It appears that a number of home shopping network vendors — Sajen Silver, Honora and Michael Anthony — are now either owned or designing for Richline Group Inc., which is a unit of Berkshire Hathaway Co.
Berkshire’s chairman, by the way, is master investor Warren Buffett. Richline Group makes and markets fine jewelry.
We were checking the website for Sajen Silver, which has been owned by Marianna and Richard Jacobs, and its homepage said that the Jacobs are now designing jewelry for the Richline Group. The Jacobs are former ShopNBC vendors who are now on HSN.
We went to the Richline Group site, and found that its companies include Michael Anthony, the HSN vendor whose specialty is rope gold chains.
There was also a press release, dated May 30, that said the Richline Group was acquiring freshwater pearl purveyor Honora, a QVC vendor. Honora President and CEO Joel Schechter is a frequent guest on QVC. That deal is supposed to close this month, July. The purchase price wasn’t disclosed.
We’re assuming that formerly family-owned companies like Michael Anthony and Honora need the financial backing that the Richline Group can supply in order to grow and expand.
Here’s part of the Honora press release:
For over 60 years of being family owned and operated, HONORA has stood for value and quality in the jewelry industry, and is now known as the premier freshwater cultured pearl brand in the USA.
Dennis Ulrich, CEO of Richline Group, said that “CEO, Joel Schechter and President, Ralph Rossini have created and managed a unique, branded entity that has a great product line, talented people and long-term relationships with its clients.”
Joel Schechter commented, “We are tremendously excited about our future as a member of the Richline Group, and look forward to leveraging their tremendous strengths as we continue growing the HONORA
brand to consumers.
HONORA’s president, Ralph Rossini, said “The entire HONORA team takes great pride in the brand we have
built over the years. We look forward to utilizing Richline’s expertise and vast resources to expand our brand and strategic opportunities.”
In the new corporate structure, Mr. Schechter and Mr. Rossini will remain to run the company as a standalone brand within the Richline Brands division of the Berkshire Hathaway Company.
Dave Meleski, Richline Group’s President, stated “a key goal of this acquisition is the utilization of our financial support and collaboration to fully champion HONORA, as a brand, for domestic and International growth. HONORA expands our product assortment positioning as a dominate player in the pearl jewelry category.”