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MajorsOct 24, 2016
Richline Group Acquires Silpada Designs
The deal includes the Silpada brand name, designs, and all the company’s sterling silver and fashion jewelry inventory.
New York--Richline Group announced that it has acquired home sales jewelry company Silpada.
Terms of the deal were not disclosed.
The acquisition includes the Silpada brand name, its jewelry designs, and all the company’s sterling silver and fashion jewelry inventory.
Moving forward, the manufacturer said it would refocus the brand around its sterling silver offerings. The company said it will retain Silpada’s price points, which generally range from $30 to $300 at retail.
When asked if Richline would continue the direct selling model for the brand, Richline Chief Marketing Officer Mark Hanna told National Jeweler it was “working now to determine the best ways to bring Silpada back to its loyal fan base.”
For now, the manufacturer said it will continue to serve the brand’s customer base with the core products it is known for, as well as a previously unreleased line of jewelry, while it works to create a new direction for Silpada.
Silpada was founded nearly two decades ago by two stay-at-home mothers, Bonnie Kelly and Teresa Walsh, as a direct selling business, but it has changed hands a few times since then.
Avon acquired the brand in 2010 for $650 million, but the founders bought it back three years later for just $85 million. Then, earlier this year, Kelly and Walsh announced that they had decided to shut down the company, as it had been losing money since 2010.
With the acquisition, the Kelly and Walsh families no longer will be a part of Silpada, Richline said.
Going forward, Silpada will be operated out of Richline’s East Coast offices, involving teams from New York, Boston and Florida.
Richline CEO Dennis Ulrich said in a press release announcing the acquisition that, “We see a tremendous opportunity to bring Silpada back to its creative roots.
“We plan to focus exclusively on these unique and accessible sterling silver designs that have clearly resonated with so many women across the world. We look forward to honoring the Silpada legacy while finding new ways to invigorate this unique and nationally recognized brand.”
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