H.I.G. Capital relinquishes majority ownership of GLD to MarcyPen and Brand Velocity.
In a significant move for the jewelry industry, H.I.G. Growth Partners has sold a minority stake in The GLD Shop, a popular lifestyle jewelry brand based in Miami, Florida. The new owners of the company are MarcyPen Capital Partners and Brand Velocity Group.
Since H.I.G.'s strategic investment in 2021, The GLD Shop has experienced remarkable growth. The company's revenue grew by over 130% over four years and achieved significant levels of profitability. The GLD Shop has gained millions of followers and recognition from top athletes and artists, solidifying its position as a leading player in the jewelry market.
Under H.I.G. Growth's strategic investment, The GLD Shop has refined its marketing strategy and significantly expanded its product portfolio. The brand, known for custom chains, pendants, watches, and accessories, has combined streetwear with luxury craftsmanship to create unique and sought-after pieces. The company has also enhanced its connection with its community, further expanding its customer base.
Evan Karp, Managing Director at H.I.G. Growth, expressed pride in the growth achieved by The GLD Shop during their partnership. He believes that MarcyPen Capital Partners and Brand Velocity Group are ideal partners to expand upon the foundation built at The GLD Shop.
Christian Johnston, Founder, President, and Chief Creative Officer of GLD, appreciates H.I.G. Growth's collaborative approach and support throughout their partnership. He looks forward to continuing H.I.G. Growth's partnership as they kick off the next phase of growth alongside new investors MarcyPen and Brand Velocity Group.
H.I.G. Growth remains optimistic about The GLD Shop's future, retaining a minority interest in the company to support future growth. This move typically involves financial investment, strategic partnerships, and the retaining of a minority stake by previous owners, as seen in similar jewelry companies undergoing mergers and acquisitions.
The exact future plans for The GLD Shop are yet to be announced, but such transactions often lead to expanded product offerings, enhanced marketing efforts, and potential international expansion. The company's direction would depend on the strategic priorities set by MarcyPen Capital Partners and Brand Velocity Group.
In light of H.I.G. Growth's strategic investment, the jewelry brand The GLD Shop has redefined its business by merging technology with luxury craftsmanship, offering unique products in the market. Furthermore, the company's finance growth has been impressive, with revenue increases and significant profitability, making it a prominent player in the jewelry business.
