Consolidation among independent luxury watch and jewelry storekeepers is expected to be a growing trend in 2021.
A deal by Boston-based private equity firm Nonantum Capital Partners to acquire Luxury Brands Holdings, parent company of both Ross-Simons and Sidney Thomas, could be an early example.
Ross-Simons is a major ecommerce player and single-store operation in Warwick, Rhode Island, selling mainly high volume jewelry and watch brands.
Stablemate Sidney Thomas has two doors, both anchored by Rolex, in Newark, Delaware, and Short Hills, New Jersey.
“Since 1952, our core focus has been to provide our customers with high-quality jewelry and exceptional customer service at an attractive value,” said Darrell Ross, founder of Ross-Simons. “We are proud to partner with Nonantum as they believe in our vision and will support us in the next stage of our company’s storied history.”
Jim Speltz, Ross-Simons CEO, adds: “While the US continues to see strong overall growth in the jewelry industry, consumer spending has been steadily shifting from brick-and-mortar jewelry retailers to online retail. Ross-Simons derives its strength in direct-to-consumer from its long tenure in the catalog business. We pride ourselves on adapting to engage the consumer wherever she wants to shop.”
Nonantum appears to want an arms-length relationship with the retail group, with both Mr Ross and Mr Speltz continuing to run the business. “We are pleased to partner with the leadership team at Ross-Simons including Darrell and Jim who will continue to serve as valuable owner-partners as we grow the brand,” said Jon Biotti, managing partner at Nonantum.