There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
Ross-Simons Invests Millions in E-tailer Luca + Danni
The Rhode Island-based jewelry company closed $6.2 million in its latest funding round.
Cranston, R.I.—Jewelry company Luca + Danni Inc. announced the closing of a $6.2 million funding round Monday, raising capital ahead of the holiday season.
Ross-Simons Inc. was the majority investor in the deal alongside PJC, a Boston-based venture capital fund.
Early investor PJC will retain a stake in the company while Luca + Danni founder Fred Magnanimi will remain as CEO and a board member.
Magnanimi, a former investment banker, founded the jewelry e-tailer in 2014 following the death of his brother, Danny. He moved his family back to Rhode Island and set up shop in the same factory his family ran its jewelry business in when he was a child.
“I started this brand to honor my family’s 50-plus-year heritage in U.S.-made handcrafted jewelry and help others embrace the journey of life as I learned to do after losing my brother to leukemia,” Magnanimi said in a press release.
Like another Rhode Island-made jewelry brand, Alex + Ani, Luca + Danni is known for its stacking bangle bracelets, ranging in price from $28 for a single bracelet up to $120 for a set.
Its “build-a-stack” option allows customers to choose up to four bracelets, filtering the options by charm theme and color palette.
Ross-Simons, which is also based in Rhode Island, said it was drawn to the company’s “meaningful purpose, explosive growth and American craftsmanship.”
“We saw a great opportunity with a startup, digitally native brand local to Rhode Island, so we share common roots, that really possessed the ingredients to explosive growth,” Jim Speltz, president of Ross-Simons, said in an interview with National Jeweler Tuesday.
He said the company was non-competitive to Ross-Simons’ core fine jewelry business, with limited overlap in customer base.
Ross-Simons will not carry Luca + Danni’s products in its stores at this point, said Speltz, but there may be an opportunity for cross-promotion in the future.
With this new investment, Luca + Danni said it is set to offer “must-have” gifts for the upcoming holiday season.
The brand’s jewelry is sold via its website, on Amazon and, soon, in Curated by Kohl’s, a section of the department store that will sell online brands in-store.
The Latest
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”
The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.
The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.