House of Taylor raises $6.5 million

House of Taylor Jewelry, Inc. said Wednesday that it raised approximately $6.5 million after completing a private sale of 1.5 million units of securities on Aug. 12.

“We plan to utilize net proceeds primarily for marketing and brand-building,” said Jack Abramov, House of Taylor CEO. “These funds allow us to expand design, manufacturing and distribution of multiple product categories across major price points for our Elizabeth Taylor and Kathy Ireland brands.”

The Los Angeles-based company was first launched in February and made its debut to the trades at the JCK Show ~ Las Vegas in June. The company designs, markets and sells branded jewelry lines under licenses granted by entities beneficially owned by Dame Elizabeth Taylor and Kathy Ireland Worldwide.

Each unit in the placement consisted of one share of restricted common stock and one common stock purchase warrant at a price of $4.25 per unit. The warrants are exercisable for a period of five years and entitle the holder to purchase one share of restricted common stock for $7 per share.