Headlines

Jewelry Brand Gets $13M Investment

It plans to expand its online and offline operations.

Published

4 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.”

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.”