John Hardy, founder of the namesake Bali jewelry brand, has sold his stake in the firm to company president Damien Dernoncourt and creative director Guy Bedarida. Terms of the deal were not disclosed, reported WWD. More from WWD:
Hardy will become the brand's ambassador and continue to help provide creative vision. His wife, Cynthia, will be a merchandising consultant. Terri Eagle, who joined the company from competitor David Yurman in 2005, will retain the title of president and chief executive officer of John Hardy USA. Dernoncourt, 35, has been president since 2003, and Bedarida, 43, has been in his role since 1999. An unnamed private equity firm backed the deal and Lincoln International acted as a financial adviser. It is unclear whether Hardy owned the majority in the firm or if he had partners. [Cindy understands there was a partner in Hong Kong]
Hardy's sales in the U.S.reportedly reached $150 million last year. We are a lifestyle brand and our strength is really in jewelry," Dernoncourt said. "We are about handmade luxury product and luxury with a soul. We believe that it's a brand with a real spirit, a real soul and a great future. The brand attributes are very strong." Bedarida said, "We're really following the heritage that John has given us. John is sort of a spiritual father to us. It's an incredible, exciting new era." The company has no plans to roll out stores in the U.S., with the exception of a Manhattan flagship slated to open in the next 18 months.