Connect with us

Headlines

Jewelry Company Goes Public with Unusual Pricing Model

It calls its products “investment jewelry.”

mm

Published

on

Pictured here are products from Menē Inc.

TORONTO — Menē Inc., which sells 24 karat gold and platinum jewelry by gram weight, has completed its separation from Goldmoney Inc. to become an independent public company.

“Menē has become one of the most successful jewelry brands to launch in recent years, having changed the way consumers around the world think about jewelry – shifting attitudes towards the purchase of jewelry from a discretionary item to a precious metal investment that retains most of its original purchase value,” said Roy Sebag, CEO and chairman of the company.

Since launching www.mene.com in January 2018, Menē has sold over 11,000 unique pieces of jewelry, worth $7 million, to customers in more than 53 countries, according to a press release from the company.

“These sales were achieved direct-to-consumer, building long-term global customer relationships with a superior business model that does not require a physical storefront,” according to the release.

The company stated that it “has consistently sold out of its top designs, has a waitlist that presently exceeds $1 million, and suspended 99% of its paid marketing activities after it achieved record sales exceeding $1 million in August 2018.”

Class B common shares of the company were set to begin trading on Canada’s TSX Venture Exchange on Nov. 6 under the symbol “MENE.”

Advertisement

Sebag added: “We have built a brand that has rapidly become well known in the most important fashion and luxury circles, with the New York Times publishing a full feature and Vogue predicting we will revolutionize the jewelry industry. I am proud to have stewarded this venture from zero to one, having actualized in less than two years an idea into a fully operational direct-to-consumer e-commerce business which encompasses manufacturing, a proprietary vaulted pick pack facility, and in-house design, engineering, and marketing teams. Providing initial funding to Menē was carefully considered by Goldmoney Inc. and I am appreciative of the support the board of directors have shown in enabling a core group of employees within Goldmoney to develop this business. I am also extremely thankful to our investors who invested in our company in December 2017.”

The New York Times reported in May that the company’s jewelry prices fluctuate, sometimes several times a day, based on precious metal prices. At the time, its least expenses pieces were selling for under $200 and its highest-priced item was selling for $9,591.18.

Menē announced in December that it had raised as much as $21 million in growth capital.

Over the years, INSTORE has won 76 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Aging Inventory Sale? There’s a Science to Maximizing Results

Craig Husar, president of Lyle Husar Designs of Milwaukee, WI, has tried to organize sales of his aging inventory before he let Wilkerson do one for him. “If it had been up to me, I probably would have used the same methods I’ve always used and I would have gotten the same results I’ve always been disappointed with,” he says. After Wilkerson, there’s no going back. “Everything Wilkerson brought to the table just elevated this event higher than anything I’ve ever experienced before.”

Promoted Headlines

Headlines

Woman Indicted in Jeweler’s Stabbing Death

She’s accused of second-degree murder.

mm

Published

on

A Tennessee woman has been indicted in connection with the stabbing death of 62-year-old jeweler Patrick Murphy in a New Orleans hotel room.

Magen Hall, 25, was charged with armed robbery and obstruction of justice and with the second-degree murder of Murphy in the three-count indictment handed up by an Orleans Parish grand jury.

The defendant’s name also is spelled Megan Hall in some court records.

Murphy was the owner of Murphy Jewelers, which has three stores in eastern Pennsylvania.
A housekeeper discovered Murphy’s body at 11:41 a.m. inside a room registered to Hall at the Empress Hotel at 1317 Ursulines Ave. New Orleans police homicide detective Patrick Guidry testified at a preliminary hearing in March that Murphy had been killed by three stab wounds — one to his neck and two to his abdomen.

Advertisement

Hall has remained jailed since her March 3 arrest, in lieu of a $750,000 bond set for the murder allegation.

Hall faces a mandatory lifetime prison sentence if convicted of the murder charge, according to a press release from District Attorney Leon Cannizzaro’s office. An armed robbery conviction carries a penalty of 10 to 99 years in state prison, while obstruction of justice in a homicide investigation is punishable by up to 40 years.

Continue Reading

Headlines

Waiter Donates $200 to Jeweler’s Fundraiser, Wins Billionaire’s Heart, Gets Dream Job

The event raised $450,000 in all.

mm

Published

on

At a catwalk held by family-owned jeweler Le Vian on June 2 in Las Vegas, a billionaire and a waiter became the unexpected stars of the show.

At the company’s 20th anniversary Chocolate Diamonds catwalk fundraiser, Le Vian CEO Eddie LeVian announced that his company would be matching donations for children’s and cancer charities up to $175,000. One donor pledged the full $175,000.

LeVian then invited other smaller donations which came from the floor, with each donor being gifted a balloon and a rose as a thank you.

A waiter, whom the Daily Mail identified as Diego Mario Galietti, suddenly took the roving microphone. Through tears, he explained that he was a single dad and pledged $200 in honor of his father, Luis DaSilva, who had died of cancer at age 55, and in honor of his daughter, who is 7. The 500-strong audience erupted into a standing ovation.

The total raised for charities on the night was $450,000, with Le Vian and a billionaire donor ultimately both raising their donations to $200,000 each.

The billionaire top donor has now offered the waiter a job in his property company. The billionaire donor himself was orphaned at a young age and built himself up from troubled beginnings to become a plumber, a builder and now a property mogul in the U.S. market.

Charities supported by the fundraiser were Jewelers for Children, St. Jude’s Children’s Research Hospital and the Rafa Foundation.

Watch the video:

Continue Reading

Headlines

Selena Gomez Makes a Statement with Pro-Choice ‘1973’ Necklace from Sophie Ratner Jewelry

It’s available in gold, silver, and gold with diamonds.

mm

Published

on

Actress Selena Gomez recently created a buzz by wearing a “1973” necklace from Sophie Ratner Jewelry.

The piece is a political statement commemorating the 45th anniversary of the 1973 Roe v. Wade Supreme Court Decision protecting abortion rights.

It was created in a collaboration with Physicians for Reproductive Health. Thirty percent of proceeds will be donated to the organization.

The necklace comes in three versions: gold, which Gomez wore; silver; and gold with diamonds. They sell for $380, $115 and $850, respectively.

Gomez wore the necklace on Live With Kelly and Ryan. Sophie Ratner Jewelry posted a closeup of Gomez wearing the piece on Instagram.

View this post on Instagram

#1973 @sophieratner_jewelry @chanelofficial

A post shared by Kate Young (@kateyoung) on

Continue Reading

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular