Blue Nile has officially gone private and been acquired for approximately $500 million by an investor group made up of Bain Capital Private Equity, Bow Street and Adama Partners.The Seattle-based online diamond seller on Feb. 2 received investor approval of the deal, first announced in November.Ryan Cotton, a managing director at Bain Capital, said Blue Nile had "a strong platform in an industry that is rapidly evolving and migrating online.”He added that partnering with Adama, a venture capital firm focused on the jewelry industry, and Bow Street, a New York hedge fund, will help Blue Nile “continue to lead the transformation of the customer purchase experience in engagement rings and fine jewelry.”The investor group paid $40.75 in cash for each Blue Nile share. Nasdaq trading of the company’s stock will be suspended.Blue Nile was founded in 1999 by Doug Williams as a web site to sell diamonds. It went public in 2004 and promotes itself as a supplier of ethically-sourced and conflict-free diamonds.Since 2015, the company has opened five web rooms in malls, which are essentially jewelry stores billed as providing a “superior online selection.”Blue Nile president, chairman and chief executive officer Harvey Kanter said the company “has disrupted and transformed the way consumers shop for and purchase diamonds and fine jewelry by creating price transparency while simultaneously providing value to suppliers."As we enter the next phase of growth, Blue Nile will continue to expand our vision and focus on putting the customer first by reaching them the way they prefer to shop whether it’s a computer, mobile device or in one of our web rooms,” Kanter said.When it revealed the go-private deal, Blue Nile said it planned to remain headquartered in Seattle.The company reported lower sales and earnings for the third quarter, when net sales dropped 4.4 percent to $105.1 million and net income fell 35 percent to $1.3 million.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion