US EditionLuxury jewellery brand Faberge sold to tech investor for £37m
6 Articles
6 Articles
The jeweler Fabergé has a new owner: The gemstone producer Gemfields has sold the luxury brand to the investment company of tech entrepreneur Sergei Mosunov – and he has big ambitions for the jeweled eggs.
13:17 British mining group Gemfields is selling its jewellery subsidiary Fabergé, known for its gemstone-adorned Fabergé eggs, to a Russian tech investor for next to nothing.
Gemfields Sells Luxury Brand Fabergé for $50M
Gemfields has sold its iconic brand Fabergé to SMG Capital for $50 million. According to the agreement, SMG Capital will receive full ownership, Gemfields said Monday. The buyer will pay $45 million on completion of the sale, which is set to take place on August 28. The parties have set up a payment schedule for the remaining $5 million, whereby SMG Capital will transfer quarterly royalty installments at a rate of 8% of Fabergé’s revenue, the m…
British gem miner Gemfields Group has sold luxury jewellery brand Fabergé Ltd, maker of the famous jewelled eggs, to US investment firm SMG Capital for $50 million. The sale is part of a drive to streamline the mining firm’s business, Gemfields said in a statement today. Gemfields bought the jewellery company in 2012 to boost its gemstone business and use the brand to promote its jewellery. It plans to use the proceeds from the sale to finance m…
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