Queensmith has announced the acquisition of the domain ingleandrhode.co.uk from its administrators for an undisclosed acquisition price.
Ingle & Rhode, established in 2007, has been a leading name in the ethical jewellery sector, known for its B-Corp certification and dedication to responsible sourcing. Despite its contributions and esteemed reputation, the brand faced closure in early February 2024 due to the pandemic’s adverse effects, rising operational costs, and increasing competition.
Sharing their feelings on the acquisition, the directors of Ingle & Rhode said:
“It is with the heaviest of hearts that we took the decision that Ingle & Rhode should cease to trade. This decision was not made lightly, and we explored every avenue to try to keep the business going. However, in the end, the combined effects of the pandemic, inflation, and the economic slowdown have proved too much despite our best efforts. First and foremost, we are deeply saddened for our staff, customers, suppliers, and investors, all of whom have given us such fantastic support over many years.”
Remarking on the acquisition, Brand Director at Queensmith Sam Nobes said:
“Ingle & Rhode focus on ethical engagement rings and fine jewellery aligns with Queensmith’s commitment to investing in sustainability and exceptional craftsmanship. Given their strength online and authority in such a similar niche to our own, the acquisition of Ingleandrhode.co.uk provides us with further momentum as we continue our digital expansion and grow our own brand of ethical, sustainable diamond jewellery.”
Record Growth for Queensmith
Queensmith’s acquisition comes on the back of a period of strong growth for the company, which reported a 33% increase in year-on-year growth for 2023 and record sales in the initial months of 2024. This acquisition mirrors the company’s earlier strategic move in 2023, where it acquired vashi.com following the latter’s bankruptcy.
Queensmith looks poised to continue this momentum, with; plans for expanding its online, retail, and manufacturing presence underway. This spring, Queensmith will open a new workshop and a Design & Innovation Centre in Hatton Garden, coupled with a significant recruitment drive to bolster its focus on UK manufacturing, experiential retail, vertical integration, and innovation in the ethical jewellery space.
Despite the acquisition, Queensmith has stated that it will not assume any financial liabilities or obligations towards Ingle & Rhode previous customers, suppliers, or service providers, indicating a clear demarcation in the transition process and a focus on moving forward with its strategic objectives.
