Upmarket jewellery retailer Vashi, which fell into liquidation last month, has been acquired by London jeweller Queensmith’s parent company Hearts of London (Group) Ltd for an undisclosed sum.
Vashi, founded by Vashi Dominguez, opened its first store on London's Piccadilly in 2016, and despite achieving sales of 100 million pounds in 2021 and receiving a valuation of 250 million pounds just months prior, the jewellery brand was unable to secure additional investment from backers and had to wind-up operations in April 2023.
While Vashi did have a physical presence with stores in London, the acquisition is for its domain Vashi.com only, as 80 percent of the jewellery brand’s business was conducted online.
Commenting on the acquisition, Sam Nobes, brand director at Queensmith, said in a statement: "Hearts of London Group is currently evaluating the strategic options for Vashi.com in the longer term, but a technical strategy is already in motion.
“Vashi’s focus on bespoke jewellery and engagement rings, combined with its considerable investment in online and international expansion, made it a fortuitous strategic acquisition for the Group”.
Launched in 2016, Queensmith is a manufacturing jeweller and the UK’s largest retailer of lab-grown diamonds. Headquartered in London’s Hatton Garden, the business has experienced rapid growth, which it credits to its pioneering approach to direct-to-consumer and omnichannel fine jewellery retailing.