Chrysalis founders Andrea and David Maine have signed an agreement to sell the business to Richline Group, a US company that describes itself as a jewellery manufacturer, distributor and marketer.
Richline is part of US business magnate Warren Buffett’s famous investment group, Berkshire Hathaway, and according to Forbes, Buffett is recognised as the world’s second richest person with US$73 billion (AU$93.7 b) in assets.
Chrysalis was launched in the UK in 2004 and currently has more than 1,400 international stockists. It debuted locally in July 2014 after local supplier Georgini secured the Australian distribution rights.
Georgini managing director Gina Kougias said she was pleased to hear of the recent acquisition, adding it would offer more opportunities for development in the local industry.
“Richline is such a prestigious organisation, the new alliance will definitely propel the brand even further,” she stated.
Kougias explained that Andrea and David Maine would continue to be involved in the business, and that the UK office would likely handle areas such as product design and marketing while Richline would control operations in the US.
“I am very pleased with the news as Chrysalis was growing so fast overseas. This will alleviate the workload and allow head office to shift more focus on growing the Australian arm of the business,” she said.
David Maine referred to Richline as “the perfect home” for Chrysalis. “They [Richline] pair a clear understanding and belief in our brand with exceptional sales, operational, merchandising and marketing support,” he said.
He added that an office would open in Hong Kong, making shipments to Australia “quicker and smoother”.
Multiple media sources also reported that Richline planned to introduce gold and silver collections to the range; the current line uses base metals plated in 14-carat gold or rhodium.
Chrysalis is one of a growing list of jewellery offerings – including Alex and Ani and Nikki Lissoni – that are capitalising on the collectible charm bangle trend. Unlike traditional charm bracelets, the concept encourages the wearer to customise not only charms but also the bangles themselves.
Richline Group was founded in 2007 and is a wholly-owned subsidiary of Berkshire Hathaway. Other companies within the Richline portfolio include LeachGarner, Inverness, Rio Grande and Richline Brands.
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