Iconic Fabergé brand changes hands in $50 million sale
Mining company Gemfields has decided to focus on its core business and sold its most famous brand
The British company Gemfields Group Limited has sold the legendary Fabergé brand to the American investment firm SMG Capital LLC in a $50 million deal, according to a Gemfields press release.
The company stated that the sale of Fabergé will enable it to focus on its core business of mining gemstones in Mozambique and Zambia, as well as strengthen its balance sheet.
Gemfields Group has owned Fabergé since 2012.
The brand’s new owner is serial entrepreneur Sergey Mosunov, who plans to continue developing Fabergé as a luxury name in jewelry, accessories, and watches.
Fabergé was founded by Gustave Fabergé in 1842 and is best known for the 50 jewel-encrusted eggs commissioned by the Russian Imperial family between 1885 and 1916.
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