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Share to Twitter Share to Linkedin In a surprise announcement, online jeweler Blue Nile said Monday that it has entered into an agreement to be acquired by an investor group comprised of funds managed by Bain Capital Private Equity and Bow Street LLC . The all-cash deal is valued at $500 million. The announcement came at the same time the Seattle-based company released its third quarter earnings report that disclosed a 4.3 percent drop in net sales. The report was issued without comment and a conference call scheduled for Monday was abruptly canceled. Bain Capital and Bow Street will acquire 100 percent of the outstanding shares of Blue Nile common stock. Blue Nile stockholders will receive $40.75 in cash per share, representing a premium of approximately 34 percent over Blue Nile's closing price on November 4. The deal, which requires customary closing conditions, including the approval of Blue Nile's stockholders and regulatory approvals, is expected … [Read more...] about Blue Nile To Be Acquired By Bain Capital and Bow Street, Goes Private, Q3 Sales Down 4.3%

This story is part of Fast Company’s Most Creative People in Business 2022 . Explore the full list of innovators who broke through this year—and had an impact on the world around us. advertisement advertisement “In everything that we do, one of the first questions I ask is, ‘What’s the intention of this?'” says Kingsley Gbadegesin of his queer-focused fashion brand K.ngsley . The Brooklyn-based, Nigerian-American designer worked in sales and marketing for Versace, Celine, and Loewe before spinning out his own company in 2020 with a line of cut-out tank tops inspired by a DIY club look he once made with a pair of scissors and a white tank top. His tops are now carried by Nordstrom, Ssense, The Culture Edit, and Moda Operandi, and have been worn by celebrities that include Lil Nas X, Jack Harlow, and Zaya Wade. Last year, Gbadegesin expanded K.ngsley into a full-fledged fashion brand with the launch of a ready-to-wear collection of genderless … [Read more...] about This is what fashion looks like when queerness is at the center

Last August, sorority rush at the University of Alabama exploded on TikTok with Greek letters, glitter, and teenage girls explaining their #OOTD, or outfit of the day. The videos generated millions of views as people watched new college students share carefully curated ensembles for each round of the recruitment process--name-dropping well-known brands like Shein, Target, Kendra Scott, Kate Spade, and Steve Madden. But one unfamiliar name kept getting mentioned: the Pants Store. Founded as a wholesale warehouse for pants in 1950 in Leeds, Alabama, the Pants Store is a third-generation family business run by Michael Gee, whose grandfather started the company out of the trunk of his car. Not being a TikTok user, Gee had no idea his business had gone viral on the platform last year. It was his then-14-year-old daughter who told him. In just one week, online sales soared by more than 600 percent year-over-year. Orders from out of state--particularly from other college … [Read more...] about How this Family-Owned Retailer Capitalized on RushTok

Share to Twitter Share to Linkedin It hides in plain sight in a Seattle neighborhood. A building that would not attract even a hint of curiosity. Inside it’s a bit of a different story as this seemingly bare-bones structure serves as the fulfillment center for Blue Nile , the world’s largest Internet retailer of diamond jewelry. It’s easy to view Blue Nile solely as an early eCommerce success story but perhaps its greatest feat is the ability to produce and ship jewels in a highly efficient manner  based on the individual requirements of an online order. This efficiency is one of the ways it earns the trusts of customers making a highly emotional purchase. The nondescript nature of the facility is due to security concerns. The merchandise is highly valuable, consisting of diamonds, colored gems and precious metals. Inside, multiple doors are used to enter and leave certain areas for security purposes. Workers were not identified in the story for the same … [Read more...] about How Blue Nile Delivered A Million Pieces Of Bridal Jewelry

Share to Twitter Share to Linkedin An investor group comprised of Bain Capital Private Equity, Bow Street and Adama Partners completed the acquisition of online diamond and jewelry retailer, Blue Nile, Friday for $40.75 per share in cash, the Seattle-based company said in a statement. A Securities and Exchange Commission 8-K document said the “total amount of funds used to complete the merger and related transactions and pay related fees and expenses was approximately $520 million.” The transaction was first announced on Nov. 7, 2016 , and was approved by Blue Nile's shareholders on February 2. Trading in Blue Nile’s common stock on NASDAQ will end February 21. “Blue Nile has disrupted and transformed the way consumers shop for and purchase diamonds and fine jewelry by creating price transparency while simultaneously providing value to suppliers,” said Blue Nile chairman, CEO and president Harvey Kanter. “As we enter the next phase of growth, Blue Nile will … [Read more...] about Blue Nile Acquisition Completed, Company To Go Private

