Luxury jewelry firm Xcel Brands Inc has bought Judith Ripka, including its brand and intellectual property. The acquisition deal is valued at $22.5 million in combined cash, no-interest promissory notes, and common stock shares, according to Rapaport.
Xcel Chief Executive Officer (CEO) Robert W. D'Loren said of the transaction: "We are excited by the opportunity to work with Judith Ripka and her distinctive designs; the Judith Ripka Brand embodies our core mission of delivering products of uncompromising quality. We see a tremendous potential for engaging Judith's brand followers across new product categories, leveraging our omnichannel strategy. This acquisition satisfied all of our acquisition criteria; it's strategic, synergistic, and accretive."
Under the terms of the said deal, Ripka will remain as the chief creative officer an on-air spokeswoman on the QVC network, JCK added.
Expanding Ripka's product portfolio to handbags, shoes, and accessories is one of Xcel's plans after the acquisition. In addition, D'Loren will work on increasing Ripka's online presence, the report detailed.
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