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Moissanite Maker Aims to 'Compete with Diamonds'
Charles & Colvard's 2015 Revenue Grows 20%
Mar 9, 2016 8:23 AM
By Rapaport News
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RAPAPORT... Charles & Colvard, the world’s primary maker and
seller of diamond substitute moissanite, reported revenue grew 20 percent to
$30.8 million in 2015 as ecommerce sales soared.
Direct-to-consumer
ecommerce revenue surged 59 percent to $5.4 million, helping the company to
pare its net loss by 27 percent to $9.6 million, according to a statement March
8.
During the year, the
company launched its Forever One colorless moissanite jewel and said it wishes
to expand the assortment of this line in the coming year with a series of
scheduled product releases. It plans to “move up-market and compete directly
with diamonds for market share,” Suzanne Miglucci, Charles & Colvard’s
president and chief executive officer, said in the statement.
The company, based in the
Research Triangle Park area of North Carolina, also announced it agreed to sell
the main assets of Lulu Avenue, its direct-selling business, to Yanbal USA for
$500,000.
The news comes after India-registered
company Persistence Market Research released a report estimating the global
moissanite market will grow
to $48.8 million by 2025 from $26.8 million at the end of 2015.
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Tags:
Charles & Colvard, direct selling, M&A, mergers and acquisitions, moissanite, Rapaport News, Synthetics
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