Investment Company Acquires Lugano Diamonds for $256M
Compass Diversified scooped up the California-based jeweler known for its one-of-a-kind designs.
Founded in 2004, Lugano Diamonds & Jewelry designs and manufactures high-end, one-of-a-kind jewelry for its clientele.
Its salon-based sales model makes for an intimate experience and has helped to build strong connections and a loyal customer base, said the companies in a press release about the acquisition.
The Newport Beach, California-based jeweler also partners with local organizations to host and sponsor more than 100 equestrian, social and philanthropic events, endearing the jeweler to the community.
“We are excited to bring a growing luxury goods brand like Lugano to the CODI portfolio of niche-branded consumer subsidiaries,” said Elias Sabo, CEO of Compass Diversified (CODI).
“Lugano’s deep commitment to product design and authentic connection with its target clientele differentiates it from its competitors. We believe that Lugano, as a trusted jewelry advisor offering a rare combination of exclusivity and service, has a sustainable business model capable of generating significant revenues and growth in both the near- and long-term.”
The investment company will provide resources and capital to help the jeweler continue to grow and to expand its team, said Sabo.
The jeweler will use the funds to up its merchandising strategy, continue its retail rollout, and bolster its marketing efforts, with a particular focus on events.
Lugano’s current leadership team will remain in place and the existing owners and management will retain a “significant” minority stake in the company.
“For over a decade we have sought to deliver one-of-a-kind jewelry through special, curated experiences that stand apart from mainstream jewelry buying experiences,” said Moti Ferder, co-founder and CEO of Lugano.
“With this dedication to high-quality and authentic connections with our consumers, we have built a loyal, long-term consumer base, and we expect CODI’s support will provide us the resources to introduce more clients to Lugano’s model. Together, we are poised to transform the high-end jewelry retail space for the benefit of our valued clients.”
Lugano currently has four retail salons as well as pop-up showrooms at its hosted events.
Its salons are located in: Newport Beach, California; Aspen, Colorado; and Palm Beach and Ocala, Florida.
It cited two recent cases in California, plus incidents in Florida, Kansas, and Illinois.
The 10,000-square-foot location allows for expanded collections from design partners while continuing custom design and other services.
Svetlana Lazar’s “Wishing Well” collection utilizes an innovative component to mimic the movement of water beneath them.
Rare & Forever is helping to create an enjoyable diamond buying experience for the millions of newly-engaged couples.
Sponsored by AGTA
All proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.
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