Lugano Diamonds cofounder and CEO Moti Ferder has left the high-end jeweler as owner Compass Diversified (CODI) conducts an internal investigation into Lugano’s accounts, Compass said in a statement Wednesday.
The probe began after Compass’ leadership “was made aware of concerns about how Lugano was potentially financing inventory,” according to the statement. “The investigation, led by outside counsel and a forensic accounting firm, is ongoing but has preliminarily identified irregularities in Lugano’s non-CODI financing, accounting, and inventory practices.”
Compass added that its audit committee “has concluded that previously issued financial statements for 2024 require restatement and should no longer be relied upon.”
Joshua Gaynor, the former Bulgari exec who was named Lugano’s president in 2024, has been appointed its interim CEO. He and chief financial officer Christoph Pachler, who also joined Lugano in 2024, will handle Ferder’s former responsibilities.
Lugano opened a boutique in Chicago last month. It has eight stores in the United States, one in London, and one traveling equestrian boutique.
Ferder cofounded Lugano with wife Idit in 2004. Compass Diversified purchased approximately 60% of the company in 2021, when it had four stores.
Ferder did not respond to a message sent to him on LinkedIn by press time.
Top: The Lugano shop in Palm Beach, Fla. (photo courtesy of Lugano Diamonds)
- Subscribe to the JCK News Daily
- Subscribe to the JCK Special Report
- Follow JCK on Instagram: @jckmagazine
- Follow JCK on X: @jckmagazine
- Follow JCK on Facebook: @jckmagazine
