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
TrendsFeb 17, 2026
A Bit of Jewelry for the Year of the HorseWestern wear continues to trend in the Year of the Fire Horse and along with it, horse and horseshoe motifs in jewelry.
SourcingFeb 17, 2026
Colored Gemstone Experts Talk Tariffs, Trends in TucsonAlthough the market is robust, tariffs and precious metal prices are impacting the industry, Stuart Robertson and Brecken Branstrator said.
GradingFeb 17, 2026
Dr. George Rossman, Former GIA Governor, Dies at 81Rossman, who advised GIA for more than 50 years, is remembered for his passion and dedication to the field of gemology.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
SourcingFeb 10, 2026
At Meeting in South Africa, Support for Natural Diamonds Picks Up Steam Namibia has formally signed the Luanda Accord, while two key industry organizations pledged to join the Natural Diamond Council.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
FinancialsFeb 10, 2026
Kering Plans Transformation as 2025 Sales Sink 13%As star brand Gucci continues to struggle, the luxury titan plans to announce a new roadmap to return to growth.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
