Chow Tai Fook Jewellery says to buy US diamond jeweller for $150 mln

on June 19 2014 | in Daily Headlines | by | with No Comments

Hong Kong’s Chow Tai Fook Jewellery Group Ltd said on Wednesday it has agreed to buy U.S.-based diamond jeweller Hearts on Fire Co for $150 million in a move to extend its high-end product range.

Chow Tai Fook, the world’s largest jewellery retailer by market value, said in a statement it will buy 100 percent of the supplier of bridal and fashion jewellery from co-founder Glenn Rothman and other investors. Established in Boston in 1996, Hearts On Fire products are sold in 31 countries.

Hearts on Fire reported audited net sales of $104.8 million for 2013, up from $99.3 million a year earlier, Chow Tai Fook said. About 75 percent of its jewellery sales in 2013 were priced between $1,000 and $10,000, with the most of the remainder carrying price tags above $10,000.

Read more at Reuters.

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