KUALA LUMPUR, March 23 (Bernama) -- Great Heights Inc and its subsidiary Clean Origin LLC, leading online DTC retailers of lab-grown diamonds, engagement rings and jewellery have announced a US$20 million equity investment from TCL North America Inc (TCL Inc), a wholly-owned subsidiary of Titan Company Limited - an Indian luxury products company known for manufacturing jewellery and watches - to further expand the business. (US$1 = RM4.211)
Clean Origin plans to use the funds to scale its operations, strengthen its supply chain, invest in omnichannel retail experiences, leverage cross border Indian-American synergies, and build a fortress balance sheet to further dominate the lab-grown diamond engagement ring industry.
This transaction values Great Heights Inc at approximately US$132.8 million on a pre-money valuation basis and US$152.8 million on a post-money valuation basis and creates no change of control nor direction for the company who maintains majority control.
As part of the deal, Ajoy Chawla, CEO Jewellery Division of Titan Company Limited will join Great Heights Inc board of directors; and, Titan will own approximately 13.09 per cent of the economic interest and 17.54 per cent of the voting control in Great Heights Inc.
“We are delighted to choose Titan as a partner and look forward to welcoming Mr Chawla to our board of directors,” said Alexander Weindling, Co-Founder and CEO of Clean Origin and Great Heights Inc in a statement.
“Titan brings more than simply cash to fuel our growth, but deep expertise in the international manufacturing, control, and logistics of bespoke diamond jewellry across a global platform.”
Clean Origin is on a mission to hold the diamond industry to a higher standard, with a new, environmentally conscious, and conflict-free process that gives everyone peace of mind when purchasing diamonds.
Each diamond is lab-grown using a craft that mirrors the natural growing process creating molecularly identical stones without the destructive force of mining or its murky ethics. All diamonds are 100 per cent real, 100 per cent ethical and independently certified to meet the highest standard of quality.
Clean Origin is the largest retailer of purely lab-grown diamond jewellery in the U.S.
For more information, visit www.cleanorigin.com.
-- BERNAMA
No comments:
Post a Comment