Pamela Love has bought back her namesake jewellery brand from RedLuxury Group, the designer told The Business of Fashion.
RedLuxury, a Paris-based investment firm, acquired an 80 percent stake in Love’s business in 2019. Love stayed on as creative director, but there were disagreements with her investors, she said.
“We were not aligned on business practices and strategies,” Love told BoF.
The designer, who launched her label in 2007, was able to buy back her company in partnership with former RedLuxury Group chief operating officer Alex Henriques and his wife, Stephany Sleiman, an advertising executive.
Love and her new partners plan to boost their offering in bridal jewellery as well as ear piercing styles. The brand has seen a boost in demand for higher-price pieces with gold and precious stones, particularly in the engagement space, said Love.
They are currently seeking additional investors to fuel this next stage of the business.
“The industry is so oversaturated and it’s hard to stand out,” said Love. “I want to focus on design and craftsmanship and differentiation. I don’t want to be for everyone; I want to be for some and those that I’m for, they are loyal and fanatic.”
Fine jewellery has become a bright spot for the luxury sector, which has softened in recent quarters as aspirational shoppers pulled back from spending. Last year, the luxury fine jewellery category was projected to generate $51.3 billion in sales, a 10 percent uptick from the previous year and a 32 percent increase since 2019, according to Euromonitor.
Even though the price of gold has continued to rise, Love said she has seen her average order value go up as well, signalling a willingness on the part of consumers to pay a premium for fine jewellery.
Pamela Love, the brand, is currently undergoing a rebrand and website redesign, Love added, to launch in the next couple of months. It operates one retail store, located in Brooklyn’s Williamsburg neighbourhood.
The success of the store means there will be opportunities to open additional locations, according to Love, especially in light of recent demand for piercing services. Similar concepts such as Studs, a piercing studio aimed toward younger customers, have expanded aggressively in recent years.
“Our luxury take on piercing is different from what’s out there, not to mention the momentum we’re seeing around [engagement] collections, and all of that is requiring us to open more physical spaces,” said Love, “whether that’s smaller by-appointment studios or another store.”