NEW YORK, October 26, 2023 – Worthy and CIRCA Jewels, two leading platforms that bring together sellers and buyers of pre-owned fine jewelry and luxury watches online and in-person, today announced that the companies will combine to form the most trusted and sophisticated specialty jewelry re-commerce platform in the market. The transaction values the combined company at over $100 million.
Steven Schneider, Chief Executive Officer of Worthy, said, “Today marks an important milestone for our company. We will take the best from both businesses to create the global, premier pre-owned luxury jewelry platform with significant scale, reach, and choices for our wholesale buyers and sellers.”
“Importantly, this combination positions us to capture the large addressable market opportunity in the high-end hard luxury segment,” he continued. “Today, the global value of diamonds, watches, and jewelry owned by consumers exceeds $5 trillion1 – yet the secondary market for those categories only reflects a small fraction of that. As we grow our supply base, seller relationships, product categories, and seller options, we will attract more customers and drive the significant expansion of this market. We look forward to embarking on this next chapter as we accelerate the company’s growth.”
Oren Schneider, Chief Executive Officer of CIRCA Inc., said, “Combining with Worthy creates an even larger, more powerful platform with greater scaling opportunities. Consumers are embracing luxury jewelry and watch resale now more than ever, and our combined platform is ideally positioned to capture this demand. Together, we will empower sellers by offering greater flexibility, either through in-office purchases or online auctions. Our category expertise and deep product knowledge creates a significant advantage over generalist resale platforms and will allow us to continue expanding the market, while bolstering our leadership position in the space.”
The combined company will deliver greater scale and accelerated growth for investors, with expectations of achieving annual gross merchandise value well above $100 million, an improved cost structure through integration synergies, and profitability in 2024. In addition, the combination will result in:
The combined company will continue to operate the Worthy and CIRCA Jewels banners independently. Steven Schneider will continue to serve as Chief Executive Officer and Oren Schneider will become General Manager of CIRCA Jewels. Terms of the transaction were not disclosed.
Worthy is the premier online auction house for diamonds, diamond jewelry, and luxury timepieces. We are disrupting a traditional industry through technology by bringing together supply-side consumers and demand-side wholesalers to facilitate frictionless trading at fair value via auction. Worthy offers sellers a safe, fast way of auctioning high-value items to a market of committed buyers, ultimately selling at the best market value. At the same time, by providing easily accessible & guaranteed item descriptions, buyers enjoy a steady influx of deals suited to their business needs. Worthy continues to expand its leadership in the sector with support and funding from Viola Ventures, The Phoenix, Alejandro Weinstein and Eddy Shalev, among other investors.
With 20 offices worldwide, CIRCA is a specialist in the pre-owned hard luxury space. The company acquires high-end jewelry and watches from consumers through physical appointments and mail-in submissions. Our products are sold through our tender and e-commerce platforms, as well as the Hampton Estate Auction (HEA) division, both to consumers and the trade. Our mission is to provide the best service and best price to the owners of important diamonds, jewelry, and watches. To successfully execute our mission, we systematically capture and automate product market data, including pricing, demand, and digital marketing metrics. In addition to data science, we master the art of jewelry. We employ world-class experts in fine jewelry and watches with hundreds of years of combined experience.
1 Source: Circa, Inc.
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