New owner for Fred Leighton

Jeweller to the stars Fred Leighton has been acquired by Ralph Esmerian. A fourth-generation jewellery dealer, Esmerian bought the 35 year old company with the assistance of his lending partner Global Asset Based Finance Group, a division of Merrill Lynch. The value of the transaction has not been disclosed.

Fred Leighton, née Murray Monschein, transformed vintage jewellery into a fashion statement. He featured jewellery from the Victorian period to the Art Deco period in his Madison Avenue landmark store. Later, in 1998, he also opened a store in The Bellagion in Las Vegas.

Leighton pieces have been worn by the most famous actresses and musicians, including Elizabeth Taylor and Nicole Kidman and Madonna. Miuccia Prada, a great admirer, famously displayed and sold Leighton estate pieces in her Prada store in Soho in New York in 2003.

"(Leighton) of all the retailers in terms of vintage jewellery, reached the world; he caught everyone's attention," Esmerian told WWD. "He brought it to everyone's attention. It used to be that you got a piece of jewellery from your grandmother and you brought it directly to the auction house - you never wore it. Now people have a feel for the old stuff."

Esmerian is planning to open a second store in Las Vegas and will also open a store in Beverly Hills next year. Plans are also in the pipeline to expand Leighton's small watch collection and his signature jewellery line. The latter includes a broad selection of diamond engagement rings.

Leighton himself will continue as a consultant and will be involved in the sale of jewellery and new product development. Director of publicity, Rebecca Selva - who has been with the company for 12 years and is the celebrity liaison - will continue in her current capacity.

"(Leighton's) success has a great deal to do with the fact that he has an individual personal taste that gets transmitted through his store," Esmerian said. "There's such a personal element involved." Esmerian added that he hopes the "luxury market will keep up and prove to be fruitful for us."