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Charles & Colvard Hires Third CEO This Year; 3Q Loss Cut to $2M

Nov 15, 2015 8:48 AM   By Rapaport News
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RAPAPORT... Charles & Colvard has appointed Suzanne Miglucci as the jewelry manufacturer and supplier’s third president and chief executive officer this year. Miglucci is currently chief marketing officer at e-commerce group ChannelAdvisor Corporation and a member of Charles & Colvard’s board. She replaces the retiring Marvin Beasley on December 1.

Beasley had only been in the role since March, when he took over from Randy McCullough, who also retired.

The senior executive change comes as Charles & Colvard reported a 44 percent revenue rise to $6.5 million year on year for the third quarter that ended on September 30. Revenue growth exceeded the 12 percent increase in costs and expenses, meaning the loss posted for the quarter was trimmed 36 percent to $2 million compared with the same period last year. The company develops and markets moissanite, a proprietary carbon-based material, as an alternative to diamonds.

Revenue from the wholesale business increased 13 percent to $3.9 million, representing 60 percent of sales. Sales from its direct-to-consumer home party business Lulu Avenue soared 255 percent to $1.4 million, contributing 22 per of overall sales. E-commerce site Moissanite.com increased sales 77 percent to $1.2 million, at 18 percent of the overall business.

Segmented another way, during the quarter the group sold $2.7 million of finished jewelry, a 68 percent increase, and sales of loose jewels rose 26 percent to $2.9 million. Inventory was reduced 17 percent to $21.2 million on September 30 compared with December 31, 2014.

In the nine months to September, sales increased 21 percent to $22.2 million and the net loss was cut 25 percent to $7.7 million.

The company launched the Forever One™ colorless moissanite brand in September and has sent Forever Brilliant® moissanite jewelry for a 50-store test with a U.S. retailer ahead of the upcoming holiday season, according to the statement.
Tags: alternatives to diamonds, ChannelAdvisor Corporation, Charles & Colvard, Manufacturing, moissanite, Rapaport News
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