APRIL 27, 2016
The acquisition adds online retailer to leading U.S. Jewelry Industry Corporation.
Richline Group, a wholly-owned subsidiary of Berkshire Hathaway, and Gemvara, the leading online provider of customizable fine jewelry, announced today that the companies have completed an agreement for Richline to acquire the Gemvara business.
“We are eager to integrate the Gemvara platform, technology and team into the Richline Group,” said Richline Group CMO Mark Hanna. “We believe that Gemvara’s differentiated platform will offer Richline’s retail partners additional value in the rapidly growing personalized jewelry space, and will also help them to enhance their overall e-commerce businesses.”
Gemvara will continue as the leader of customizable fine jewelry shopping online and will leverage Richline’s advanced capabilities across the entire jewelry value chain. In return, Gemvara will bring its unique, world-class ecommerce platform and customization technology to the Richline Group. “The acquisition will enable Gemvara to grow faster, introduce new designs rapidly and expand on our success with a broader array of affordable fine jewelry” said Gemvara President Jon Blotner.
Gemvara CEO Matt Nichols said “Richline’s deep experience and capabilities align with our strategy to deliver an innovative, next generation, personalized jewelry shopping experience” to the omni-channel consumer.
Gemvara is the revolutionary leader of fine jewelry shopping online. Every piece of heirloom-quality jewelry is skillfully handcrafted to order. Gemvara combines the values of traditional jewelry creation with modern technology to truly provide shoppers with fine jewelry exactly the way they want it, plus a shopping experience that is creative and fun. Gemvara is headquartered in Boston, MA.
ABOUT RICHLINE GROUP, INC.
Richline Group, Inc., a wholly-owned subsidiary of Berkshire Hathaway Inc., is the USA’s foremost Fine Jewelry Manufacturer and Marketer. Currently the major brands comprising Richline’s portfolio are LeachGarner, Inverness, Rio Grande and Richline Jewelry. Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance, utilities and energy, finance, manufacturing, retailing and services. The Common Stock of Berkshire Hathaway is listed on the New York Stock Exchange under the symbols BRK.A and BRK.B.