Connect with us

Headlines

Jewelry Brand Gets $13M Investment

It plans to expand its online and offline operations.

mm

Published

on

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.

Advertisement

“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.”

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

Advertisement

SPONSORED VIDEO

Gene the Jeweler

Gene the Jeweler Gets Kicked Out of the Studio

In the latest episode (#42) of Gene the Jeweler, Gene is going about his business, recording a new episode. But that doesn’t last long. Four-time NFL Pro Bowl leading rusher Ahman Green walks in, and Gene finds that his time in the studio is over — whether he likes it or not. (See more Gene the Jeweler episodes at instoremag.com/gene.)

Promoted Headlines

Headlines

Scarlett Johansson Shows Off Distinctive Engagement Ring

She’s engaged to Colin Jost of Saturday Night Live fame.

mm

Published

on

Scarlett Johansson

Actress Scarlett Johansson unveiled her eye-catching new engagement ring recently at Comic-Con in San Diego, CA.

British Vogue described it as “a jaw-dropping yellow pear-shaped stone on a black band.”

There’s no word on how much the ring might have cost.

The name of the designer also hasn’t been revealed, but Vogue noted that the sparkler looks remarkably like one featured late last month on the Instagram feed of New York-based Taffin (see below). That brand was founded by French designer James de Givenchy.

The ring appeared with the description “11 cts light brown diamond, type 2A.”

Johansson, 34, was at Comic-Con in support of her upcoming movie Black Widow. She is engaged to Saturday Night Live star and writer Colin Jost.

 

View this post on Instagram

 

11 cts light brown diamond, type 2A.

A post shared by TAFFIN (@taffinjewelry) on

Continue Reading

Headlines

This Strange Jewelry Thwarts Facial-Recognition Technology

It managed to confound Facebook’s algorithms.

mm

Published

on

It can be a bit unsettling when Facebook recognizes the people in your photos and makes tag suggestions.

It’s as if no one can escape the social media platform’s knowing eye.

But Ewa Nowak, co-founder of the industrial design firm NOMA, might have a way to fly under the radar, Fast Company reports.

A concept she describes as “face jewelry” includes “two brass circles that hang down from the cheekbones and an additional long piece of brass that stretches up the forehead,” according to Fast Company. You wear it from your ears like eyeglasses.

The jewelry managed to  confound Facebook’s algorithms when Nowak uploaded photos to a gallery on the site.

For now, Nowak views the design as art rather than a product. In fact, the work, which recently earned the Mazda Design Award at the Łódź Design Festival, can be thought of as a statement.

Nowak, a graduate of the Academy of Fine Arts in Warsaw, Poland, submitted the face jewelry for an exhibition at the national museum in China. Although a couple of her other projects made the cut, this one did not.

“After two weeks, a reply came that they can’t accept it for political reasons,” she told Fast Company. “It was a very firm refusal.”

Continue Reading

Headlines

135 US Jewelry Retailers Closed in the Second Quarter

The pace of closures has slowed recently.

mm

Published

on

The Jewelers Board of Trade reported that 135 U.S. jewelry retailers closed their doors in the second quarter of 2019.

That number represented a decrease from 195 closings in the second quarter of 2018.

The total included 105 retailers in the category of “ceased operations” as well as 24 “consolidations (sale/merger)” and six bankruptcies.

The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 185. That was a decrease from 234 in the second quarter of 2018.

Meanwhile, JBT reported that 56 new retailers opened their doors in the U.S., down from 63 in the second quarter of 2018.

The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 68. That was down from 71 new businesses in the year-ago quarter.

JBT listed a total of 18,893 jewelry retailers in the U.S. as of the second quarter of 2019, down from 19,357 in the same quarter a year ago.

The group listed 24,966 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 25,607 in the second quarter of 2018.

Continue Reading

Most Popular