JCK Exclusive: Andin Joins Richline
Rob Bates -- JCK Online, 4/29/2009 1:50:00 PM
Andin, the mass market jewelry manufacturer, has joined the Richline Group, the mega-supplier owned by Warren Buffett’s Berkshire Hathaway.
The deal is something of a change for Richline, which tends to buy “distressed” brands.
Ofer Azrielant, Andin’s owner, will become executive vice president of Richline's Gem Group.
Among the brands under the Richline umbrella currently are Bel-Oro, Michael Anthony, Aurafin, AuraGem, Sardelli, Pace Designs, Prime Time, Alarama, ALA Casting, Gold Expressions, Town & Country Jewelry and Baby Gold.
Last week, it bought the assets of Colibri from Bidz.com, the auction closeout site.
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When you consider that over $60 billion in fine jewelry sold in the USA alone last year and then consider that the volumes of the the largest fine jewelry manufacturers in the USA aren't even $1 billion apiece......I believe (unfortunately) that we're in an industry ripe for consolidation; especially in the current economic climate.
Jon Parker - 2009-4-5 12:28:00 EDT -
When is enough enough? Too many companies, too great a share of the
market place. When does the FTC get involved?
Carolyn Kelly - 2009-4-5 08:21:00 EDT
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