The retailer failed to file its annual report on time and said it may issue a going concern warning.
Ritani bolsters offerings by adding brands
Ritani has partnered with a number of fine jewelry brands and designers, as well as up-and-coming talent from the Fashion Institute of Technology, to launch the Ritani Designer Collections program.
The program works like this: Each collection has its own shopping channel on the Ritani website.
The designers’ pieces aren’t exclusive to Ritani, which will receive a portion of the sales of the jewelry, but the jewelry designed by the boutique designers and FIT graduates are.
Through Ritani’s “clicks-and-bricks” model, shoppers can either buy online or have their purchases sent to one of the company’s local retail partners for pick-up, which now includes more than 200 locations across North America. The idea behind this concept is to drive foot traffic into retailers’ stores and open up the possibility for new customers.
Additionally, retail partners also will receive a portion of the sales for a piece that is picked up in their store.
Brands in the collection are Hulchi Belluni, Erica Courtney, Kara Ross, Mimi So, Omi Prive, Slane and Soho along with boutique designers Jose Hess, Stephanie Occhipinti, Nghi Nguyen, Alison Nagasue and April Karavani.
The first group of FIT graduates showcased by Ritani are Daseul Lee, RJ Tan Bassa, Han Lin, Linda Koh, Ja Yong Shin, Lan Zhang. Each will get the chance to leverage Ritani’s production and manufacturing processes to bring their creations to fruition and give their jewelry new exposure, and also will receive the support of Ritani’s marketing efforts, Ritani said.
“We’re thrilled to launch Ritani Designer Collections with many of the industry’s leading brands, top boutique designers and most distinguished young artists,” said Ritani President Brian Watkins. “Bringing together these talented artisans within our fully integrated ‘clicks and bricks’ platform reinforces our vision for the future of the jewelry industry and the broader retail landscape.”
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