The assets of bankrupt estate jeweler to the stars, Fred Leighton, have just been purchased by Kwiat Enterprises, LLC and two partners for $25.8 million in a deal that many believe will align the two brand names for a match made in high-end jewelry heaven.
The business deal will mean that Kwiat and its partners will take control of the Fred Leighton business, including its two boutiques (one in New York and one in Las Vegas) although the retail stores won’t be changing their name as a result of the restructuring. Fred Leighton is extremely popular among Hollywood stars that are frequently spotted wearing the luxurious brand on the red carpet. 102-year-old Kwiat, on the other hand, is more widely known for its dramatic contemporary and classic diamond jewelry.
In April 2008, Fred Leighton filed for Chapter 11 bankruptcy protection, and after a long year in court, a bankruptcy judge finally signed an order that allowed for the sale to Kwiat on November 2.
Spokesmen from Kwiat note, “The Fred Leighton team is very strong and the core of the team is remaining.” Fred Leighton responded to the story by saying, “The Fred Leighton Madison Avenue flagship is a New York landmark. It is a bastion for the rarest and most collectible estate jewelry from every period of design history. With a 100-year history of their own, the Kwiat family has embraced this, and I am confident that under their guard ship, Fred Leighton will continue to be the preeminent antique jeweler in the world.” Kwiat adds, “Our customers understand that this jewelry holds long-term value and that these are investments of passion that can be family heirlooms.”
Via: National Jeweler