February 15, 2000
Miadora Acquires Jewelry.com
Miadora, a leading jewelry e-tailer, announced Monday it had acquired one of its newest competitors, Jewelry.com, which debuted in November.
Miadora will operate its site and Jewelry.com.
Jewelry.com had a "great" holiday season, says Pat Patton, spokesperson for Jewelry.com, who credited the strength of its URL. "Considering that we didn't actually go live until Dec. 1, we were amazed at the strength of the market," says Patton. "From day one, there was traffic and business."
According to Miadora, the combined company will target different consumer segments. Jewelry.com will continue to operate as a separate brand in the moderate-priced jewelry category while Miadora focuses on the luxury market. "Through sourcing synergies and leveraged backend functions, Miadora and Jewelry.com can better compete in our respective markets," says Barry Gilbert, president and CEO of Miadora. "This strategy is very similar to that of other multibrand retailers such as Gap, Inc."
Patton says it's "premature" to describe what differences customers would see or what, if any, links might be added between the two sites. "What they can count on is continuing to see the market presence of both companies increasing," he says.
Based in Southern California, Jewelry.com offers more than 2,000 items with
prices ranging from $14.99 to over $5,000. The company plans significant
expansion of its line over the next few months. Founded in April 1999 and
based in San Mateo, CA, the privately held Miadora offers a wide selection of
contemporary upscale jewelry.
- by Mark E. Dixon