The company has sold its direct sales arm to Yanbal USA in order to focus on its core moissanite business
Charles & Covard, the moissanite manufacturer and seller, has sold the main assets of its Lulu Avenue direct-selling business to Yanbal USA.
The selling price was $500,000 and included a $250,000 credit for existing jewelry inventory, existing marketing collateral, and intellectual property relating to business operations, and an exclusive license to use the Lulu Avenue intellectual property through July 31, 2016.
“This agreement allows Charles & Colvard to focus its resources and efforts on its core moissanite business. We believe Yanbal USA will be a great partner for our loyal and committed Lulu Avenue style advisors and we wish them great success,” said Suzanne Miglucci, president and CEO of Charles & Colvard.
The company created Lulu Avenue in 2011.