Headlines

Jewelry Brand Gets $13M Investment

It plans to expand its online and offline operations.

Published

5 years ago

June 27, 2019

INSTORE Staff

NEW YORK — AUrate, a New York based direct-to-consumer fine jewelry brand, announced that it has completed a $13 million investment round.

With the Series A funding, led by Michael Platt of BlueCrest Capital, the company plans to expand its online and offline operations and direct investment in technology.

The round is “the largest in the fine jewelry category to date and one of the largest done in the consumer space,” according to a press release from the company. Additional participants include Point King Capital, Arab Angel Fund and Drake Management.

AUrate soft-launched in 2015, when co-founders Bouchra Ezzahraoui and Sophie Kahn held full-time jobs at Goldman Sachs & Marc Jacobs, respectively.

The brand was officially launched in 2017, with both online and offline stores. The co-founders went on to raise $2.6M in a seed round.

“I am committed to investing in founders who are strong operators and in companies that are category disruptors,” said Michael Platt, hedge fund manager, co-founder and CEO of BlueCrest Capital Management. “By putting the customer at the core of their strategy, Bouchra and Sophie have taken the D2C fine jewelry market by storm and, since 2017, have created a brand that has been able to brilliantly lead the charge in the category.

“Aurate’s robust revenue growth, retention and loyalty are unparalleled, and I truly see the company as (re)defining the jewelry luxury 2.0 space for the next generation of women.”

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”