Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Secondhand luxury jewelry marketplaces Worthy and CIRCA to merge

Published 10/26/2023, 03:01 PM
Updated 10/26/2023, 03:06 PM
© Reuters.

By Abigail Summerville

(Reuters) - Privately held U.S. fine jewelry and luxury watch marketplaces Worthy and CIRCA Jewels told Reuters on Thursday they will merge to create a company worth more than $100 million.

The deal comes as a high inflation rate and slowing economy has sent many consumers with tight budgets into the arms of secondhand retailers, such as The RealReal (NASDAQ:REAL), Poshmark and ThredUp.

Worthy and CIRCA connect sellers and buyers of pre-owned fine jewelry and watches, with Cartier and Rolex being the most-traded signed jewelry and watch brands on the platforms.

The companies said they will continue to operate under their own banners for now. Worthy's Steven Schneider will continue to serve as chief executive officer while CIRCA CEO Oren Schneider will become General Manager.

"You have to have deep product expertise and have a path to create transparency and value and I think we do that better than anyone else in the market, certainly as a combined business," Steven Schneider said in an interview.

Worthy made headlines last year when actress-model Shanna Moakler, the ex-wife of Blink 182 band member Travis Barker, auctioned off her engagement ring for nearly $100,000 on the platform.

The global secondhand luxury goods market rose to 43 billion euros ($45.40 billion) in 2022, with watches and jewelry accounting for a majority of the category showed a report from consultancy Bain & Co.

Worthy's stakeholders include Israeli investment firm Viola Group and the investment division of Israeli insurance company The Phoenix, while CIRCA counts New York venture firm Adama Partners as an investor.

($1 = 0.9471 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.