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International Inspirations/Lux Accessories, a manufacturer of private-label costume jewelry and fashion accessories, has stepped out into the branded arena by acquiring Noir NY Inc.
This story first appeared in the March 5, 2014 issue of WWD. Subscribe Today.
“We feel Lux and Noir complement each other. Each brings different assets, experiences and contacts that will be beneficial to the growth of both brands,” said Shaya Reiter, cofounder of Lux Accessories along with his wife, Mandy.
“We were searching for a company with the infrastructure we needed to grow,” added Leeora Catalan, founder of Noir. “Its infrastructure, back-end efficiency and factory relations were the right fit. Shaya and Mandy understand our aesthetic and envision rebuilding Noir into a long-term brand.”
Noir, which sells to Nasty Gal, Shopbop, Gilt, Henri Bendel, Neiman Marcus and other upscale retailers, is known for gold-plated and brass fashion jewelry and unconventional designs at times drawing inspiration from Art Nouveau, African tribal jewelry and Russian babushka dolls. Catalan started Noir in her apartment in 1995 with her then business partner, now husband Mash.
Lux Accessories, as the firm is commonly known, was started by the Reiters in 2005, and has grown into a $47 million business as of the end of 2013. The firm supplies specialty stores in North America and has been spurred by what the Reiters describe as their competitive pricing, fashion-forward designs and consistent product development.
“We are in a growth mode right now,” said Shaya Reiter. He said the company is 90 percent focused on jewelry, with about 10 percent of business revolving around fashion hair accessories. “We have the existing resources to expand our business in jewelry and other accessory categories.”
Asked if he would pursue additional brands to buy, Reiter said, “As opportunities present themselves we will review them with an open mind. We absolutely want to be out there. However, there’s nothing on my desk right now.” He declined to reveal the purchase price for Noir.
Reiter said he’s keeping the entire Noir team on board, and that he named Catalan creative director. He also said his team is outlining a strategy to reposition Noir and establish better price points, and that a new showroom for Noir, seen opening in August, is being created one floor below the International Inspirations/Lux Accessories showroom at 362 Fifth Avenue. “For the May market, we are going to relaunch the brand,” Reiter said, putting Noir’s current volume at $2 million in sales. “We expect to grow Noir to between $10 million and $20 million within three years.”