Tuesday, November 17, 2009

Jewelry Biz- Kwiat Buys Fred Leighton

From JCK Online
Kwiat Buys, Will Run Fred Leighton
Kwiat, the diamond and jewelry company, recently purchased and plans to manage and operate Fred Leighton, the estate and antique jewelry retailer that was recently in Chapter 11.
Kwiat made the purchase together with Och-Ziff Capital Management Group, and FOF Inventory Holding. It is valued at $25.8 million.
"Even through this bankruptcy, the core of the brand has remained exceptionally strong," Kwiat said. "The customer knows Fred Leighton. They know that Fred Leighton is all about fine estate and antique jewelry. They have a strong connection to the customer through their appearances on the red carpet."
In the near term, Kwiat will concentrate on its existing stores. But in the long run Kwiat says he plans to expand Leighton's wholesale business and well as its "retail footprint."
From a valuation of over $100 million to $25.8 million...what the hell happened to this company...Oh, I forgot, Ralph Esmerian was running the business.
So now there are a lot of smart people behind this brand, not just the Kwiat group but the FOF investors, so there should be a revitalization of this brand.
But having jewelry on the red carpet doesn't necessarily translate into sales
so we shall see how Fred Leighton fares in the future...
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