Headlines

Jewelry-Borrowing Startup Raises $5M

Published

6 years ago

October 20, 2017

INSTORE Staff

It will use the money to expand.

NEW YORK — Flont, a startup company with a “jewelry as a service” model, announced that it has raised $5 million to support its expansion.

Founded in October 2016 and launched to the public in May 2017, Flont “has experienced 100% monthly membership growth since launch, validating its experience-oriented ‘Try & Buy’ model within the fine jewelry sector,” according to a press release.

“Flont is tackling the challenges which inhibit high-touch sales in the age of e-commerce,” said Cormac Kinney, founder and CEO of the firm. “Borrowing incredible jewelry and experiencing it first-hand is the best way to discover brands and designers, while developing a lifelong affinity. Our members can enjoy unlimited jewelry, with the opportunity to purchase pieces they want to keep forever.”

Flont will use this funding round to build inventory and increase staff in order to scale its operations as membership expands, according to the release. A portion of this raise will help fund the company’s expansion into the Chinese market.

Kinney said the model “is unique within the vertical, and makes us a natural friend to the industry.”

The company carries over 40 brands and has exclusive partnerships with 10 top designers, he said.

The Series Seed raise was funded by of a group of private investors, including the newly launched C Ventures.

C Ventures was co-founded by Clive Ng and is led by Adrian Cheng, executive vice chairman of Hong Kong’s New World Development and executive director of Chow Tai Fook Jewelry Group. Flont joins the ranks of Armarium, Bandier, Paddle8 and several companies specializing in fashion, art, creative media and culture within C Ventures’ portfolio.

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”