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David Webb Owner Purchases Lugano Jewelry
The high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
The Lugano Diamonds store in Greenwich, Connecticut, which opened in 2023 and is now closed. The jewelry retailer has new owners and a new name.
Newport Beach, Calif.—Lugano Diamonds & Jewelry Inc., which went Chapter 11 last year, is now under new ownership and has a new name.
The high-end jewelry manufacturer and retailer announced a management-backed sale to a group that includes private investment firm Middle West Partners and longtime, unnamed Lugano clients who joined the transaction as investors.
Middle West Partners also acquired David Webb last year for an undisclosed amount.
Financial terms also were not disclosed for the Lugano deal.
The company has changed its name from Lugano Diamonds & Jewelry to Lugano Jewelry.
“This is a defining moment for Lugano and one that wouldn’t have been possible without the extraordinary commitment of our team and the loyalty of our clients and partners,” said Josh Gaynor, who has transitioned from interim CEO to formal CEO of Lugano.
Gaynor previously held senior roles at Kering-owned Bottega Veneta and LVMH-owned Fendi. He most recently led the high jewelry division at Bulgari North America.
Lugano’s jewelry will continue to be handcrafted at its workshop in Newport Beach, California, the company said.
The four Lugano Jewelry stores currently in operation will remain open. They are in Newport Beach; Aspen, Colorado; Ocala, Florida; and Miami.
The retailer also has a traveling boutique that follows the equestrian circuit.
The transaction was completed Sept. 30 following the conclusion of Lugano’s reorganization process.
The retailer filed for Chapter 11 bankruptcy protection in November 2025. The filing was preceded by the departure of its former CEO and co-founder Mordechai “Moti” Ferder.
Ferder resigned in May 2025 after a preliminary investigation by then-parent company Compass Diversified revealed “irregularities” in the company’s financing, accounting, and inventory practices.
In late August, the U.S. Securities and Exchange Commission filed a complaint against Ferder related to the accusations, which Ferder previously has denied via his attorney.
Related stories will be right here …
The high-end jewelry manufacturer and retailer announced a management-backed sale to a group that includes private investment firm Middle West Partners and longtime, unnamed Lugano clients who joined the transaction as investors.
Middle West Partners also acquired David Webb last year for an undisclosed amount.
Financial terms also were not disclosed for the Lugano deal.
The company has changed its name from Lugano Diamonds & Jewelry to Lugano Jewelry.
“This is a defining moment for Lugano and one that wouldn’t have been possible without the extraordinary commitment of our team and the loyalty of our clients and partners,” said Josh Gaynor, who has transitioned from interim CEO to formal CEO of Lugano.
Gaynor previously held senior roles at Kering-owned Bottega Veneta and LVMH-owned Fendi. He most recently led the high jewelry division at Bulgari North America.
Lugano’s jewelry will continue to be handcrafted at its workshop in Newport Beach, California, the company said.
The four Lugano Jewelry stores currently in operation will remain open. They are in Newport Beach; Aspen, Colorado; Ocala, Florida; and Miami.
The retailer also has a traveling boutique that follows the equestrian circuit.
The transaction was completed Sept. 30 following the conclusion of Lugano’s reorganization process.
The retailer filed for Chapter 11 bankruptcy protection in November 2025. The filing was preceded by the departure of its former CEO and co-founder Mordechai “Moti” Ferder.
Ferder resigned in May 2025 after a preliminary investigation by then-parent company Compass Diversified revealed “irregularities” in the company’s financing, accounting, and inventory practices.
In late August, the U.S. Securities and Exchange Commission filed a complaint against Ferder related to the accusations, which Ferder previously has denied via his attorney.
After filing for bankruptcy, Lugano was on the hunt for a buyer.
Investment firm Enhanced Retail Funding, a division of Boston-based Gordon Brothers, was both the stalking-horse bidder and the ultimate buyer, purchasing Lugano’s assets for an undisclosed amount in January.
Following Enhanced Retail Funding’s successful bid, Lugano was able to attract new investors—Middle West Partners and the clients—who are now acquiring the assets from Enhanced Retail Funding.
Former Lugano owner Compass Diversified, the private equity firm that purchased a majority stake in the jeweler in 2021, issued a statement in June that Lugano Diamonds would proceed with its plan to liquidate the legacy bankruptcy estate, not the current operating business.
The liquidation plan was put in place to wind down Lugano Diamonds & Jewelry Inc. and distribute recoveries to creditors.
The new entity, Lugano Jewelry, under a new ownership structure is an “exciting opportunity” for the company, said Gaynor, allowing it to “build upon our client relationships, reinforce our values, and continue raising the bar for the creativity, craftsmanship, and personal service that define our brand.”
Lugano now has a stronger financial and operational foundation, it said, paving the way for sustainable long-term growth.
“Lugano has earned a distinctive position in the luxury jewelry market by cultivating deep, personal relationships with its clients in key U.S. markets,” said Kevin Kelleher, co-founder of Middle West Partners.
“Its loyal client base, talented team, and exceptional jewelry provide a strong foundation for continued growth. We are excited to support Lugano through this transition, maintain the strength and continuity of its key management team, and further leverage Josh’s expertise in the luxury jewelry sector.”
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