Jeweler Updates: A Bankruptcy and a Pair of Openings

Here’s the latest from the jewelry retail sector:

* Lugano Diamonds & Jewelry (Newport Beach, Calif.) has filed for Chapter 11 bankruptcy and entered a court-supervised sale process with an established “stalking horse” bid. Specifically, the company has reached an agreement with investment firm Enhanced Retail Funding to support the continuation of its retail sales and operations as Luganon navigates the court-supervised sale process, as well as to serve as the initial bidder on the business.

The proposed transaction with Enhanced remains subject to higher and better offers, and the company is actively soliciting additional bids. Should such offers be received during the court-supervised sale process, the Lugano expects to conduct an auction, with the stalking horse bid serving as the baseline for competing offers. The brand’s boutiques – in Newport Beach, Calif., Aspen, Palm Beach and Ocala, Fla., Houston, Washington, D.C., Greenwich, Conn., and Chicago, along with a traveling boutique that accompanies the equestrian circuit – will continue operating during the sale process.

* Italian luxury jeweler Roberto Coin (Venice) has unveiled store openings in New York and Las Vegas. The recently opened New York locale is on the first level of The Shops & Restaurants at Hudson Yards, while the Las Vegas locale will debut Dec. 4 at The Forum Shops at Caesars Palace.

“We are incredibly proud of our partnership with Roberto Coin and the opening of the boutiques demonstrates our commitment to growing the brand in the U.S.,” said Brian Duffy, CEO of parent company Watches of Switzerland Group. “Since our acquisition of Roberto Coin Inc. [in May 2024 for $130 million], we have seen a positive market response to new product, the new advertising campaign as well as space expansion through shop in shop branded displays in our Mayors and Betteridge retail stores. The launch of the boutiques is the next exciting step in the growth of this beautiful Italian Jewelry brand.” The boutique openings come on the heels of Roberto Coin’s May launch of a global campaign featuring Dakota Johnson.