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.”
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.