FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal Investigation
Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
The Lugano Diamonds store in Greenwich, Connecticut, opened in 2023. The CEO of the jewelry manufacturer and retailer, Moti Ferder, resigned this week amid a probe into the company’s accounting and inventory practices.
Westport, Conn.—Moti Ferder, the co-founder and CEO of Lugano Diamonds, a jewelry manufacturer and retailer with stores in well-heeled cities like Aspen, Colorado, and Greenwich, Connecticut, resigned this week.
His resignation was announced Wednesday by parent company Compass Diversified (NYSE: CODI) and follows a preliminary investigation that uncovered “irregularities” in the retailer’s non-CODI financing, accounting, and inventory practices.
Ferder will not receive any severance compensation, Compass said.
Lugano President Josh Gaynor, who joined the company a little over a year ago after seven years with Bulgari, has been appointed interim CEO, running the business alongside Lugano Chief Financial Officer Christoph Pachler.
Pachler is listed on the company’s website as interim executive vice president of operations in addition to CFO.
Related stories will be right here …
His resignation was announced Wednesday by parent company Compass Diversified (NYSE: CODI) and follows a preliminary investigation that uncovered “irregularities” in the retailer’s non-CODI financing, accounting, and inventory practices.
Ferder will not receive any severance compensation, Compass said.
Lugano President Josh Gaynor, who joined the company a little over a year ago after seven years with Bulgari, has been appointed interim CEO, running the business alongside Lugano Chief Financial Officer Christoph Pachler.
Pachler is listed on the company’s website as interim executive vice president of operations in addition to CFO.
Ferder founded Lugano in Newport Beach, California, with his wife, Idit Ferder, in 2005. She held the title of chief operating officer but is no longer with the company.
Her profile has been removed from the “Our Team” section of the Lugano website; Moti’s profile is gone as well.
Lugano has eight stores: Aspen, Greenwich, Houston, London, Newport Beach, Washington, D.C., and Ocala and Palm Beach, Florida. It also has a traveling equestrian boutique.
It describes itself as “an international luxury jewelry brand that creates exquisite, one-of-a-kind wearable works of art.”
Compass Diversified acquired a majority stake in the jeweler in 2021 for an enterprise value of $256 million.
The private equity firm said Wednesday that the probe into Lugano’s operations started after members of its senior leadership team were made aware of “concerns” about how the jeweler potentially was financing inventory.
The audit committee of the company’s board of directors launched an investigation led by outside counsel and a forensic accounting firm.
The investigation is ongoing but what has been uncovered so far, “does not reflect who we are as a business and the values we uphold,” Compass CEO Elias Sabo said in a statement.
“Our priority is to support the audit committee’s investigation and to fully understand what happened.”
The company also noted that its board and senior leadership team are committed to seeing the investigation into Lugano through and are “actively evaluating all available options” to protect itself and its shareholders who hold stakes in multiple Compass subsidiaries.
Lugano interim CEO Gaynor echoed Sabo’s statement about the uncovered “irregularities” not reflecting the company’s standards and values, adding, “The Lugano leadership team and I are focused on engaging with our clients and partners, and on providing the highest caliber of quality, service, and experience.”
Because of the investigation’s initial findings, Compass said Wednesday that the financial statements it issued for 2024 will need to be restated.
It also is delaying the filing of its Form 10-Q report for the first quarter 2025.
Based in Westport, Connecticut, Compass Diversified has a total of nine subsidiaries, including feminine care company The Honey Pot and Sterno, which sells portable food warmers, candles, and outdoor lighting.
It said the issues are isolated to Lugano and the investigation is not focused on any of its other subsidiaries.
More on Independents
The Latest
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
