NEW YORK, United States — Pamela Love started making jewellery in her bedroom while working as a stylist and assistant to painter Francesco Clemente over a decade ago. Since then, she has collaborated with retailers like Colette and Opening Ceremony, and her celestial-inspired designs are stocked at luxury retailers like Barneys and Brown's.
As she looks to the next stage of her business, Love is bringing in some outside help, selling an 80 percent stake in her brand to RedLuxury Group. The Paris-based firm wants to boost sales to $15 million in the next two years, from $3 million currently, by opening two stores and expanding digital advertising, RedLuxury Chief Executive David-Emmanuel Cohen said.
According to Love, the decision to sell a majority stake was difficult but said she wanted to have a business partner before implementing new strategies.
“The market has changed 20 times since I started,” she said. “Jewellery has become such a massively oversaturated space.”
With retailers expanding their jewellery selections and brands like Mejuri and Aurate offering quality alternatives to high-priced options, smaller jewellers with cult status like Love are working to keep their customers’ attention and grow without sacrificing quality.
Love decided to start looking for a partner last year on her birthday, after spending the day at David Webb’s studio, looking through their collections and speaking with their jewellers. The visit left Love with a desire to scale back her collections in order to spend more time on the quality of the product that was sustainable for her own creative process and the manufacturers involved.
“I got home and I was like … I want to make things that mean something, I want to make things that are going to last forever,” said Love. "I needed to take like a pause and figure out what I really wanted to do.”
Around the same time, Love was introduced to RedLuxury’s Cohen through a mutual friend. After a year of discussing the vision for the brand and how the products should be sourced, Cohen and Love decided to enter a partnership. “I just felt like all of the business partners I met, or potential business partners I met kind of wanted to make something really really cheap and mass,” she said.
Cohen noted that the acquisition is part of a long term plan to grow the company organically and expand its e-commerce.
The company hopes to expand Pamela Love’s digital advertising and e-commerce sales through Pamela Love’s site and its retailers. The brand will also open two stores, one in New York City in 2020 and another in Beverly Hills slated for 2021.
This approach is similar to Ginette NY, another jewellery brand the group acquired in 2017. Since then, Ginette NY has four directly-owned retail boutiques around the world, reaching $1 million in sales on their website versus $200,000 in 2017.
Cohen said love would continue to be the face of the brand and lead as creative director. “We're here to last and we’re here to build a brand and define the jewellery segment over the next 10 to 20 years,” he said.