Recently shuttered jewelry company Silpada is getting a new lease on life as part of the Berkshire Hathaway family.
Just months after Silpada closed its doors, the brand and its designs and inventory have been acquired by Richline Group Inc., a subsidiary of Warren Buffett’s Berkshire Hathaway. Richline is a top manufacturer and marketer of fine jewelry, with a portfolio that includes LeachGarner, Inverness, Rio Grande and Richline Brands.
Long known for its sterling silver designs, Silpada had expanded its portfolio in recent years to include additional jewelry, handbags and accessories. Richline’s strategy is to focus on the sterling silver offerings that drove Silpada’s early success.
“We see a tremendous opportunity to bring Silpada back to its creative roots,” said Dennis Ulrich, Richline Group CEO. “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.”
In a statement, Richline officials said they will market Silpada through new sales channels, but did not specify whether the brand will continue to pursue direct sales. The financial terms of the deal were not disclosed.
Silpada was founded nearly 20 years ago by the Walsh and Kelly families of Lenexa, Kansas, whose daughters, Ryane Delka and Kelsey Perry, most recently led the company, in the shared role of CEO. For a time, Silpada was owned by Avon Products Inc., which bought the jewelry brand in 2010 for $650 million, and three years later, amid heavy cost cuts, sold it back to the founders for $85 million.
The former owners will not be involved in the new incarnation of Silpada, but said in a statement they are “extremely pleased that the Silpada brand will live on as a member of the Richline family of brands.”