The Richline Group, Berkshire Hathaway’s marketer and distributor of jewelry to thousands of jewelry outlets across all key worldwide distribution channels, has acquired Gemvera. The Boston-based company is a leader in the area of custom-made, fine jewelry shopping online.
Founded in 2006 by two Babson College students, Gemvara had struggled as recently as 2014, but has finally become profitable in just the last year. Key to the turnaround was the introduction of a lower-priced line called Gemma Gray, and a gemstone resetting business called Sequel.
The company has been acquired to bring Richline Gemvera’s ecommerce and in-store digital technology that are needed for Richline’s brands.
“It’s back to the future,” said Gemvera CEO Matt Nichols in BostInno. Nichols came to Gemvara in 2011 from Highland Capital.
Gemvara’s revenues are growing, and currently are under $20 million a year.
© 2016 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.