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Blue Nile Has Changed a Lot in 2 Years — and Another Shift May Be Coming Soon

Management has changed and revenue is up.

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Blue Nile has changed substantially since it became a private company two years ago, and another big shift — a return to the public markets — could be on the horizon, GeekWire reports.

Since Bain Capital Private Equity and Bow Street LLC bought the company for $500 million, it has reconfigured its management team, adding former Target executive Jason Goldberger as CEO, among other hires.

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Rooftop Burglars Take Everything from Jewelry Store

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Blue Nile has also increased its revenue by $100 million a year, to $500 million. It’s also hired about 100 people and now has an employee base of 500.

It’s quite possible the company will become publicly traded again in the near future, GeekWire reports.

Blue Nile CFO Bill Koefoed said, “Our expectation is that we will tap back into the public markets, probably not in 2019, but if we continue to execute on our journey, I think you could see it happening some time after that.”

One thing the e-commerce retailer doesn’t plan to do in 2019 is open more brick-and-mortar stores. It has six of them across the country at present; they’re actually showroom locations where you can check out, but not buy, merchandise.

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Koefoed said the company is “continuing to look to explore what a future omni-channel presence will look like going into the future.”

Read more at GeekWire

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Rooftop Burglars Take Everything from Jewelry Store

They even stole repair items.

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Burglars cut through the roof of a jewelry store in Laguna Niguel, CA, and took “all items in the store, including repair pieces,” the Jewelers’ Security Alliance reports.

KCAL-TV identfied the business as Nuggets and Carats Jewelry Store.

According to JSA, the burglars “cut through the roof, used a rope to lower themselves in, and cut into the safe.”

They also “removed another safe from the store, which was dragged out a back door into a parking lot.”

The crime took place on the evening of March 23.

JSA states that it has seen a nationwide uptick in the number of reports of burglaries involving rooftop entry or cutting through sidewalls, with some involving cutting alarm wires.

According to KCAL, store owner Brian Hassine said of the safe: “It’s a 6-inch deep safe. It’s got a plate on the outside that needed to be cut with some type of a laser or saw, and they had to cut away at the concrete, and then another plate they had to go through.”

Find out more at KCAL-TV

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100 US Jewelry Retailers Closed in the First Quarter

The rate of closings slowed considerably.

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The Jewelers Board of Trade reported that 100 U.S. jewelry retailers closed their doors in the first quarter of 2019.

That number represented a decrease from 282 closings in the first quarter of 2018.

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The total included 73 retailers in the category of “ceased operations” as well as 22 “consolidations (sale/merger)” and five bankruptcies.

The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 125. That was a decrease from 343 in the first quarter of 2018.

Meanwhile, JBT reported that 48 new retailers opened their doors in the U.S., up from 45 in the first quarter of 2018.

The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 57. That was down from 62 new businesses in the year-ago quarter.

JBT listed a total of 18,920 jewelry retailers in the U.S. as of the first quarter of 2019, down from 19,554 in the same quarter a year ago.

The group listed 25,037 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 25,898 in the first quarter of 2018.

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Forevermark Names CEO

She’s stepping up from the role of COO.

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Forevermark has announced that Nancy Liu will become its CEO, stepping up from her current role as chief operating officer.

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Liu said: “At Forevermark we’ve come a very long way in a very short space of time, yet we believe the future will be even more exciting. The brand has taken a number of bold steps in recent years, and the positive consumer response to these show that there’s a real resonance with our approach. As we continue to develop consumer concepts, campaigns, products and designs, Forevermark will play a vital role in the diamond ecosystem for diamantaires, designers, jewelers and consumers, and I’m delighted I’ll be leading the business as it writes its next chapter.”

Nancy Liu

Liu has served as Forevermark’s president of Asia Pacific for 11 years, and she was responsible for overseeing the brand’s global launch in China.

She was appointed COO of Forevermark and member of the De Beers Executive Committee in August 2017.

Prior to her tenure at Forevermark, Liu specialized in corporate management at The Boston Consulting Group, consulting global luxury brands with the aim to develop their businesses in China. Previously, Liu was the vice president of merchandising at Louis Vuitton Asia Pacific, servicing Louis Vuitton across 14 countries, and general manager for the LVMH Watch and Jewelry division managing TAG Heuer, Zenith, Dior, Ebel, Chaumet and Fendi.

Stephen Lussier, executive vice president of consumer and brands for De Beers Group, will continue to oversee the strategic role Forevermark plays within the Group’s brand portfolio as Forevermark chairman. By stepping away from the day-to-day accountability for Forevermark, Lussier will be able to increase his focus on shaping De Beers Group’s strategy at the consumer level.

Lussier said: “This is a moment of great opportunity for diamonds. As symbols of nature, uniqueness and positive social impact, they have huge potential to inspire consumers of all ages, and with a new CEO at the helm for Forevermark I will be able to spend more time ensuring we build even stronger consumer connections with these miracles of nature across all our activities.

“Fortunately, we have an outstanding candidate to take over as CEO of Forevermark. As the brand sees rapid growth in Asia, Nancy’s exceptional expertise and knowledge of the region provide us with excellent continuity as Forevermark goes from strength to strength.”

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