Headlines

Online Jewelry Startup Plans Brick-and-Mortar Stores As It Picks Up $2.6M in Funding

Published

6 years ago

July 5, 2017

INSTORE Staff

Its jewelry is handmade in NY.

NEW YORK — AUrate, a New York-based online jewelry startup, has raised $2.62 million in capital — and it will use some of the money to grow its staff and expand its brick-and-mortar presence.

Bouchra Ezzahraoui, co-founder of the company, said in a press release: “The capital will enable us to invest in hiring talent necessary to scale and grow our business as well as expand AUrate’s offerings and vision to provide a place for people to purchase contemporary high-quality, ethically sourced, and reasonably priced jewelry handmade in New York.”

Forbes reports that the finding comes from Victress Capital and Arab Angel, as well as additional anonymous sources.

The company was launched in December 2015 by Ezzahraoui and Sophie Kahn, who serve as co-CEOs.

According to the release, the company’s plans include expansion of its team, honing its focus on marketing efforts and opening new stores. Forbes reports that that could mean more than two dozen new employees over the next year along with two new stores in New York, along with “pointed West Coast expansion, starting in Los Angeles.”

“With one permanent location in NY, their unique pop-ups that last several months, and their commitment to social impact, AUrate is positioning themselves to lead the market in transforming the fine jewelry industry,” the release stated.

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.”