Rock & Roll Goes Wall Street
In the jewelry business, it sometimes seems that the really creative designers are not the most successful. But a new development could prove that wrong. Jewelry innovator and trendsetter Stephen Webster now has the financial backing to accelerate the growth of his company. The rock and roll jeweler just went Wall Street. Financier (and FOB) Ron Burkle of Yucaipa, which owns crown jeweler Garrard, like Webster also based in London, has purchased part ownership of Stephen Webster. Webster plans to use the capital to open retail stores, increase worldwide distribution, and expand his more affordable silver collection, now available only at Neiman Marcus in the US. Webster has a successful retail location in London and plans stores in New York, Kiev, Ukraine, and Kazakhstan “immediately,” according to a report in today’s WWD. The article also talks about a previously unannounced upcoming Stephen Webster collection for De Beers Jewelers called “Burning Rocks.” Stephen Webster is most known for his groundbreaking Crystal Haze Collection, which layers facted rock crystal over brightly colored opaque gems to create unique gem colors and shapes. The announcement includes some details about Webster’s impressive growth in the past few years: sales in 2005 were $8 million and in 2006 they doubled to $16 million. Apparently, you can take those numbers to the bank.
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