Did Silpada Go Out Of Business

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Did Silpada Go Out Of Business – Lenexa-based Silpada has built its success on silver jewelry. The company went out of business in July, and its assets were acquired by Richline Group, a subsidiary of Warren Buffett’s Berkshire Hathaway, on Friday. Stock photo

Buyer Richline Group Inc. was a leading manufacturer and distributor of fine jewelry and a wholly owned subsidiary of Berkshire Hathaway.

Did Silpada Go Out Of Business

Did Silpada Go Out Of Business

Financial terms of the deal announced Friday were not disclosed. But it includes the Silpada brand, which Richline says is “still very strong,” with its jewelry designs and a wide selection of sterling silver and fashion jewelry, including new arrivals.

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Mark Hanna, director of marketing at Richline, said Silpada has “a very large and very strong customer base”.

Silpada had started adding products like handbags and accessories to its offerings, but the Rich line plans to focus on Silpada’s heritage in silver jewelry. It will continue to produce and market the Silpada brand online, and the site will reopen in mid-November.

But it’s also looking at different sales models going forward, perhaps a hybrid that includes house parties, or the model could change “massively,” Hanna said. He talked to some of the company’s former reps — of which there were once thousands — to find out the strengths and weaknesses of the direct-selling model.

“We have a lot to study,” he said. “But we cannot jump and we have no reason to jump.”

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Silpada is managed by Richline’s New York office. Richline’s portfolio includes LeachGarner, Inverness, Rio Grande and Richline Brands.

Silpada’s founders, the Kelly and Walsh families, are no longer with the company. In a statement, he said he was “delighted that the Salpada brand will continue to live on as a member of the Richline brand family.”

Silpada was started in 1997 by two stay-at-home mothers. It grew from humble beginnings to spectacular success to become one of the largest sellers of silver jewelery in the country. Avon bought the company in 2010 for $650 million.

Did Silpada Go Out Of Business

But Avon suffered from its failures, and three years later the Salpada founder bought the company back for $85 million.

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“Over the past three years, we (the owners) have personally invested tens of millions of dollars in addition to the $85 million purchase price we paid for Avon Products in July 2013,” Avon’s co-chairman said in an email. Is.” Silpod Tom Walsh. Rhythm

The new 337-acre development includes homes, baseball fields, a hotel, brewery, coffee shop, restaurant and more.

Cityscape Sushi has a “follower” in Johnson County. So he opened one in KC Power & Light. Three years ago, the founders of Lenexa-based Silpada Designs bought their silver jewelry company from Avon for a fraction of the $650 million they sold in 2010.

Now it looks like the multimillion-dollar local firm will close at the end of July, according to Facebook posts from several surprised Silpada representatives on Tuesday.

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“It is with a heavy heart that I deliver today’s announcement from Silpada Designs. They will be closing this nearly 20-year-old business on July 31, 2016,” designer Christina Bobbitt wrote Tuesday afternoon. I think they are fulfilling the promise of Silpada. About gems., but will follow up as more information becomes available.”

Another designer, Dale Bentley, posted at the same time: “It is with a very heavy heart that I share the following news: Effective July 31, 2016, Silpada Designs will cease all sales operations in Canada and the United States. . I am very grateful to each and every one of you who use and share Silpada products.”

A few hours before the release, Silpada tweeted and posted the turquoise earrings on her Facebook page.

Did Silpada Go Out Of Business

Do a little line dancing for turquoise drop earrings. Left, left… https://t.co/SUd1EadYhQ pic.twitter.com/3b87F8kNbP — Silpada Designs (@SilpadaDesigns) May 24, 2016

Silpada Exec: Insurmountable Revenue Declines Doomed Company

However, the link provided to Silpada sales representatives contains information about the shutdown and its impact on them.

“A. Since Avon was repurchased three years ago, the founding families, many representatives and our dedicated internal team have worked tirelessly and passionately to steer the company out of the negative trends we’ve seen over the past 6 years. faced over the years. Over the past three years, Silpadon has made significant investments to continue operating as you have worked to improve and grow the company to remain relevant in this market, however, we It has become clear that our love, commitment and this additional investment is not enough. Reverse or even stabilize the trends in sales, party and hiring revenue, which are significantly declining.

From humble beginnings as a company founded by housewives, Silpada has achieved phenomenal success. It became the world’s largest seller of sterling silver house party jewelry and provided a steady income to thousands of representatives across the country.

In 1993, Bonnie Kelly and Teresa Walsh pooled $50 from their shopping budget to found Cool Jewels. The best friends wanted to share their passion for jewelry and maybe earn some extra cash.

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Sales soon skyrocketed, and in 1997, the women, along with Bonnie’s husband, Jerry, founded Silpada Designs and signed a dozen women as independent sales representatives. By 2010, sales had grown to $230 million annually, and Avon came calling. He bought the company for $650 million and hired the founders and management team.

A year later, Silpada had more than 33,000 sales representatives, about 4,400 of whom are expected to attend the 2011 summer conference at the Kansas City Convention Center. Dressed in Silpada jewels, the stylist followed Kelly and Walsh as a band.

When Avon Products was in trouble in mid-2013, Jerry and Bonnie Kelly and their daughter, Ryan Delka, and Tom and Teresa Walsh and their daughter, Kelsey Perry, bought back Silpada from Rhinestone Holdings Inc. for $85 million.

Did Silpada Go Out Of Business

At the time, Jerry Kelly said Silpada’s long-term interests would be best served “in the hands of the people who founded it, nurtured it and still love it. It The move will ensure that Silpada continues and remains a family business for decades and generations to come.”

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Silpada also named Delka and Perry as co-chairs. Their titles later changed to CEO.

In 2014 they introduced the K&R collection, which includes modern models. A year ago they announced a new collection of bags, wallets and scarves. In November, they launched a new loyalty program. Then in January they launched their affiliate program, StyleMaker, a sales opportunity for people who just wanted to supplement their income. He was not expected to recruit a team or throw a party.

But the changes didn’t seem enough. The news of her closure has shocked many of her biggest fans, including many of her representatives.

“I have thoroughly enjoyed my four years as a Silpada representative,” the Bentley stylist wrote on Facebook. has allowed me to lead, and introduced me to many gracious hosts and great clients. Silpada has also provided me with an extremely supportive network of like-minded women, whose energy, drive, and motivation have pushed me to step out of my comfort zone and ask, “Why?” encouraged to change. To “Why not?”

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