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RAPAPORT... The Investcorp Gulf Opportunity Fund, which acquired a majority stake in the L'azurde jewelry firm in 2009 with Eastgate Capital and The National Investor, distributed $16.7 million in dividends from the jewelry brand to its shareholders after turning in a strong performance in 2014. The investors had reprioritized the business after the gold price shock of 2010, strengthening the jeweler's operations and ensuring it would be positioned for growth. Since that time, L'azurde has achieved double-digit year-on-year growth, according to the firm. Mohammed Al-Shroogi, Investcorp's president of Gulf business, said, "Our clear performance improvement strategy for L'azurde has reorganized and repositioned the company. We have enhanced its market positioning, increased its competitiveness and strengthened its balance sheet. This strategy has improved L'azurde's financial performance steadily over each of the last five years. Today, the company is highly profitable and this has allowed the board to declare and distribute a dividend to shareholders." The consortium has also recently upped marketing spending to include several renowned brand and collection ambassadors, such as Elissa, Lady Fozaza and Dorra Zarrouk.
Selim Chidiac, the CEO of L'azurde, said, "L'azurde has made very good progress in recent years, underpinned by increased gold sales, which have risen to 17.5 tons in 2014 from 12.9 tons in 2011. With strong product lines, improved market share, wider distribution networks and strong marketing presence, it is very well positioned for the future. We have excellent business momentum and a strong team and remain confident that we can continue to build on our solid growth trajectory." This past month in Kuwait, L’azurde showcased its new 2015 jewelry collection at the Marina Hotel for its clients, partners and gold distributors. The company highlighted the L’azurde range of collections: Diva, Dentelle, Fashion, Symphony and Shine. L’azurde also honored Ali Al Thalji, the brand’s main Kuwait distributor, at a special ceremony that was also held at the exhibition.
Ayman Al Haffar, the executive general manager of L’Azurde, said, "As we launch the latest of our collections to meet the tastes of the Kuwaiti market, we take the opportunity to recognize our partners for the central role they have played in supporting and enhancing the status of the company's brand and helping L’Azurde’s collections expand across local and international markets.”
Founded in 1982, L'azurde has become a large gold and jewelry designer, manufacturer and distributor in the Middle East, with facilities in Cairo and Riyadh, employing more than 2,300 people. The brand's sales network is comprised of 2,000 wholesale accounts across the Middle East and it also has 15 retail stores across the region.
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