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Warren Buffett’s Richline Buys Jewelry Site Gemvara
May 1, 2016 7:08 AM
By Rapaport News
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RAPAPORT... Richline Group, a jewelry subsidiary of Warren Buffett’s
Berkshire Hathaway, acquired online jewelry seller Gemvara, BostInno reported.
The deal will see Gemvara provide ecommerce and in-store
digital technology for Richline’s brands and customers, including Berkshire
Hathaway businesses and external companies, the Boston news website said. The
move will return Gemvara back to its roots of selling to retailers after the
company – founded in 2006 as Paragon Lake – transformed itself into selling
custom-made jewelry online.
"It's back to the future," BostInno cited Gemvara
chief executive Matt Nichols as saying.
Gemvara was “burning a million dollars a month in late 2014”
but improved profitability in the past year and a half, the report added.
Terms of the acquisition were not disclosed. |
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Tags:
Berkshire Hathaway, gemvara, Jewelry, online retail, Rapaport News, richline, richline group, warren buffett
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