Headlines

Jewelry-Borrowing Startup Raises $5M

Published

7 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.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”