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Buffett’s Richline Buys Silver Jewelry Seller Silpada
Oct 26, 2016 3:35 AM
By Rapaport News
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RAPAPORT... Richline Group snapped up Silpada Designs, marking the Berkshire
Hathaway-owned jewelry subsidiary’s fourth acquisition this year.
Silpada was founded by stay-at-home mothers and grew into
“the world’s largest home party seller of sterling silver jewelry,” Richline
said.
The purchase covers Silpada’s assets, including its brand
name, jewelry designs and all sterling silver and fashion jewelry inventory.
Terms of the deal were not disclosed.
“We look forward to finding new ways to invigorate this
unique and nationally-recognized brand,” said Dennis Ulrich, Richline’s CEO. “We
plan to focus exclusively on unique and accessible sterling silver designs that
have clearly resonated with so many women across the world.”
Richline, whose parent company is chaired by Warren Buffett, acquired jewelry website Gemvara in April and bought precious-metals company John C. Nordt on June 1. It also announced in June the takeover of Viawear, a provider of wearable technology for jewelry brands.
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Tags:
Berkshire Hathaway, Fashion jewelry, gemvara, John C. Nord, Rapaport News, richline, richline group, Silpada, Silpada Designs, silver, silver jewelry, sterling silver, Viawear, warren buffett
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