SourcingNov 25, 2024
William Goldberg Celebrates 2 Major Milestones With New Book“The William Goldberg Way” was released in honor of the company’s 75th anniversary and 25 years of its proprietary Ashoka diamond.
MajorsDec 14, 2020
Owner of Ross-Simons Acquired by Private Equity Firm
Nonatum Capital Partners bought Luxury Brand Holdings Inc. for an undisclosed sum.
These 0.94-carat Diamond Starburst drop earrings in 14-karat white gold retail for $1,895 on the Ross-Simons website. Ross-Simons parent company, Luxury Brand Holdings, has been acquired by private equity firm Nonatum Capital Partners.
Boston—Private equity firm Nonatum Capital Partners has acquired Luxury Brand Holdings Inc., the companies announced last week.
Luxury Brand Holdings is the parent company of retailers Ross-Simons and Sidney Thomas and has a majority stake in Luca + Danni, a Rhode Island-based direct-to-consumer jewelry brand known for its inexpensive, stackable and collectable bangle bracelets.
Financial terms of the deal were not disclosed, but CEO Jim Speltz told National Jeweler in an interview Friday that the company’s leadership will remain unchanged, as will its location and channels of business.
Speltz took over as CEO from Darrell Ross at the beginning of the year.
At that time, Ross stepped back from the day-to-day operations of the business to spend more time with his family. He remains on the company’s board and will still represent Ross-Simons at trade shows (whenever they return), Speltz said.
Headquartered in Boston, Nonatum Capital Partners is a middle-market private equity firm. Its specialties include investing in family- or founder-run businesses.
Goodwin Procter advised Nonatum on the transaction, while Consensus Advisors and law firm Hinckley Allen acted as advisors to Luxury Brand Holdings.
Ross’ father, Sidney Thomas Ross, opened the first Ross-Simons store in downtown Providence, Rhode Island in 1952.
At its peak in the early 2000s, the retailer had 15 stores and its business was about 50 percent fine jewelry and 50 percent tabletop and giftware, a category driven primarily by bridal registries, Speltz said.
That business all but evaporated as changing consumer tastes led to a steep drop in demand for china patterns and crystal vases, and Ross-Simons shifted its focus to e-commerce, backed by the catalog business it had been operating since the ‘80s.
Today, Luxury Brand Holdings has three stores—a flagship in Warwick, Rhode Island along with Sidney Thomas stores in Newark, Delaware and Short Hills, New Jersey—which are all part of the Nonatum acquisition.
Brick-and-mortar retail, however, represents a “very small slice” of the Luxury Brand Holdings’ business, Speltz said.
The company doesn’t plan to open additional physical stores.
It will instead focus on expanding e-commerce both in the United States and internationally, and growing fashion jewelry categories (the company does not sell any bridal) where it sees opportunity, such as personalized and custom jewelry.
“From a strategic standpoint, we will continue to focus on our value proposition—high-quality jewelry that will exceed expectations for the price you are paying,” Speltz said.
Luxury Brand Holdings ranks No. 11 on National Jeweler’s 2020 $100 Million Supersellers list, with an estimated $553 million sales in 2019.
More on Majors
The Latest
Lab-GrownNov 25, 2024
Lab-Grown Co. Lusix Sold to 2 Companies for $4M Fenix and Dholakia Lab-Grown Diamonds have jointly acquired the Israel-based company, which grows diamonds using solar power.
IndependentsNov 25, 2024
Sophie Bille Brahe Opens First US StoreThe Danish brand has opened an appointment-only location on Madison Avenue in New York City.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Events & AwardsNov 25, 2024
The Original Miami Beach Antique Show Panel to Feature Fred SavageThe actor and watch enthusiast will be part of the show’s education lineup.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
