|
RAPAPORT... Private equity firm Catterton acquired designer jewelry brand John Hardy for an undisclosed sum. In addition, Robert Hanson was appointed as John Hardy's CEO. Hanson is a 25-year veteran of brand development in the retail space where he served as CEO of American Eagle Outfitters Inc. and global president of Levi's.
Damien Dernoncourt, who has served as John Hardy's CEO since 2007, will retain an equity stake in the brand and was named a non-executive chairman. Guy Bedarida will continue to serve as John Hardy's creative director and head designer and Miles Graham will continue to serve as president and chief operating officer. Dernoncourt said, "John Hardy is pleased to partner with Catterton, which will provide the support and resources to continue building our brand and accelerate our growth on an international scale. I am confident that under Robert's leadership and together with Catterton, we will enhance our status as a leading designer of unique handmade jewelry while maintaining our company's strong core values and luxury positioning. I am excited to be working with Catterton, Robert and the entire John Hardy team as we grow and build on our success." Hanson added, "John Hardy is an iconic luxury brand with a loyal customer following and I have been impressed with the strength of the brand under Damien's leadership. I look forward to leading the company and building upon its tradition of creating truly unique, authentic designs and providing outstanding customer service. John Hardy is well known for its distinctive style, extraordinary quality and commitment to handcrafted sustainable luxury. These key pillars will continue to be the cornerstone of our company and our future success. With Catterton's well-established track record for partnering with leading brands to help them capitalize on growth opportunities, I believe that John Hardy has significant potential and a bright future." Michael Chu, the managing partner of Catterton, said, "Catterton is excited to partner with a differentiated brand with a strong heritage and a top-tier, multi-channel distribution footprint. With Catterton, John Hardy will have a robust platform to enhance its already exceptional brand and accelerate its growth trajectory. We are confident that John Hardy offers substantial upside through multiple paths for expansion, and look forward to working with Robert and the entire team at John Hardy to capitalize on new market opportunities and realize the company's significant potential." Catterton has partnered with luxury brands including Restoration Hardware, Baccarat, PIRCH and Frederic Fekkai to name a few with a current portfolio of $4 billion under management, according to its statement.
|