Headlines

Richline Buys Jewelry Manufacturer

Published

7 years ago

January 13, 2017

INSTORE Staff

The deal was effective Jan. 11.

Richline Group, a wholly owned subsidiary of Berkshire Hathaway, has acquired jewelry manufacturer and marketer The Aaron Group.

Financial terms of the deal were not disclosed. The transaction was effective Jan. 11.

“We are extremely excited and energized about joining forces with The Aaron Group,” said Dave Meleski, president of Richline Group. “The Aaron Group’s differentiated, prime-manufactured products will offer Richline’s retail partners a dramatic new range of options and increased value, while preserving the legacy of customer satisfaction that both companies prioritize.”

The Aaron Group was founded in 1950 as Samuel Aaron Jewelry. It has since grown from its New York City roots to become a well-known international jewelry manufacturer.

The companies said in a press release, “Along the way, the Aaron Group has remained a true family business and, under the stewardship of third-generation leader Robert (Bobby) Kempler, has achieved stature as a major global force, with operations, factories, partnerships and hundreds of employees in New York, London, Mumbai, Hong Kong, and Guangzhou.”

Richline’s CEO, Dennis Ulrich, said the acquisition “will allow The Aaron Group to continue as the leader of bridal, three-stone and fashion diamond and gemstone fine jewelry while leveraging Richline’s advanced capabilities across our entire jewelry value chain.”

Aaron Group President Robert Kempler said: “Richline Group support will enable The Aaron Group to grow faster, introduce new designs and collections more rapidly, and expand on our history of success by reaching a broader array of customers and markets. Our mutual goal is to anticipate, foster and drive positive change in our industry.”

Richline’s brand portfolio includes LeachGarner, Inverness, Rio Grande and Richline Jewelry.

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.”