way in helping that transformation along.
LVMH, led by billionaire Arnault, a consumate dealmaker, believes Tiffany will strengthen its position in high-end jewellery and in the US market.
LVMH is also making a bet on China’s economy, where Tiffany has been expanding.
The buyout has been approved by the boards of both companies, and it’s expected to close early next year.
The largest deal in luxury is back on after New York’s famed jeweller Tiffany agreed to a slightly reduced offering price from LVMH in Paris.
LVMH will now pay $US131.50 for each Tiffany share, putting the total price tag at $US15.8 billion ($22.5 billion), down from the $16.2 billion that was first offered earlier this year.
Tiffany’s
The owner of Louis Vuitton, Christian Dior, Fendi along with a basket of wine and champagne brands, appeared to walk away from the acquisition last month after it said the French government had pushed for a delay because of the threat of proposed US tariffs. But the reasons for its cold feet seemed to shift, and there was pressure from investors on both sides to make a deal happen.
Rumours that the two luxury companies had rekindled talks began to surface in recent days.
“We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany,” LVMH’s billionaire CEO Bernard Arnault said in a prepared statement on Thursday.
Tiffany & Co’s flagship store in Sydney. The company has hired advisers to review LVMH’s offer but has not yet responded to it
Tiffany sues LVMH for reneging on $22b deal as France steps in Tiffany, with its famed blue boxes, has in recent years attempted to regain the luster of the “Breakfast at Tiffany’s” era as its customer base ages.
It’s shifted its focus to younger shoppers and made a significant push online. The deep pockets of LVMH could go a long way in helping that transformation along.
LVMH, led by billionaire Arnault, a consumate dealmaker, believes Tiffany will strengthen its position in high-end jewellery and in the US market.
LVMH is also making a bet on China’s economy, where Tiffany has been expanding.
The buyout has been approved by the boards of both companies, and it’s expected to close early next year.
Unlike other insurers, we only insure certified diamond jewellery. As the diamond experts, we appreciate the worth of your diamonds and guarantee to replace them like for like.
Unlike other insurers, we only insure certified diamond jewellery. As the diamond experts, we appreciate the worth of your diamonds and guarantee to replace them like for like.
Gem experts offer cheaper insurance policies for diamond rings | VIDEO 7NEWS
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