Vashi acquired by Queensmith parent company
Upmarket jewellery retailer Vashi has been acquired by Queensmith’s parent company, Hearts of London Group, for an undisclosed sum.
Vashi entered administration in April just a few months after seeking new funding at a valuation of £250 million. However, the company was unable to secure additional investment from backers and was then forced to wind-up operations.
Subscribe to TRBFounded by Vashi Dominguez, Vashi’s first store opened in London’s Piccadilly in 2016 and was followed by the launch of a further three shops, including a flagship in Covent Garden. Despite this, some 80% of its business was conducted online after it invested invested heavily in its website, brand and digital presence during the pandemic.
With headquarters in London, manufacturing jeweller Queensmith is the UK’s largest retailer of lab grown diamonds.
Sam Nobes, brand director at Queensmith, said: “Hearts of London Group is currently evaluating the strategic options for Vashi.com in the longer term, but a technical strategy is already in motion.
“Vashi’s focus on bespoke jewellery and engagement rings, combined with considerable investment in online and international expansion, made it a fortuitous acquisition for the group.”
