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John Hardy, the jewellery brand founded in Bali in 1975, is exploring a sale after being acquired by private equity firm L Catterton about eight years ago, according to people with knowledge of the matter.
The consumer-brand focused buyout firm is seeking to fetch about $200 million for the business, the people said, asking not to be identified discussing private information. L Catterton acquired John Hardy in 2014 from London-based private equity firm 3i Group for an undisclosed price, according to a statement.
John Hardy, which is working with an investment bank on the process, has attracted interest from private equity firms as well as strategic buyers, the people said.
A representative for L Catterton declined to comment while representatives for John Hardy didn’t immediately respond to a request for comment.
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Luxury spending dropped during the coronavirus pandemic as yoga pants and lounge wear took over. Prices, though, have held up or even climbed, with fashion houses like Chanel raising prices. French luxury giant LVMH’s purchase of Tiffany & Co. also prompted other players to consider bulking up.
John Hardy’s website features gold and silver necklaces and bracelets with diamonds and other gemstones. Its most expensive product, a silver bracelet with 3.87 carat white diamond, sells for up to $31,900. The brand advertises sustainability such as sourcing conflict-free diamonds and offering apprenticeships to citizens in Bali.
By Vinicy Chan and Crystal Tse
Learn more:
The State of Fashion: Watches and Jewellery Report — Bringing the Sparkle Back
The Business of Fashion and McKinsey & Company are pleased to present our State of Fashion Watches and Jewellery Report. Download the full report here.
