New York – American Exchange Group has acquired jewellery company Danecraft, the accessories company announced on Wednesday.
Founded in 1934 by the Primavera family in Providence, Rhode Island, Danecraft traces its roots to Italy in the early 1900s.
The company, best known for its Primavera Italy brand, manufactures fashion and fine jewellery. Its jewellery is sold at a variety of retailers, including Macy’s, Kohl’s, Belk, JCPenney, Burlington, Boscov’s and Meijer.
“This transaction marks an exciting new chapter for Danecraft, one that not only honours our heritage, but also propels us into a future of limitless possibilities,” said Danecraft CEO Victor Primavera.
“Danecraft will continue to create exceptional jewellery that captures the essence of generations past while embracing the trends of today. I know the company is in excellent hands with American Exchange Group, and our tradition of excellence will thrive.Alen Mamrout, CEO of American Exchange Group, said the company is looking to expand its influence in the jewellery industry.
Its existing portfolio of watch and jewellery brands includes Kendall & Kylie, Alexis Bendel, Ed Hardy and American Exchange.
“I am a firm believer in taking a holistic approach when looking for brands to add to our portfolio, focusing on opportunities that truly enrich and enhance the lives of our customers,” said Mamrout.
American Exchange Group plans to leverage its existing logistics structure, sourcing and manufacturing capabilities to expand Danecraft’s product offering.
With the help of Giant Propeller, a creative services and digital marketing company it recently acquired, American Exchange Group will develop a marketing and sales strategy for Danecraft and launch a direct-to-consumer channel.
“Together with Danecraft’s solid and long-standing retailer relationships, the two companies will work to expand distribution channels and introduce Danecraft to a variety of categories and audiences,” said American Exchange Group.
New York-based American Exchange Group owns a number of accessories companies including Aerosoles, Rocawear, Jones New York and Adrienne Vittadini.
