New York jewellery brand sells half of company to fuel future growth.
Investment vehicle TSG Consumer Products has bought 50% of the business of New York jeweller Alexis Bittar.
Bittar will remain chief executive and creative director of his eponymous jewellery brand, which recently shot an advertising campaign with the leading ladies from comedy Absolutely Fabulous. The jeweller said in a statement that he believes the partnership will help his company to “further develop our strategy and invest the necessary resources for our future growth”.
He added: “Our company has enjoyed exceptional success based on a passionate and very diverse consumer following, as well as some highly visible celebrity clients such as Michelle Obama. However, we know that we’ve only scratched the surface of what the brand can become.
“We have so many exciting growth opportunities in front of us including product extensions, international growth, and generally investing to build the brand. TSG’s long and successful track record of helping other consumer brands grow and achieve substantial scale, along with their valuable marketing and business know-how, will, I am certain, contribute importantly to our continuing to expand the brand.
TSG Consumer Products has no other investments in jewellery or luxury companies. Instead its currently portfolio revolves around cosmetics, food and drink products including soft drink brand Vitamin Water, and a restaurant chain.
The investment company said that it was attracted to the Alex Bittar brand because of its founder’s “extraordinary vision in creating a category-leading brand”.
TSG Consumer Products managing director Hadley Mullin said: “Alexis’s design forte, passion, and commitment to his customers and consumers is inspiring and unrivalled. In addition to being a highly recognised and award-winning designer, Alexis has also built an impressive business and strong relationships with his marquee customers, which include the nation’s leading premium department stores. We believe the brand has significant opportunities to continue to grow and expand, and we are thrilled to partner with him in this very promising endeavour.”