Sale of minority stake in Stephen Webster

US billionaire Ron Burkle has taken a substanital minority stake in British jeweller Stephen Webster for an undisclosed amount. Burkle's investment vehicle, Yucaipa Companies, is taking a stake of almost 50 percent in Webster, whose creations are favoured by celebrities ranging from Madonna to Elton John. The firm already owns royal jeweller Garrard and is building a portfolio in luxury brands.

For Webster, who was introduced to Burkle through his client Christina Aguilera, the acquisition means more funds to advertise his brand. Until now, he has had to rely mostly on word-of-mouth publicity and on the presence of his seven stores in cities from London to Tokyo.

Webster has plans to expand his business this year. He will be moving in to a bigger location on Bruton Street and will open stores in Kiev and Kazakhstan, and a second store in Moscow. His Russian wife has helped him expand the business in that country. Furthermore, Webster told the FT that he is also considering expanding into China.