Queensmith acquires failed Vashi

By

Nigel TAYLOR

Published
May 15, 2023

Privately-owned London jeweller Queensmith has acquired recently-failed competitor Vashi.com’s domain for an undisclosed sum. Additionally, the buyer has also taken on a number of Vashi’s former employees who will join Queensmith’s 65 staff in London.

Queensmith Brand Director Sam Nobes said: “Vashi’s focus on bespoke jewellery and engagement rings, combined with its considerable investment in online and international expansion, made it a fortuitous strategic acquisition for the group.”

He added that its parent, Hearts of London Group, “is currently evaluating the strategic options for Vashi.com in the longer term, but a technical strategy is already in motion”.

Launched in 2016, Queensmith claims to be UK’s largest retailer of lab-produced diamonds as well as a pioneer of direct-to-consumer and omnichannel fine jewellery retailing.

Despite achieving sales of £100 million in 2021 and receiving a valuation of £250 million just months earlier, Vashi failed to secure further investment from backers, leading to the company’s closure in April. It had operated stores on both Bond Street and in Covent Garden and had planned a New York flagship.

However, 80% of Vashi’s business was conducted online, with the company having invested heavily in its website, brand and digital presence over the pandemic.