Share to Twitter Share to Linkedin One of the ways that the Biden Administration and the Democratic Congress has tried to deflect the opprobrium for the inflation spike of the last year or so has been to blame the middlemen—those entities that facilitate transactions between buyers and sellers—for contributing to high prices without providing anything of value for what it receives. In the last few months it has investigated the prescription drug market , online platforms operated by big tech companies, oil and gas producers , and food delivery apps , to name but a few. Last week Senator Durbin signaled he is considering adding only Mastercard and Visa to this list by introducing legislation that would mandate that credit cards be enabled with at least two unaffiliated networks, which would require the replacement of every credit card currently in circulation with a new, more expensive card for consumers. The legislation mirrors the so-called … [Read more...] about A Durbin Amendment For Credit Cards Will Reduce Their Ubiquity And Do Nothing To Reduce Inflation

Share to Twitter Share to Linkedin The reconciliation bill Democrats in Congress are about to pass will impose price controls on prescription drugs for Medicare beneficiaries (although they are couched in terms of price negotiation). Critics note that the measure would lead to fewer new drugs , fewer cures, more avoidable deaths, and higher drug prices for the private sector. University of Chicago economist Tom Philipson estimates that because of the price controls there will be 135 fewer new drugs in the next two decades – causing a loss of 331.5 million life-years in the U.S. That is a reduction in life spans about 31 times as large as from Covid-19 to date! Still, public opinion polls show high approval for the proposal. Why is that? In all likelihood it’s because voters realize there are problems that need solving. Here are some better solutions. Give Medicare enrollees access to rational insurance. In a proper insurance … [Read more...] about Better Solutions For Rx Problems

Share to Twitter Share to Linkedin In case you never heard of the EchoPark chain of used-car stores — you probably will. Sonic Automotive Inc. is hiring advertising agency VaynerMedia to handle all aspects of nationwide marketing and advertising for Sonic’s EchoPark Automotive chain of used-car-only stores. That’s a significant milestone towards making EchoPark a truly national brand. Up to now, Sonic’s EchoPark locations were too few, and too scattered, to make coast-to-coast marketing and advertising worthwhile. “We always knew we wanted to create a national brand. We feel like now is the time,” said David Smith, Sonic chairman and CEO, in a phone interview. “Before, we had a lot more targeted advertising, and we couldn’t afford national advertising,” for the EchoPark brand. Gary Vaynerchuk, CEO of VaynerMedia, New York, said in a separate phone interview that having a single agency responsible for creative, strategic, analytical, … [Read more...] about Sonic Auto Hires VaynerMedia Ad Agency, To Take Its EchoPark Used Car Brand National

Share to Twitter Share to Linkedin Signet Jewelers, one of the world's largest fine jewelry retailers, said Tuesday that it has signed an agreement to acquire online fine jewelry retailer, Blue Nile, Inc., for $360 million in an all-cash transaction. Signet, in a statement, says Blue Nile delivered revenue of more than $500 million in calendar year 2021. Signet Jewelers , based in Akron, Ohio, currently owns the jewelry brands, Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, JamesAllen.com, in the U.S.; Peoples, H. Samuel, Ernest Jones in the U.K.; and the jewelry subscription service, Rocksbox Calling it a “strategic acquisition,” Signet in its statement says that adding Blue Nile to its portfolio “accelerates Signet's efforts to expand its bridal offerings and grow its ‘Accessible Luxury’ portfolio while extending its digital leadership in the jewelry category.” The company adds that Blue Nile’s customer base is younger, more … [Read more...] about Signet Jewelers To Acquire Blue Nile For $360 Million In Cash

If you're serious about bringing your ideas for products to market, you should absolutely attend trade shows. They're always eye-opening. The only way to truly understand the mechanics of any industry is by attending its trade shows. One guarantee? You'll be overwhelmed. I've attended all kinds of shows over the course of my career as a product developer , including toys, back-to-school, pet, housewares, hardware, electronic, promotional, music, and more. Checking out the latest innovations and making new friends at a trade show never fails to inspire me. But I've also wasted a lot of time attending the wrong shows and not having clearly defined goals. When you're starting out, it's especially important that you make good decisions. Your resources are limited! Preparation is key. At trade shows, I meet inventors who have spent years and tens of thousands of dollars getting ready to show their product to the world. They've paid for a booth and now today's the big … [Read more...] about What Inventors Need to Know About Trade Shows