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MajorsNov 29, 2018
Renaissance Jewellery Acquires Disney Jewelry Parent Co.
The Indian company will focus on growing Enchanted Disney Fine Jewelry into a global brand.
This engagement ring from the Enchanted Disney Fine Jewelry Collection is inspired by the film “Beauty and the Beast” and its main character, Belle. It features a 3/4-carat diamond in 14-karat white and rose gold with 1 1/4 carats of diamond accents.
New York—India-based Renaissance Jewellery Ltd. has acquired Jay Gems Inc., parent company of Jewelmark, Simply Diamonds and Enchanted Disney Fine Jewelry, for $26 million.
Renaissance designs, manufactures and sells gold, silver and platinum jewelry set with diamonds and colored gemstones. It also owns the Verigold brand.
According to Renaissance, Jay Gems saw revenue of $79 million in its latest financial year, with Enchanted Disney Fine Jewelry—launched in 2016—representing about half of that.
Enchanted creates engagement rings, earrings, rings, and pendants inspired by Disney princesses, and is currently carried by stores such as Zales, Kay Jewelers, Reeds Jewelers and JC Penney.
Overall, the New York-based Jay Gems supplies more than 6,000 retailers in the United States, Canada and the United Kingdom. In addition to the aforementioned Signet Group stores, its products are also carried at Fred Meyer, Helzberg, Charm, Riddles and more than 800 independent fine jewelers.
According to a company spokesperson, it will continue to supply retailers currently carrying Enchanted Disney Fine Jewelry and is planning a number of new additions to the collection—inspired by films like “Aladdin,” “Frozen 2,”and commemorating anniversaries of “The Little Mermaid” and “Sleeping Beauty”—in 2019.
“With the financial strength and global distribution of RJL, we expect to be able to grow Enchanted Disney Fine Jewelry into a global brand within five years,” said Renaissance chairman Sumit Shah. “We are also investing in the management of Jay Gems, who will continue to operate the company within the RJL portfolio of brands.”
Specifically, Siraj Shah will continue as president of Jewelmark and Roopam Jain will remain as president of Simply Diamonds and licensed brands.
Renaissance Jewellery’s global sales were $282 million in 2018, representing a 24 percent increase compared with the previous year, the company said. The U.S. market, served by subsidiaries Renaissance Jewelry New York and Verigold Jewelry, accounts for 40 percent of its sales.
In 2016, the company launched another licensed brand—the Hallmark branded line, which is sold at JC Penney, Kohl’s and other major retailers.
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