NEW YORK — The new owners of the Crystal Brands Jewelry Group have renamed the firm The Monet Group Inc.
This is the latest development in the year-long saga of the $170 million fashion jewelry firm, which produces the Monet, Trifari and Marvella brands, and its former parent company, Crystal Brands Inc. Last January, Crystal Brands went into Chapter 11; last summer, it began talking with potential buyers of the jewelry division.
Last October, Crystal Brands signed a definitive agreement to sell the jewelry group to Chemical Venture Partners and two private investors, Richard Rainwater and Raymond Chambers. At the time of this agreement, the purchasers said they would rename their acquisition.
The $77.7 million sale of the firm was approved in bankruptcy court here on Nov. 4. The terms of the acquisition were officially made final on Dec. 13.
According to Chemical Venture Partners, The Monet Group will continue to be based here and will keep its manufacturing and distribution facilities in East Providence and Pawtucket, R.I. Judith Harrison, who headed the jewelry business for Crystal Brands, continues as president and chief executive officer of The Monet Group.
— Fairchild News Service