Mayors Jewelers To Be Sold To British Holding Company

Birks Yorkdale store in North York, Ontario, Canada

In a multi-tiered deal Canadian jeweler, Birks Group, has agreed to sell its U.S.-based subsidiary, Mayors Jewelers, to British holding company, Aurum, in a transaction valued at $104.6 million.

As part of the transaction Birks entered into a five-year distribution agreement with Aurum to sell Birks fine jewelry in the U.K. through Aurum-owned retailers, Mappin & Webb, Goldsmiths, and on its e-commerce sites. In addition, the Birks collections will continue to be sold in the United States through Mayors’ stores.

“The agreement is an important achievement in the company’s strategy to develop the Birks brand into a global luxury brand,” Birks said in a statement.

The transaction, subject to specified closing conditions and purchase price adjustments, is expected to close in the fall of 2017.

Birks is a Montreal-based designer and manufacturer of jewelry that it retails (along with timepieces and gifts) through approximately 30 luxury jewelry stores in Canada under the Birks and Brinkhaus brands, and through a wholesale network. It also owns the U.S. luxury jewelry retail chain, Mayors Jewelers, which has approximately 17 stores in Florida and Georgia.

Aurum Holdings is the largest prestige luxury jewelers and timepieces retailer in the U.K. with approximately 140 stores and online retail sites. Its portfolio includes Watches of Switzerland, Goldsmiths, Mappin & Webb, Watchshop, The Watch Hut and The Watch Lab.

Birks in a statement said proceeds from the transaction will be used by to continue its “strategic growth initiatives,” specifically to invest in its Canadian stores and new store concepts, as well as in its whole activities and e-commerce, as part of the “company’s omni-channel plan.” Transaction proceeds will also be used to pay down outstanding debt under the company’s senior secured credit facilities that include term debt and working capital debt associated with Mayors.

“This transaction is a significant step in our efforts to strengthen our balance sheet to better position the company for growth as well as long-term shareholder value,” Jean-Christophe Bédos, president and CEO of Birks Group, said in a statement. “We believe that monetizing the value of Mayors gives us the ability to execute our strategic vision of investing in the Birks brand together with the retailing of internationally renowned jewelry and timepiece brands in Canada, thus transforming Birks into a global, omni-channel business.”

He added, “This transaction with Aurum also opens the doors to the U.K. market for our jewelry collections and we are extremely proud to join such a prestigious network as Aurum’s under the Mappin & Webb and Goldsmiths banners.”

Brian Duffy, president of Aurum, said in a statement the purchase of Mayors works within the British company’s plan “to be an important part of the Swiss watch market in the USA.” The company recently announced that it will open a flagship Watches of Switzerland store in the new Hudson Yards development in New York.

“We have admired Mayors for some time and see a great deal of similarities with how we operate our business in the U.K. Mayors,” he said.

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Royal China for the Royal Baby Available for Purchase

The official trust of the royal family has released a set of china commemorating the new son of Prince William and Catherine, Duchess of Cambridge.

Royal Collection Trust presented the official range of china Wednesday and has made it available for preorder. The items are decorated with scrolls incorporating the name and birth date of their son (who has reportedly been given the title of Prince of Cambridge), with the lion and unicorn from the Royal Arms supporting the coronet of the duke and duchess of Cambridge, surrounded by oak leaves from the Middleton coat of arms.

The four-piece set was be made in Stoke-on-Trent, a pottery center in Staffordshire, England, by the same potteries that produced the official china celebrating the marriage of The Duke and Duchess of Cambridge in 2011, and marking The Queen’s Diamond Jubilee in 2012 and the 60th anniversary of the Coronation this year. Using methods and techniques that have remained unchanged for 250 years, every item is hand-made from fine bone china and gilded in 22K gold before being gift-wrapped in tissue paper and boxes designed for the occasion.

The items include a pillbox for 30 British pounds ($46), a small loving cup for 39 pounds ($60), a dessert plate for 45 pounds ($70) and a limited-edition loving cup for 195 pounds ($300), of which 2,013 will be produced. Three of the items are pictured above.

All profits from the sale of the china are dedicated to The Royal Collection Trust, a registered charity. The Royal Collection is one of the largest and most important art collections in the world, and one of the last great European royal collections to remain intact. It is held in trust by The Queen as Sovereign for her successors and the nation. It is not owned by her as a private individual. The aim of The Trust are the care and conservation of the Royal Collection, which receives no public funding, and the promotion of access and enjoyment through exhibitions, publications, loans and educational programs.

“The range is contemporary in style, while maintaining the traditional formality of royal commemorative china,” said Nuala McGourty, Royal Collection Trust’s retail director. “The design also makes reference to the heritage of both parents.

