Private investment firm Middle West Partners has acquired Lugano Jewelry.
Some of Lugano’s longtime clients joined the transaction as investors, adding the jeweler to Middle West’s expanding portfolio of American luxury brands, Lugano said Tuesday. The purchase, which the companies completed on September 30, follows the conclusion of the jeweler’s reorganization process and provides a stronger financial and operational foundation for long-term growth, it added.
Lugano will continue to focus on its jewelry, client experiences and service, while maintaining its commitment to philanthropy and investment in the communities it serves, the jeweler commented.
Meanwhile, the company has appointed interim CEO Josh Gaynor as its permanent chief, taking effect immediately. He will also join the company’s board of directors. Under his leadership, Lugano has preserved demand for its jewelry, strengthened relationships with existing high-net-worth clients and attracted new customers, expanding the brand’s reach, it continued. Gaynor previously held senior positions at Bottega Veneta, Fendi and Bulgari North America.
“Together with our new ownership group, we have an exciting opportunity to build upon our client relationships, reinforce our values, and continue raising the bar for the creativity, craftsmanship, and personal service that define our brand,” said Gaynor.
Lugano will carry on handcrafting its jewelry at its workshop in Newport Beach, California, while keeping all four of its boutiques open to ensure uninterrupted service and sustaining its focus on the client experience, it said.
Lugano was sold after filing for bankruptcy in November. Last month, the US Securities and Exchange Commission (SEC) filed charges against former Lugano Diamonds CEO Mordechai Ferder for allegedly running a fraud scheme that caused it to record more than $1 billion of fictitious revenue.
Image: A Lugano boutique in London. (Lugano Diamonds)
