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Frederick Goldman has luxurious plans for Scott Kay
With the brand now under its belt, executives at Frederick Goldman Inc. are planning to propel the business’s bridal and fashion lines into a more high-end arena and access an expanded base of consumers.
Scott Kay and his daughter Tiffany work alongside each other at the Scott Kay Inc. offices in Teaneck, N.J. Kay died unexpectedly in December and his brand was purchased by Frederick Goldman Inc.
New York--With the Scott Kay brand now under its belt, executives at Frederick Goldman Inc. are planning to propel the business’s bridal and fashion lines into a more high-end arena and access an expanded base of consumers.
“I don’t think I could describe it by a price point, but we’re going to be in the luxury piece of that space,” Jonathan Goldman, chairman and CEO at Frederick Goldman, told National Jeweler. “I think what we’ll do is look at the average selling price they’re at today, and I think we will be increasing that price point a bit.”
Goldman said that future plans also include possibly expanding Scott Kay offerings to include accessories in addition to jewelry, although he couldn’t relay what specific accessories since they’re “still in the process of creating that road map.” If and when Frederick Goldman decides to start selling Scott Kay-branded accessories, they won’t be alone in that space. Tiffany & Co. has been selling purses for several years, and Le Vian just introduced a line of scarves, handbags, wallets and shoes at the Vicenzaoro show in Italy.
When asked if Frederick Goldman was able acquire Scott Kay Inc. for a good price, Goldman said the company wouldn’t be disclosing the purchase price but noted that, “Scott did a terrific job of building brand equity.”
The announcement of Frederick Goldman’s purchase of Scott Kay came nearly two months to the day after the designer died of a heart attack. The brand’s design, sales and marketing will continue to operate as a separate identity, with Adam Gurian, executive vice president of global sales and merchandising at Frederick Goldman, assuming the role of general manager for Scott Kay on an interim basis, “as we search for an experienced leader from the luxury goods business,” Goldman said. Scott Kay Inc.’s current CEO David Minster will be leaving the company.
Kay’s daughter, Tiffany Kay, will remain vice president of merchandising. She appeared on QVC on Feb. 1, Super Bowl Sunday, the brand’s first appearance on the home shopping network, where it is selling necklaces, bracelets, earrings and rings made in sterling silver and set with gemstones and Diamonique, the brand name QVC uses for cubic zirconia.
“(The QVC launch) went wonderfully for us,” Kay told National Jeweler. “During the first on-air presentations, eight items were posted as sellouts. Since our brand launched on the network,
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I believe it was more than 10,800 units that were ordered.”
The initial QVC line ranges in prices from approximately $85 to $500, Kay said, adding that the current plan is to only sell sterling silver and fashion pieces on the network.
“We want to heighten brand awareness,” she said of the debut. “It’s going to bring this halo effect to the brand in the consumers’ mind.”
For Frederick Goldman, the purchase of Scott Kay--an opportunity afforded by the unfortunate and untimely death of the brand’s namesake--also is about brand awareness.
Howard Feller, a partner at MMG Advisors, an investment bank that specializes in retail- and fashion-related mergers and acquisitions, said Frederick Goldman’s purchase of the company provides it with a well-respected brand that has strong consumer awareness in bridal and fashion jewelry.
“At a time when jewelry wholesalers are under pressure to offer distinctive products to retailers that allow both the retailer and wholesaler to maintain healthy gross profit margins, the larger suppliers in the industry are very much focused on acquiring, licensing or building strong brands that can achieve those objectives,” he said.
“Scott Kay provides Frederick Goldman with an expanded base of customers to which it can also offer its existing product lines, and it gives Frederick Goldman a higher price point collection in bridal jewelry that it can offer to the Frederick Goldman customer base.”
Goldman echoed this sentiment.
“We do have several brands under our belt, but we didn’t have a brand in the luxury space, so this fits perfectly in our strategic plan to acquire something in that space,” the CEO said. “Quite frankly, there aren’t a lot of companies recognized by the consumer in that space in the jewelry business, so this is a unique opportunity for us, and an exciting one.”
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