Latest news with #Gemfields
Yahoo
12-08-2025
- Business
- Yahoo
Gemfields Sells Fabergé to Tech Investor Sergei Mosunov for $50 Million
LONDON — Gemfields, a leading supplier of colored gemstones, has reached an agreement to sell the storied Russian jewelry brand Fabergé to SMG Capital LLC for $50 million. Some $45 million of the sum is payable to Gemfields by SMG Capital on completion of the sale by the end of August, while the remaining $5 million will go to Gemfields by way of quarterly royalty payments at a rate of 8 percent of Fabergé's revenue. More from WWD Antony Lindsay Named CEO of Fabergé Fabergé Launches 'Game of Thrones' High Jewelry Collection Russian Princess Wears Reem Acra Wedding Gown She Bought Herself The colored gemstones supplier bought Fabergé from from Pallinghurst Resources, in 2013 in a deal at the time that valued the maker of lavish bejeweled Easter eggs at $142 million. Gemfields said that by offloading Fabergé and other non-core holdings, it has become a more streamlined and focused company with a strengthened balance sheet. The fresh capital injection from the sale will help Gemfields fund a new processing plant at Montepuez Ruby Mining in Mozambique, and expand emerald mining at Kagem in Zambia, which was suspended during the first quarter of 2025. Sean Gilbertson, group chief executive officer of Gemfields, and son of Brian Gilbertson, co-founder and former chairperson of Pallinghurst, said the sale of Fabergé marks the end of a considerably challenging trading environment, which the company began facing in the fourth quarter of 2024. Gemfields announced last December that it's considering selling Fabergé to cut costs. 'Fabergé has played a key role in raising the profile of the colored gemstones mined by Gemfields, and we will certainly miss its marketing leverage and star power. I extend our admiration and sincere thanks to the Fabergé team for their fortitude and the progress they have delivered over the years,' he added. SMG Capital is a U.S.-based investment company owned by the Russia-born, London-based tech investor Sergei Mosunov, whose interest spans from optics and photonics to AI, biotech and foundational models. Meanwhile, SMG Capital is dedicated to strategic investments in luxury brands and innovative businesses with strong heritage and global growth potential, the firm said. Mosunov is not entirely new to the world of fashion. In June, according to a LinkedIn post, he attended a panel talk hosted by networking platform Create What You Wish Existed between Stella McCartney and fellow Russian national Natalia Vodianova. 'It is a great honor for me to become the custodian of such an outstanding and globally recognized brand. Fabergé's unique heritage, with ties to Russia, England, France and the U.S., opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence,' said Mosunov. The tech investor said the brand will continue to focus on jewelry, accessories and timepieces, and provide service to Fabergé's existing retail and wholesale customers. 'We thank the Gemfields team for their contribution to the development of Fabergé and look forward to working closely with the brand's talented team. As Carl Fabergé said: 'There is no point in gems if you cannot turn them into a story.' We feel a deep sense of responsibility and incredible inspiration for the work ahead,' Mosunov added. Best of WWD EXCLUSIVE: Sean Combs Regains Control of Sean John Brand Isabel Marant Said in Play Again: Sources Holding Industriale Invests in Shoe Specialist Valmor
Time of India
12-08-2025
- Business
- Time of India
Gemfields sells Fabergé eggs maker for $50 million
Gemfields Group said on Monday it had sold Faberge Ltd, the maker of the jewelled Faberge eggs, to SMG Capital for $50 million, as the coloured gemstones miner ramps up efforts to streamline its business. The sale concludes a review of the business started by Gemfields late last year. The group had bought the jeweller in 2012 to boost its gems business and use the brand name to promote its jewellery. Faberge, which also makes luxury jewellery , watches and commissioned pieces, was founded by Gustav Faberge in 1842, and is best known for the success of the 50 jewelled eggs commissioned by the Imperial Russian family from 1885 through to 1916. The Russian Revolution brought a violent end to the House of Faberge, when the Bolsheviks seized workshops and closed down all production and the family fled. It was relaunched in 2009 with its first collection since 1917. Gemfields on Monday said it would use proceeds from the deal for capital at its mining operations in Mozambique and Zambia.
Irish Independent
12-08-2025
- Business
- Irish Independent
Jewellery brand Faberge sold to tech investor for $50m
Press Association Luxury jewellery brand Faberge, well known for its jewelled Russian eggs, has been bought by a US tech investor for $50m (€43m). London-listed gemstone specialist Gemfields revealed yesterday it sold the Faberge business to SMG Capital, the firm run by investor Sergei Mosunov.
