LONDON — The British jewelry company Theo Fennell plc has agreed a sale to Mirfield 1964 plc in a deal valued at 2.9 million pounds, or $4.4 million, the companies said Thursday.
Mirfield 1964, whose principal investor is the Middle Eastern company EME Capital, plans to purchase 100 percent of the jeweler and de-list it from London's AIM Exchange. The sale includes all rights to the name “Theo Fennell,” and associated intellectual property.
Mirfield is proposing to pay 12.5 pence, or 19 cents, a share, a 100 percent premium to the brand’s share price. All figures have been converted at current exchange rates.
“We believe that with the necessary funding, a strong management team in place, and a focus on broadening the product range, Mirfield can help Theo Fennell to realize its full potential and develop the business into a successful global luxury brand,” said Rahan Shaheen, a partner at EME Capital and a director at Mirfield 1964.
Among those who have invested alongside EME Capital is Jurek Piasecki, the former chairman of Goldsmiths, the British watch and jewelry retailer. Piasecki is also the founder of Nuval, a luxury watch and jewelry distributor. He is set to become chief executive of the jeweler.
Fennell, the founder and creative director, called the sale “an excellent opportunity for the business. With the additional capital and management expertise of Mirfield, we will be able to build an even strongerbusiness, and I am personally delighted that I will continue to play a central role.”
Famous for his use of sorbet-colored gemstones and bejeweled cross, key, and horn pendants, Fennell will remain a director of the company and will sit on the board. He will hold 9.1 percent of the shares in the new company.
Founded in 1982, the label is popular among London celebrities including Elton John, Elizabeth Hurley, and David and Victoria Beckham. The company has a flagship in South Kensington, not far from the Victoria & Albert Museum, and clients worldwide.
According to its Web site, EME Capital is a financial advisory and investment firm with offices in London, Paris and Dubai. It specializes in providing high-growth businesses with strategic, commercial and corporate finance advice and the sourcing and structuring of capital for direct private equity transactions.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye