Ice.com, an online retailer of diamonds and jewelry, purchased the assets of Diamond.com from Odimo, Inc. for $7.5 million. The purchase includes the domain name www.diamond.com, and related trademarks, copyrights, product images, and other intangibles. In addition, Ice.com purchased Diamond.com’s remaining diamond and jewelry inventory and corporate packaging for an additional $2 million.
Separately, Odimo, a watch and luxury goods retailer based in Sunrise, Fla., said that Alan Lipton has stepped down as president and chief executive officer of the company, although he will remain as chairman of the board of directors. The company appointed Jeff Kornblum, currently chief operating officer, as its CEO and president. In addition, Odimo said Rob Voss resigned as a member of the company’s board of directors.
Ice.com, based in Montreal, said it will continue to operate the Diamond.com brand. The transaction follows Ice.com’s recent completion of an external financing round from Ignition Partners, a premier venture capital firm based in Bellevue, Wash.
Under the terms of the Asset Purchase Agreement and related agreements, Odimo received $9 million at the closing of the sale May 11 and Ice.com delivered $500,000 to an escrow agent to be held for six months as security for Odimo’s indemnification and other obligations under the Purchase Agreement and related agreements. As a result of the sale, Odimo became prohibited from engaging in the online retail sale of jewelry and diamonds. The company continues to be an online retailer of brand name watches and luxury goods through two websites, www.ashford.com and www.worldofwatches.com.