Yahoo
11-08-2025
- Business
- Yahoo
The Maker of Fabergé Eggs Has Been Sold to a Tech Investor
"Hearst Magazines and Yahoo may earn commission or revenue on some items through these links." A tech entrepreneur has acquired Fabergé, the historic luxury brand famous for its ornate jeweled eggs, in a $50 million deal. Technology investor Sergei Mosunov, a Russian national, purchased the company through his U.S.-based investment firm, SMG Capital, more than 10 years after UK-based miner Gemfields acquired Fabergé. Under the agreement, Gemfields will receive $45 million when the sale closes later this month and the remaining $5 million through quarterly royalty payments. Founded by jeweler Peter Carl Fabergé in St. Petersburg, the company created gem-encrusted eggs for Russian emperors Alexander III and Nicholas II between 1885 and 1916. The surviving eggs continue to sell for millions at auctions when they do pop up. The record-holder is the Rothschild Clock Egg, which in 2007 sold for £8.9 million (approximately $18.5 million at the exchange rate at the time). In 2004, Russian billionaire Viktor Vekselberg bought nine imperial eggs from the Forbes family for more than $90 million, endowing him with one of the largest private collections of Fabergé eggs. Today, Fabergé also makes more modern luxury products like jewelry, including engagement rings and wedding bands, and high-end watches. But continuing to make Fabergé eggs are still the cash cows. A Guilloché enamel strawberry surprise egg, for example, retails for approximately $74,000. Mosunov told the Financial Times that it is 'a great honor for me to become the custodian of such an outstanding and globally recognized brand.' He also said that he plans to direct the company to continue its focus on newer products like watches and jewelry. You Might Also Like 12 Weekend Getaway Spas For Every Type of Occasion 13 Beauty Tools to Up Your At-Home Facial Game Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
11-08-2025
- Business
- Forbes
Gemfields Sells Historic Fabergé Brand For $50 Million To SMG Capital
Gemfields said Monday it has signed an agreement to sell its entire interest in wholly owned Fabergé to SMG Capital LLC for $50 million. Under the agreement, $45 million will be paid to Gemfields on completion of the sale, expected on August 28. The remaining $5 million will be paid through quarterly royalty payments at a rate of 8% of Fabergé's revenue, Gemfields said in a statement. The sale is not expected to be subject to regulatory or any other approval processes. Fabergé is one of the world's most renowned luxury brands with a celebrated history in artistry and craftsmanship. It was founded in 1842 in Saint Petersburg, Russia, by Gustav Fabergé, and transformed by Peter Carl Fabergé in 1882. The firm was renowned for designing elaborate, jewel-encrusted Fabergé eggs for Russian emperors, as well as a range of other high-quality, intricate objets d'art. The House of Fabergé was nationalized in 1918 following the Bolsheviks revolution. The family left Russia and settled in different European countries. The Fabergé brand name was considered valuable by family members several companies and was highly contested for many years. London-based Gemfields is a mining company specializing in emeralds from Zambia and rubies from Mozambique. The company bought Fabergé in 2013 for $142 million from the private equity company Pallinghurst as a vehicle to promote colored gems from its mines. It put Fabergé up for sale in December, when political unrest in Mozambique prompted it to temporarily freeze operations at its ruby mine. The sale followed a strategic review of Fabergé by Gemfields. 'With the sale of Fabergé and the discontinuance of other non-core projects, Gemfields is now a more streamlined and focused investment proposition with a strengthened balance sheet,' Gemfields said in a statement. The company added that proceeds from the sale will provide additional working capital while the company is involved in running a new processing plant at Montepuez Ruby Mining in Mozambique and an expansion in mining at Kagem in Zambia, which was suspended during the first half of 2025. 'Having initiated our strategic review of Fabergé in response to the considerable challenges Gemfields started facing in Q4 2024, today's sale marks the end of an era for us,' said Sean Gilbertson, Group CEO of Gemfields. 'Fabergé has played a key role in raising the profile of the colored gemstones mined by Gemfields and we will certainly miss its marketing leverage and star power.' SMG Capital is a U.S.-based investment company specializing in 'luxury brands and innovative businesses with strong heritage.' It is controlled by Sergei Mosunov who describes himself on his LinkedIn profile as a 'serial entrepreneur and venture investor with a deep focus on frontier technologies.' Mosunov said in the same statement that Fabergé will continue to focus on jewelry, accessories and timepieces. 'It is a great honor for me to become the custodian of such an outstanding and globally recognized brand. Fabergé's unique heritage, with ties to Russia, England, France and the USA, opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence,' Mosunov said. 'We look forward immensely to providing exceptional service to Fabergé's existing retail and wholesale customers, and to warmly welcoming new brand aficionados.'
