Following its recent purchase of Steven Kretchmer Inc., Envela Corp. subsidiary DGSE plans to sell Kretchmer product at its new retail jewelry chain, Four Nines.
Envela will open the first four Four Nines stores this year in Phoenix, which is also the home base of the Kretchmer company.
“We plan on taking what the current Steven Kretchmer brand is and elevating it,” says Allison DeStefano, head of Envela’s consumer division, which includes “re-commerce” retailers Dallas Gold & Silver, Charleston Gold & Diamond Exchange, and Bullion Express.
“Together, we’ll create a new brand that will combine both of us and extend Steven Kretchmer’s reach.”
As a result of the purchase, Claudia Kretchmer (pictured), stepdaughter of the company’s founder and namesake, was named artistic director for jewelry for the company’s consumer division. Claudia has headed the Steven Kretchmer company since 2007.
“I’m very excited about continuing and keeping the design and look of the Steven Kretchmer brand as it is,” she says. “I’ve often had a lot of other ideas for creating bespoke looks and lines. We can bring some looks and styles to the public that will be different and may not fit under the Steven Kretchmer brand.”
Her immediate plans call for Kretchmer to continue to sell wholesale: “For now, that’s not going to change. We’ll continue to support existing stores and see how it develops.”
This is Envela’s first purchase of a wholesale jewelry company. It was not something Envelop planned, says DeStefano.
“When we first met Claudia, it was totally by accident,” she says. “We were on a phone call and it seemed like stars aligned and it was a perfect fit.”
Envela, formerly known as DGSE and before that Dallas Gold & Silver Exchange, is traded on the New York Stock Exchange under the symbol “ELA.”
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