Queensmith has introduced the acquisition of ingleandrhode.co.uk from directors.
In line with Queensmith, the acquisition marks a “important milestone” in its dedication to sustainability and moral practices within the jewelry trade.
Ingle and Rhode has been a “pioneering” power in moral jewelry since 2007, distinguished by its B-Corp certification and dedication to accountable sourcing.
Regardless of its status and contributions, the antagonistic impacts of the pandemic, rising prices, intensifying competitors and difficult financial headwinds necessitated its closure in early February 2024.
This acquisition comes at a time of sturdy development for Queensmith, which reported a 33% year-on-year development for 2023, together with report gross sales within the first two months of 2024.
Having acquired Vashi.com from directors in 2023, Queensmith’s plans are already in movement to additional develop their on-line, retail and manufacturing footprint.
The opening of a brand new workshop and Design and Innovation Centre in Hatton Backyard this spring, together with a complete recruitment drive throughout all departments are a testomony to Queensmith’s strategic give attention to UK manufacturing, experiential retail, vertical integration and innovation within the moral jewelry area.
While Queensmith has acquired Ingleandrhode.co.uk, they don’t assume any monetary liabilities or obligations in the direction of Ingle and Rhode’s historic prospects, suppliers or service suppliers.
Ingle and Rhode stated: “It’s with the heaviest of hearts that we took the choice that Ingle & Rhode ought to stop to commerce. This resolution was not made flippantly, and we explored each avenue to attempt to preserve the enterprise going. Nevertheless, in the long run, the mixed results of the pandemic, inflation, and the financial slowdown have proved an excessive amount of regardless of our greatest efforts. At first, we’re deeply saddened for our workers, prospects, suppliers, and buyers, all of whom have given us such unbelievable help over a few years.”
Sam Nobes, model director of Queensmith, added: “Ingle and Rhode’s give attention to moral engagement rings and superb jewelry aligns with Queensmith’s dedication to investing in sustainability and distinctive craftsmanship. Given their power on-line and authority in such an identical area of interest to our personal, the acquisition of Ingleandrhode.co.uk offers us with additional momentum as we proceed our digital enlargement and develop our personal model of moral, sustainable diamond jewelry.”