Buffett Jeweler to Buy Honora in Bet on Freshwater PearlsZachary Tracer
Richline Group Inc., the jewelry manufacturer owned by Warren Buffett’s Berkshire Hathaway Inc., agreed to acquire the Honora brand to expand sales of pearls.
The purchase of Honora, which has been family owned and operated for more than 60 years, is expected to be completed in July, according to a statement today from Omaha, Nebraska-based Berkshire’s Richline that didn’t disclose terms.
Richline has been striking deals to expand sales through U.S. retailers. The unit, which has manufacturing facilities in nations including Bolivia, China, India and Israel, announced a licensing agreement in March to market and distribute jewelry in the U.S. and Canada under the Marie Claire brand. Richline said Honora Chief Executive Officer Joel Schechter will remain with the company and run it as a standalone brand.
“Honora has stood for value and quality in the jewelry industry, and is now known as the premier freshwater cultured pearl brand in the USA,” Richline said in the statement.