Burkle Adds a Jewel to His Investment Firm’s Crown
Supermarket king Ron Burkle is expanding from carrots to carats.
His Los Angeles investment firm, Yucaipa Cos., said Tuesday that it was acquiring Garrard, the British supplier of jewels to the royal family and the merely rich for 271 years.
Privately held Yucaipa is paying almost $30 million for the luxury goods company.
Garrard was appointed official crown jeweler in 1843 by Queen Victoria, who commissioned it to make a crown to fit over the mourning veils she wore four decades after the death of her husband.
Other royalty to wear Garrard jewels included Queen Mary, Princess Diana and, closer to home, Hollywood royalty Natalie Portman, Angelina Jolie and Hillary Swank at the Academy Awards.
Garrard also created nonjewelry items, including a trophy for a yacht race in 1848. The trophy later became known as the America’s Cup.
The company now sells items as diverse as a diamond-and-spinel tiara and items for children, including a “boys cutlery set.”
And the well-heeled can buy a leather-and-gold collar for the family dog. No prices were listed on the company’s website.
In recent years, Garrard took on a more contemporary aura, appointing Jade Jagger, daughter of Mick, as creative director.
As the sun set on another piece of British history, Burkle declined to be interviewed but issued a statement.
“We are committed to preserving the traditions of Garrard and introducing the brand to luxury consumers in new markets,” he said.
Garrard has stores in several cities outside of Britain, including Tokyo, Moscow, Hong Kong and Kuala Lumpur, Malaysia. Its New York showroom is its lone U.S. store.
Marketing consultant Pam Danzinger said that even with Garrard’s worldwide fame, the brand might find it difficult to expand widely into the U.S. luxury market.
“Luxury is very much a cultural concept,” said Danzinger, whose books include “Why People Buy Things They Don’t Need.” “All this identification with royalty doesn’t necessarily translate into American taste.”
Burkle, whose investment empire formerly included Ralphs Grocery Co. and Food 4 Less supermarkets, now has a stake through Yucaipa in the Pathmark Stores Inc. supermarkets on the East Coast and in the Wild Oats Markets Inc. natural foods chain.
Could Garrard be the jewel in his crown or cubic zirconia?
