The purchase is comprised of $14 million in cash and $6 million in interest-free promissory notes, Xcel said. Designer Judith Ripka, who founded her company in 1977, will remain as chief designer. Her Judith Ripka brand jewelry is sold in more than 200 independent jewelers and department stores in the United States as well as on QVC under the “Judith Ripka Sterling” brand. Total retail sales are reportedly about $140 million.
“We are excited by the opportunity to work with Judith Ripka and her distinctive designs; the Judith Ripka Brand embodies our core mission of delivering products of uncompromising quality,” said Robert W. D’Loren, Xcel’s chairman/ceo. “We see a tremendous potential for engaging Judith’s brand followers across new product categories, leveraging our omnichannel strategy. This acquisition satisfied all of our acquisition criteria; it’s strategic, synergistic, and accretive.”
Established in 2011, Excel has acquired Isaac Mizrahi New York and an interest in the Liz Claiborne New York brand, and has expanded into 100+ categories for the Isaac Mizrahi brand.
Commenting on the acquisition, Ripka said: “This is an outstanding opportunity to cultivate our brand and reach our loyal followers in a new way. We deeply value our relationship with Robert D’Loren and look forward to joining him at Xcel. I’m thrilled to be part of the company and believe that we are well positioned for the future.”
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