Berkshire Hathaway subsidiary acquires the e-commerce outfit.
Gemvara, once a darling of the online jewelry retailing world, has been acquired by the Richline Group, a subsidiary of the Warren Buffett-ran Berkshire Hathaway, the companies announced.
The Boston Globe reports that Richline, a major supplier of jewelry to retailers across the country, will hire more workers at Gemvara as it attempts to expand its footprint in the online sector. The article says that Gemvara has had trouble growing since it was founded in 2006, cycling through four CEOs and having to lay off a number of workers after it reached its peak headcount of 80 employees. It also failed to reach profitability last year.
“We are eager to integrate the Gemvara platform, technology and team into the Richline Group,” says Richline Group CMO Mark Hanna in a press release announcing the acquisition. “We believe that Gemvara’s differentiated platform will offer Richline’s retail partners additional value in the rapidly growing personalized jewelry space, and will also help them to enhance their overall e-commerce businesses.”
“The acquisition will enable Gemvara to grow faster, introduce new designs rapidly and expand on our success with a broader array of affordable fine jewelry,” says Gemvara President Jon Blotner in the release.
Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
