NEW YORK--(BUSINESS WIRE)--Richline Group, Inc., a wholly owned subsidiary of Berkshire Hathaway, announced today that it has acquired select assets of Silpada Designs, including the “Silpada” brand name, its jewelry designs and all sterling silver and fashion jewelry inventory. Terms of the transaction were not disclosed.
From its humble beginnings as a business founded by stay-at-home moms, Silpada saw stunning success, becoming the world’s largest home party seller of sterling silver jewelry. Over the past three years significant investments were made to keep Silpada operating as the company worked to enhance and evolve its business to remain relevant in an evolving market.
Richline Group, the USA’s foremost manufacturer and marketer of fine jewelry brands, will continue to produce and market the Silpada brand through new channels, focusing on Silpada’s sterling silver jewelry heritage.
While the Kelly and Walsh families will no longer be a part of Silpada moving forward, they are “extremely pleased that the Silpada brand will live on as a member of the Richline family of brands."
“We see a tremendous opportunity to bring Silpada back to its creative roots. We plan to focus exclusively on these unique and accessible sterling silver designs that have clearly resonated with so many women across the world. We look forward to honoring the Silpada legacy while finding new ways to invigorate this unique and nationally-recognized brand”, said Richline Group CEO, Dennis Ulrich.
Going forward Richline plans to refocus the Silpada name around its sterling silver offerings. For the balance of 2016, Richline will continue serving Silpada’s loyal customer base with the core products Silpada is best known for, as well as a previously unreleased line of jewelry, as it refines a new direction forward for this national leader in silver jewelry. In addition to ongoing retail sales for the brand, Richline will continue honoring the Silpada Lifetime Guarantee that was in place prior to June 1, 2016 for all qualified purchases until September 2017.
About Richline Group, Inc.
Richline Group, Inc., a wholly-owned subsidiary of Berkshire Hathaway Inc., is the USA’s foremost Fine Jewelry Manufacturer and Marketer. Richline Group was formed in 2007. Currently the major brands comprising Richline’s portfolio are LeachGarner, Inverness, Rio Grande and Richline Brands. Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance, utilities and energy, finance, manufacturing, retailing and services. The Common Stock of Berkshire Hathaway is listed on the New York Stock Exchange under the symbols BRK.A and BRK.B.
