A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Chow Tai Fook to acquire Hearts on Fire for $150M
Chow Tai Fook Jewellery Group Ltd. announced Wednesday that it plans to buy Boston-based Hearts on Fire for $150 million, giving Hearts on Fire a foothold in the Chinese market and the Hong Kong-based retailer and manufacturer an exclusive, premium diamond brand.
Hong Kong--Chow Tai Fook Jewellery Group Ltd. announced Wednesday that it plans to buy Boston-based Hearts on Fire for $150 million, giving Hearts on Fire a foothold in the Chinese market and the Hong Kong-based retailer and manufacturer an exclusive, premium diamond brand.
Hearts on Fire will continue to operate as a standalone business within the group under the leadership of CEO Glenn Rothman, who founded the company with his wife Susan in 1996, and the rest of the Hearts on Fire senior management team.
Hearts on Fire, however, will be introduced into Chow Tai Fook’s stores in mainland China, Hong Kong and Macau, employing the brand’s shop-in-shop and counter-in-shop models. This is expected to take place within six months of the transaction’s closing.
Though Chow Tai Fook did not give an exact timeline for the closing of the deal, the company said that a “smooth integration is expected within a relatively short time” given the minimal overlap between the two companies’ operations.
“Chow Tai Fook brings to the Hearts on Fire retail distribution channel powerful financial resources, high-tech manufacturing capacity, and their innovative culture of creative talent,” Rothman said in a statement about the acquisition. “These ‘best-in-industry’ resources will provide Hearts on Fire the support and opportunity to expand exponentially as we enter new markets, leveraging Chow Tai Fook’s leadership in the jewelry industry and its extensive retail network in Greater China. This is an unprecedented opportunity to grow the Hearts on Fire brand and reach millions of new customers.”
Chow Tai Fook Chairman Henry Cheng said the acquisition of Hearts on Fire is a “strategic move to complement our product portfolio with an exclusive, premium diamond jewelry line and to raise our profile as world-class diamond expert in the jewelry industry.”
The acquisition is cash- and debt-free, funded entirely by Chow Tai Fook’s internal resources.
Based in Hong Kong, Chow Tai Fook is the world’s largest pure-play jeweler by market capitalization, with more than 2,000 points of sale in more than 470 cities in Greater China, Singapore and Malaysia. It both manufactures and sells mass-market as well as high-end jewelry. It has been in operation for more than 85 years.
Founded 18 years ago by the Rothmans, Hearts on Fire is sold in more than 500 locations in 31 countries, in 10 Hearts on Fire stores across the globe, online at HeartsonFire.com and on
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.