We should be in bed sleeping but we were surfing the ‘net (just using that phrase shows how old we are) and we saw this story.
One of our favorite jewelry designers, John Hardy, has been sold. The company must have some kind of financial issues, so maybe that’s why so much of its jewelry is winding up at TJ Maxx. And a new CEO has been appointed, FYI.
We wonder if the new owners will put the kibosh on the lower-priced silver line that QVC has, JAI by John Hardy.
Here is the press release from last week:
John Hardy Acquired by Catterton, the Leading Consumer Focused Private Equity Firm
NEW YORK, July 31, 2014 /PRNewswire/ — John Hardy, a leading luxury designer jewelry brand, today announced that it has been acquired by Catterton, the leading consumer-focused private equity firm. Terms of the transaction were not disclosed.
Founded in 1975, John Hardy is a luxury designer jewelry brand known for its handmade craftsmanship, and iconic designs within its collection. The Company is a pioneer in sustainable luxury and uniquely positioned as the leading designer brand for which each piece is intricately handcrafted and one-of-a-kind.
John Hardy’s recognizable and distinctive jewelry enjoys a loyal customer base and a top-tier, multi-channel distribution footprint, with collections available at more than 600 retail locations across 27 countries and regions, including world-renowned department stores such asNeiman Marcus, Saks Fifth Avenue,Bloomingdale’s, Harrods and Lane Crawford and stand-alone stores in Hong Kong, Jakarta and Bali
John Hardy recently signed supermodel Cara Delevingne to be the face of its new jewelry campaign.
The Company has appointed Robert Hanson as Chief Executive Officer, effective immediately. Mr. Hanson brings more than 25 years of brand development and retail experience to John Hardy, including with American Eagle Outfitters, Inc., where he served as Chief Executive Officer, and Levi Strauss & Co., where he served as Global President of Levi’s.
Damien Dernoncourt, who has served as John Hardy’s Chief Executive Officer since 2007, will retain an equity stake in the Company and has been named Non-Executive Chairman, to which he will devote his full professional time.
Guy Bedarida will continue to serve as Creative Director and Head Designer and Miles Graham will continue to serve as President and Chief Operating Officer.
“John Hardy is pleased to partner with Catterton, which will provide the support and resources to continue building our brand and accelerate our growth on an international scale,” said Mr. Dernoncourt.
“I am confident that under Robert’s leadership and together with Catterton, we will enhance our status as a leading designer of unique handmade jewelry while maintaining our Company’s strong core values and luxury positioning. I am excited to be working with Catterton, Robert, and the entire John Hardy team as we grow and build on our success.”
Mr. Hanson said, “John Hardy is an iconic luxury brand with a loyal customer following, and I have been impressed with the strength of the brand under Damien’s leadership. I look forward to leading the Company and building upon its tradition of creating truly unique, authentic designs and providing outstanding customer service.
“John Hardy is well known for its distinctive style, extraordinary quality and commitment to handcrafted sustainable luxury. These key pillars will continue to be the cornerstone of our Company and our future success. With Catterton’s well-established track record for partnering with leading brands to help them capitalize on growth opportunities, I believe that John Hardy has significant potential and a bright future.”
Michael Chu, Managing Partner at Catterton, said, “Catterton is excited to partner with a differentiated brand with a strong heritage and a top-tier, multi-channel distribution footprint. With Catterton, John Hardy will have a robust platform to enhance its already exceptional brand and accelerate its growth trajectory. We are confident that John Hardy offers substantial upside through multiple paths for expansion, and look forward to working with Robert and the entire team at John Hardy to capitalize on new market opportunities and realize the Company’s significant potential.”
Catterton has partnered with luxury brands including Restoration Hardware, Baccarat, PIRCH, and Frederic Fekkai to name a few.