London jeweller Queensmith has made an undisclosed acquisition of the web domain of Vashi.com, following Vashi’s recent liquidation.
In addition to obtaining the domain, Queensmith has also employed a number of former Vashi staff members who were left redundant in the aftermath of the company’s collapse.
Vashi.com’s Domain Purchased by London Jeweller Queensmith
Vashi, previously known for its focus on bespoke jewellery and engagement rings, experienced a setback despite its impressive sales of £100 million in 2021 and a valuation of £250 million just a few months earlier.
The company failed to secure further investment from backers, leading to its closure in April 2023.
Although not part of the deal, Vashi had established physical stores in prestigious shopping areas, including London’s Bond Street and Covent Garden, with plans for future expansion in New York. However, the majority of Vashi’s business, approximately 80%, was conducted online, following significant investment in its website, brand, and digital presence during the pandemic.
Queensmith Welcomes Former Vashi Staff to its Team
Brand Director at Queensmith, Sam Nobes, commented on the acquisition, stating,
“Hearts of London Group is currently evaluating the strategic options for Vashi.com in the longer term, but a technical strategy is already in motion.
Vashi’s focus on bespoke jewellery and engagement rings, combined with its considerable investment in online and international expansion, made it a fortuitous strategic acquisition for the Group.”
Vashi’s Closure Despite Previous Success
This acquisition comes in the wake of Vashi’s recent downfall. Insolvency practitioners from Teneo
Restructuring were appointed following the filing of a winding-up petition by Canary Wharf Group, one of Vashi’s retail landlords. The appointment of liquidators implied that there was insufficient funding for Vashi to continue trading through a conventional administration.
Vashi, founded by Vashi Dominguez in 2016, operated four stores and employed approximately 200 people. Last year, the company embarked on a £75 million fundraising campaign to support its expansion into the United States. Despite its previous successes and notable investors, including JamJar Investments, Vashi faced challenges in raising significant sums of money and ultimately ceased operations.
Queensmith’s Strategic Acquisition and Future Plans
As Queensmith moves forward with its expansion plans, the acquisition of Vashi.com marks an important milestone in the company’s journey.
While Queensmith has acquired the domain, the company assumes no financial liabilities, responsibilities to historical customers, or obligations to fulfill any outstanding orders from Vashi.com.
Any inquiries from creditors, service providers, suppliers, or customers should be directed to Vashi’s joint liquidators, Teneo.
Queensmith, founded in 2016, is a multi-award-winning manufacturing jeweller and the largest retailer of lab-grown diamonds in the UK. Headquartered in London’s Hatton Garden, the business has experienced rapid growth since its inception and is known as a pioneer in direct-to-consumer and omnichannel fine jewellery retailing.