Lugano Diamonds & Jewelry, Inc. (“Lugano”), a designer,
manufacturer and marketer of high-end, one-of-a-kind jewelry and a
subsidiary of Compass Diversified (NYSE: CODI), announced the
appointment of Frederic Cumenal, former President and CEO of
Tiffany & Co., and David Arnold, Vice Chairman of Penske Media
Corporation’s Robb Report, to its Board of Directors. Mr. Cumenal
and Mr. Arnold will also each make an investment in Lugano to
become minority shareholders.
Mr. Cumenal brings unparalleled expertise in the jewelry
industry to Lugano’s Board, as well as decades of experience
leading some of the world’s most recognizable luxury brands. He
previously led one of the world’s premier jewelers and luxury
retailers, Tiffany & Co., serving as its President from 2013 to
2017 and CEO from 2015 to 2017. Prior to Tiffany, Mr. Cumenal spent
15 years at LVMH and served in several senior roles, including CEO
and President at Moët & Chandon S.A. He currently sits on the
Boards of Blue Nile, one of the world’s largest online jewelers,
and Mack-Cali Realty Corporation.
Mr. Arnold joins the Lugano Board with over twenty years of
experience leading and growing brands in the luxury media space. He
is currently the Vice Chairman of Robb Report, a luxury lifestyle
magazine covering the latest in luxury cars, yachts, aviation,
fashion and more. In this role, Mr. Arnold is responsible for
growing the brand’s presence in the global luxury space through new
partnerships and successful event franchises. Prior to joining Robb
Report, Mr. Arnold spent 13 years at Hearst Corporation—seven years
as the publisher of House Beautiful, and six years at Town &
Country.
“We are excited to welcome Frederic and David to Lugano’s Board,
and we are eager to benefit from their collective wealth of
knowledge and expertise in the luxury retail space as Lugano
prepares for its next stage of growth,” said Patrick Maciariello,
Chairman of Lugano and COO of CODI. “Frederic and David have
tremendous experience leading some of the world’s most recognizable
jewelry, luxury and lifestyle brands, and their addition will
provide valuable guidance during this transformational period in
Lugano’s story. Together, we will continue to build on Lugano’s
strong position in the high jewelry industry.”
“I am honored to join this company’s Board at such a pivotal
time for growth,” said Mr. Cumenal. “Lugano’s talented team
demonstrates a breadth of excellence and skilled management across
all sectors of its business, and I have tremendous respect for the
quality of materials and craftsmanship in Lugano’s pieces. I am
confident that the combination of world class, one-of-a-kind
designs, intimate retail environments and a focus on building
long-lasting client relationships has the company poised for
long-term success.”
Mr. Arnold added, “Lugano has leveraged a deep understanding of
its target customer to create a unique, event-driven marketing
strategy. By investing in the local community to make an impact
through its charitable and philanthropic efforts, Lugano has
established a recognizable, trusted presence in high-value luxury
goods markets and with local leaders across the country. The
genuine relationships Lugano forms with its customers is a
testament to both its world class products and the differentiated
approach it uses to sell them, and I look forward to supporting the
Company’s continued success.”
About Lugano Diamonds & Jewelry, Inc
Founded in 2004 and headquartered in Newport Beach, California,
Lugano is a designer, manufacturer and marketer of high-end,
one-of-a-kind jewelry. Lugano conducts sales of its exclusive
merchandise via four retail salons in Newport Beach, Aspen, Palm
Beach and Ocala, as well as via pop-up showrooms at Lugano-hosted
exclusive events. These salons offer an intimate sales experience
where clients can schedule private, no-pressure appointments to
view, try on and discuss jewelry. Lugano-sponsored events provide
an opportunity for existing or new clients to network among
like-minded individuals and to bond over common interests in fine
arts, charity and sporting activities.
About Compass Diversified (“CODI”)
CODI owns and manages a diverse set of highly defensible North
American middle market businesses. Each of its current subsidiaries
is a leader in its niche market.
Leveraging its permanent capital base, long-term disciplined
approach and actionable expertise, CODI maintains controlling
ownership interests in each of its subsidiaries, maximizing its
ability to impact long-term cash flow generation and value
creation. CODI provides both debt and equity capital for its
subsidiaries, contributing to their financial and operating
flexibility. CODI utilizes the cash flows generated by its
subsidiaries to invest in its long-term growth and has consistently
generated strong returns through its culture of transparency,
alignment and accountability.
CODI’s ten majority-owned subsidiaries are engaged in the
following lines of business:
- The design and marketing of purpose-built technical apparel and
gear serving a wide range of global customers
(5.11);
- The manufacture of quick-turn, small-run and production rigid
printed circuit boards (Advanced Circuits);
- The design and manufacture of custom packaging, insulation and
componentry (Altor Solutions);
- The manufacture of engineered magnetic solutions for a wide
range of specialty applications and end-markets (Arnold
Magnetic Technologies);
- The design, engineering and marketing of dial based fit systems
delivering a scientifically proven performance advantage for
athletes (BOA Technology);
- The design and marketing of wearable baby carriers, strollers
and related products (Ergobaby);
- The design, manufacture, and marketing of high-end,
one-of-a-kind jewelry (Lugano Diamonds);
- The design and manufacture of baseball and softball equipment
and apparel (Marucci Sports);
- The manufacture and marketing of portable food warming systems
used in the foodservice industry, creative indoor and outdoor
lighting, and home fragrance solutions for the consumer markets
(Sterno); and
- The design, manufacture and marketing of airguns, archery
products, optics and related accessories (Velocity
Outdoor).
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements with regard to the expectations
related to the future performance of Lugano and CODI. Words such as
"believes," "expects," “will,” “anticipates,” “intends,”
“continue,” "projects," “potential,” “assuming,” and "future" or
similar expressions, are intended to identify forward-looking
statements. These forward-looking statements are subject to the
inherent uncertainties in predicting future results and conditions,
some of which are not currently known to CODI or Lugano. In
addition to factors previously disclosed in CODI’s reports filed
with the SEC, the following factors, among others, could cause
actual results to differ materially from forward-looking
statements: difficulties and delays in integrating Lugano’s
business or fully realizing cost savings and other benefits;
business disruption following the closing of the transaction;
changes in the economy, financial markets and political
environment; risks associated with possible disruption in CODI’s or
Lugano’s operations or the economy generally due to terrorism,
natural disasters, social, civil and political unrest or the
COVID-19 pandemic; future changes in laws or regulations (including
the interpretation of these laws and regulations by regulatory
authorities); general considerations associated with the COVID-19
pandemic and its impact on the markets in which we operate; and
other considerations that may be disclosed from time to time in
CODI’s publicly disseminated documents and filings. Further
information regarding CODI and factors which could affect the
forward-looking statements contained herein can be found in CODI’s
annual reports on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K. Forward-looking statements speak only
as of the date they are made. Except as required by law, CODI
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Relations:The IGB Group
Leon Berman 212-477-8438 lberman@igbir.com |
Media Contact:Joele Frank,
Wilkinson Brimmer KatcherJon Keehner / Kate Thompson / Lyle
Weston212-355-4449 |
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