John Hardy jewelry at a glance
John Hardy is a jewelry
company. Founded by John Hardy in 1975, the company is known for its
Asian inspired designs and traditional handmade jewelry techniques. It
markets itself as a “sustainable luxury” brand.
John Hardy jewelry was founded by Canadian designer and artist, John Hardy, in 1975. He visited Bali in the mid-1970s and the island's jewelry-making traditions raised his interest.[3]
He began learning the techniques of the local artisans then developed
his first pieces by applying new design concepts to traditional Balinese
techniques
The John Hardy compound was built in Mumbal, Bali in 1996 and is the
company production center where the jewelry is created. It also serves
as a living and gathering space with an organic farm and low impact
buildings.
In 1999, Guy Bedarida,
a senior designer of haute joaillerie of the Place Vendôme, joined the
company as Head Designer and expanded Hardy’s design concepts to include
the use of classical European jewelry techniques and new motifs
inspired by nature and ancient East Asian art styles and themes.
In 2007, then John Hardy president and currently company CEO, Damien Dernoncourt,
with Head Designer and Creative Director, Bedarida, purchased the
company from Hardy. That same year the company headquarters was moved to
Hong Kong and a satellite office was opened in New York
The company opened its first flagship store in Plaza Indonesia,
Jakarta in 2010. In 2011, it opened its first men’s and lifestyle store
at The Landmark, Hong Kong.
The deal, which Reuters first reported in May, highlights growing investor interest in a sector outpacing the broader luxury industry thanks in part to financially independent Asian women.
While luxury watchmakers are struggling with a crackdown in China on gift-giving to officials and several fashion and accessories brands point to slowing growth in a range of emerging markets, jewellers are proving more resilient.
John Hardy, a rival of jewellers in the United States such as David Yurman, sells Asia-themed wares such as $225 silver dragon earrings as well as men's jewellery, a fast-growing market, with beads and sailing cord bracelets.
The company is headquartered in Hong Kong, its products are designed in Bali but the bulk of revenue is generated in the United States, Canada and the Caribbean. The brand just signed supermodel Cara Delevingne to be the face of its new campaign.
As part of the transaction, Catterton acquired a 22.4 percent stake held by British private equity firm 3i.
Total proceeds to 3i including the stake, preferred shares and dividend repayments will be around 26 million pounds, with a further 2 million in anticipated deferred consideration, 3i said in a separate statement.
The overall terms of deal were not disclosed but sources close to John Hardy had given the jewellery an enterprise value - equity plus debt - of between $100 and $120 million.
"We are confident that John Hardy offers substantial upside through multiple paths for expansion, and look forward to working with Robert and the entire team at John Hardy to capitalize on new market opportunities and realize the company's significant potential," Michael Chu, managing partner at Catterton, said.
Catterton also owns around 22 percent of Paris-listed crystals specialist Baccarat since 2012 and acts in concert with investment firm Starwood Capital which controls the company.
John Hardy was advised by investment bank Rothschild.
Catterton has acquired a 22.4% share of the Company held by 3i – a British private equity firm.
While the amount paid for the share in John Hardy was not disclosed, the company has been valued at between US$100-120 million.
Damien Dernoncourt who has served as CEO of John Hardy and was the controlling stakeholder will retain a stake in the company and serve as non-executive chairman.
The new CEO of John Hardy is Robert Hanson who was once CEO of American Eagle Outfitters and a former global president of Levi's.
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