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Ecommerce Jeweler elumeo Plans IPO

May 22, 2015 4:08 PM   By Jeff Miller
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RAPAPORT... Berlin-based electronic and broadcast jeweler elumeo Group  plans an initial public offering (IPO) on the Frankfurt Stock Exchange, with Société Générale Corporate & Investment Banking and Baader Bank AG managing the IPO as joint global coordinators and bookrunners. At the present time, the company targets the value of the IPO in a range of $44 million to $66 million (EUR 40 million to EUR 60 million) and intends to use proceeds to broaden its product offerings and invest in digital and international expansion. 

According to elumeo's filing, it plans to launch additional localized TV channels and web stores in various languages. The company was founded in 2008, but renamed  elumeo in September 2014, and reported that since 2009, its average compound annual growth rate from sales has been about 30 percent.  Revenue in 2014 totaled $78 million (EUR 71 million), while adjusted EBITDA was $4.5 million (EUR 4.1 million). For the first quarter of 2015, elumeo's sales rose 26.6 percent year on year to $21.5 million (EUR 19.5 million) and adjusted EBITDA more than doubled to $771,000 (EUR 700,000).

The group sells handmade jewelry in nine countries under the brand names Juwelo, AMAYANI and Rocks & Co. Customers from outside its core markets purchase products under the New York Gemstones brand. The majority of the jewelry is produced in-house at facilities in Thailand.  The elumeo Group employs around 1,100 people at five locations in Europe, Thailand and Hong Kong.

The group's subsidiaries include Juwelo TV Deutschland GmbH (also in Berlin); Juwelo Italia s.r.l. in Rome, Italy; Rocks and Co. Productions Ltd. in Leamington Spa/Warwick, U.K.; PWK Ltd. with sites in Chanthaburi and Bangkok, Thailand and Silverline Distribution Ltd. Hong Kong, China.  

Wolfgang Boyé, the founder and chairman of elumeo, said, "The jewelry market is in a state of transformation. Similar to the apparel industry 20 years ago, it is currently characterized by small, national retailers who often sell their collections -- usually planned months in advance -- using only a single distribution channel, commonly -- local retail stores. As seen in the past, with large innovators in the apparel business, we are now actively driving the change of the gemstone jewelry market."

Boyé summarized elumeo's growth strategy, saying,  "We are present in the most important European markets. With our vertically integrated value chain, we benefit from a high cost-efficiency and we have a business model that is easily scalable and allows us to address current market trends. Having already started the expansion of our production capacities, we laid the foundation for further growth. With the replication of our successful German business model in additional markets combined with new digital sales formats in existing and new markets, and the enhancement of price leadership, our strategy is clearly defined. Our mission is to make fine jewelry an affordable luxury for everyone."

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Tags: ecommerce, elumeo, Europe, Frankfurt, ipo, Jeff Miller, Jewelry
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