Berkshire’s Richline Buys Jeweler Started by Stay-at-Home Momsby
Purchase includes brand name, inventory and jewelry designs
Target company is ‘home party seller’ of silver jewelry
Richline Group Inc., a jewelry manufacturer and marketer owned by Warren Buffett’s Berkshire Hathaway Inc., agreed to buy designs, a brand name and inventory from Silpada Designs as part of a push into sterling-silver products.
Silpada was started by stay-at-home moms and grew into “the world’s largest home party seller of sterling silver jewelry,” Richline said Friday in a statement. Terms weren’t disclosed.
“We look forward to honoring the Silpada legacy while finding new ways to invigorate this unique and nationally recognized brand,” Richline Chief Executive Officer Dennis Ulrich said in the statement.
Ulrich has struck other deals to expand Richline. In 2013, the New York-based business acquired the Honora brand to boost sales of pearls, and agreed to market and distribute jewelry in the U.S. and Canada under the Marie Claire brand. The Berkshire unit also announced a transaction to offer jewelry featuring artwork from American Greetings Corp. cards.