LONDON — Labelux GmbH has sold its stake in the fine jewelry brand Solange back to its founder and creative director Solange Azagury-Partridge, the company said Thursday.
Solange was founded in 1995, and acquired by Labelux in 2008. Under Labelux, the brand rolled out a string of boutiques, with mixed success. The Los Angeles unit has recently closed, while those in London and New York remain open.
Under Labelux, Solange expanded its product range to include timepieces and fragrances. In addition to its retail presence, it operates as a wholesale business with a selective list of clients.
The sale of Solange comes on the heels of Labelux’s disposal of its stake in Derek Lam last month. As part of an effort to focus its energies on high-end accessories, Labelux sold the Derek Lam brand to its founders, Lam and Jan-Hendrik Schlottmann.
“We have taken a strategic decision to refocus our activity on luxury leather goods and shoes and to concentrate our efforts on providing these core businesses with the investment, expertise, and platforms to pursue their advances into the league of world class luxury, thereby delivering strong growth synergies and long term value for the Group,” said Reinhard Mieck, chief executive of Labelux in a statement Thursday.
“While Solange will no longer be part of the Labelux Group, we are confident that under Solange Azagury-Partridge’s leadership it will be best placed to continue its development in the luxury jewelry space.”
Azagury-Partridge said in the statement: “Labelux recognized the potential in Solange, encouraged its business and creative development and with its support the brand has gained an international profile.”
The terms of the sale were not disclosed.