The company has purchased its longtime manufacturer Cinerama, formerly co-owned by its CEO
An Alex and Ani spokesperson is denying a report on a Providence, R.I., website that the purchase of its longtime manufacturer is a prelude to an IPO.
“We are a privately held company with no current plans to change,” spokesperson Daniela Maron tells JCK.
GoLocalProv reported that Alex and Ani has bought Cranston, R.I.–based manufacturer Cinerama, formerly owned by Alex and Ani CEO Carolyn Rafaelian (pictured) and sister Rebecca Rafaelian-Caruolo. The value of the deal may be as much as $100 million in cash and stock, the site reported.
The purchase “establishes Alex and Ani as a vertically integrated company,” Maron says. “This allows it to continue to manufacture in America, which is the foundation of the brand.”
(Photo courtesy of Alex and Ani)