Monica Vinader closes £2.5 million funding round from Beringea and the Clark Group
May 21st 2013
Monica Vinader has quickly become an established, celebrity endorsed, multi-channel brand
(London, UK) Beringea, the growth capital investor that manages the Proven Venture Capital Trusts today announces that it has invested £1.5 million in a further funding round for Monica Vinader, the international high-end jewellery wholesaler and retailer. The Clark Group, former backers of Links of London, has also invested £1 million as part of the deal.
The jewellery – rings, pendants, earrings, bracelets – are recognisable based on their proprietary cut of stones, hammered metals and colour combinations which can be mixed, matched and stacked. In addition to their iconic Fiji friendship bracelets, the diamond pave collections and unique rose gold executions have driven strong demand.
The new funding will be used to accelerate growth plans, including additional UK own-brand shops and international distribution. Beringea initially invested in Monica Vinader in 2010 to help the business finance the first shop on South Molton Street, which has proven a great success, and to further develop the supply chain.
The business began trading in late 2007 and has quickly become an established, celebrity endorsed, multi-channel brand. In addition to the eponymous shop, the jewellery is currently distributed in the UK in Selfridges, Harrods, Liberty, Fenwick and by Net-A-Porter amongst other outlets. Two franchises currently operate in Spain.
The senior management team is headed up by Monica and Gabriela Vinader. Significant industry experience is brought to the business by board members Gareth Morris (former MD of Links of London) and Guy Salter (The Walpole Group). Karen McCormick, Partner at Beringea, will remain on the board and Steve Clark joins post-transaction.
Karen McCormick commented: “Since investing in 2010, Monica and Gabriela Vinader and their team have exceeded all expectations, and we are delighted to be associated with the brand. The business has a strong following of brand-loyal customers who are our best advocates. We are excited about the fantastic growth opportunities, and confident that the management team will be successful.”
Gabriela Vinader, Operations Director, said: “Our management team is committed to unlocking Monica Vinader’s considerable multi-channel and international potential. We are delighted with Beringea’s continued support and look forward to welcoming the Clark Group.”
Clark Group CEO, Steven Clark commented “I am delighted to be involved with such an exciting brand and look forward to working closely with the team.”
Advisors to the deal included Osborne Clarke (Beringea), Pinsent Masons (Monica Vinader), and Steele Raymond (Clark Group).