Matthew Fortgang has sold his ownership stake in Fabrikant Tara, the company he has long run with India’s Tara Jewels.
Fortgang most recently served as the division’s CEO.
A Tara statement said: “Fortgang’s departure leaves the company in the hands of a robust management structure, headed by chairman and managing director of Tara Group Rajeev Sheth and Fabrikant Tara chief operating officer Ambica Singh.”
It is not known if the company will change its name.
Fabrikant Tara is a Plumb Club member that has long serviced mass merchants, including Blue Nile, for which it developed the Zac Posen line.
In a statement, Sheth said, “Matthew Fortgang has been an integral part of Fabrikant Tara International since its inception in 2006. His family has been a foundation pillar of the jewelry industry in America. The elite clientele that Fabrikant Tara sells to was an outcome of this partnership between Tara Jewels Limited India and Fabrikant USA.”
Fabrikant Tara was first established in 2006 as a joint venture between Tara Jewel Holdings and M. Fabrikant & Sons. It separated itself from the latter company and survived its Chapter 11 filing.