PARIS — Shamballa Jewels has secured funding of 15 million Danish kroner, or $2.8 million at current exchange, from the state-run Danish Growth Fund for retail expansion abroad, WWD has learned.
“They show us that they believe in our brand,” Shamballa Jewels chief executive officer and cofounder Mikkel Kornerup told WWD. “They’ve been investing in tech companies, such as fitness app Endomondo and the wine app Viveno. We’re the first luxury brand they’re investing in.”
He noted that it’s long-term funding, which allows Shamballa Jewels to get an extra $2 million loan from private banks.
With the fresh funds, the Danish company plans to open two to three flagships in the U.S. and Europe by 2018, and expand the number of its doors.
“It’s very important for us to go out and open more stores to give the full Shamballa experience,” Kornerup said.
On its wish list for future flagships are Paris, London and New York.
“For us, location is key. Right now, we’re looking at New York,” he said, adding SoHo is on the radar.
Shamballa Jewels has one flagship in Copenhagen, with a concept inspired by a yoga shala, which is a meditation hall for yogis. The store has marble columns, wenge wood, a mosaic floor and a Shiva lingam stone hanging from the ceiling. In addition, Shamballa has a freestanding boutique in Zurich and is available in other 74 doors worldwide.
Shamballa Jewels’ 2014 wholesale sales, which exclude revenues from its owned retail operations, direct-to-customer activities, American operations and cost of goods sold, were 23.7 million Danish kroner, or $3.9 million at average exchange, according to the Danish chamber of commerce.
“Retail sales generated internationally already represents 80 percent of the company’s business. With our retail expansion plan, down the road, they could represent up to 95 percent,” Kornerup said.
Established by brothers Mads and Mikkel Kornerup in 2005, Shamballa Jewels is best known for its bracelets inspired by prayer beads used for meditation. Its top-selling item is the classic Shamballa bracelet with pavé beads, which runs for $5,600 to $11,210. The price varies depending on the type of beads used, such as raw diamonds, faceted diamonds, rubies or sapphires.
Shamballa Jewels entered the eyewear category last year. Most recently, Danish actor Mads Mikkelsen was spotted sporting a pair of the brand’s shades while serving on the jury at the Cannes Film Festival.