The china can be preordered online by following this link.  

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Royal Gifts For Royal Babies Past

The Portland Font, a private christening basin commissioned by William Bentinck, third duke of Portland , for the birth of his first grandson in 1796. Photo credit: British Museum

Tradition is very much a part of Britain’s Royal Family but when it comes to newborns the practice of gift giving has a lot of leeway, said Geoffrey Munn, one of Britain’s foremost authorities on antique jewelry.

“In the past there’s been a whole range of things given to high ranking royal babies,” Munn said Monday from Wartski, where he serves as managing director. The antique dealership has a “royal warrant of appointment,” making it one of a handful of jewelers that supply goods and services to the royal family.

From the beginning of the royal monarchy to the early part of the 20th Century, baby deaths were a common occurrence, even among royal families. Because of this, a popular gift to a royal newborn in past centuries was a gold rattle with a handle made of red coral.

“The coral was used as a talisman to keep away evil spirits,” Munn said. “Some people adhere to it now with the use of a red silk, but it’s a very, very, ancient thing.”

Gifts to newborns are often conservative, Munn said. A small string of pearls for a girl and cufflinks for a boy were common gifts. The more elaborate gifts were reserved for the christening, the most important moment in a royal infant’s life. Again, in the past baptisms were done as quickly as possible because of the high chance of infant deaths. Of course, they are still done while the baby is an infant.

“The baptismal is a crucial part of an existence of a child and a royal child even more so,” Munn said. “Until the 17th Century its offspring was thought to be there by divine right, and thought to be chosen by God. Then the baptism was even more crucial.”

For the royal baby who has everything probably the most elaborate christening gift is the personal baptismal font (basin). They were often kept in the possession of families to be used for generations. The only known example of a private basin is on view at the British Museum: The Portland Font (top photo). It was commissioned by William Bentinck, third duke of Portland (1738-1809) for the birth of his first grandson in 1796.

The detachable bowl of the gold and marble basin rests on four winged cherub feet, surrounded by three free-standing sculptural figures representing the Cardinal Virtues. These are: Faith (standing with a cross and her hand held over the bowl in the act of benediction), Hope (seated, holding a symbolic anchor) and Charity (seated and shown comforting children). It was designed by Humphrey Repton and built by Paul Storr, one of the best known goldsmiths in London.

Christie’s London held an auction in November 2009 of “Property From the Late Duke and Duchess of Kent and Families,” which gave other examples of the types of gifts given at christenings. 

Austrian-made silver gilt service was given in 1907 to Princess Marina of Greece and Denmark, who would become the Duchess of Kent. The gift was from Princess Thayer of Hanover and Duchess of Cumberland. Photo Credit: CHRISTIE'S IMAGES LTD. 2013

For example, a tasteful Austrian-made silver gilt service was given as a christening gift in 1907 to Princess Marina of Greece and Denmark, who would become the Duchess of Kent. The gift was from Princess Thayer of Hanover who was also the Duchess of Cumberland. The tapering on the beaker and the flatware are stamped with husks and shells. The set consists of a tablespoon, teaspoon, fork, a knife with silver-gilt blade, and a knife with steel blade. Each piece is engraved with the initial M below a Royal crown. The leather covered case was marked with J.C. Klinkosch, Vienna, dated 1907 with Imperial Warrant. The inscription reads “from Great Aunt Thyra 1907.” 

George VI silver flatware set given in 1942 to Prince Michael of Kent. Photo Credit: CHRISTIE'S IMAGES LTD. 2013

An even more modest example of a christening gift was given in 1942 to Prince Michael of Kent. It was a George VI silver flatware set of a fork, knife and spoon with facetted plain handles in a fitted case with an inscribed note. It was made by London silversmiths, Wakely and Wheeler. It sold at auction for 525 pounds ($806).

A personally inscribed Victorian silver gilt cup and cover from King Edward VII and Queen Alexandra in 1903 for their grandson, Prince George, Duke of Kent. Photo Credit: CHRISTIE'S IMAGES LTD. 2013

A more elaborate christening gift came from King Edward VII and Queen Alexandra in 1903 for their grandson, Prince George, Duke of Kent. It was a Victorian silver gilt cup and cover with an inscription that reads: “To George Edward Alexander Edmund 4th Son of George, Prince of Wales and Victoria Mary, Princess of Wales from his Grandparents and Sponsors King Edward VII and Queen Alexandra at his Christening at Windsor Castle January 26th 1903.”

Shaped like an inverted bell, it is adorned with scroll handles and a detachable cover with baluster finish. A silver medallion depicts King Edward VII and Queen Alexandra. It has the mark of Elkington and Co., London, 1900.

Munn said that engravings that appear handwritten, such as what is on the gilt cup, are popular among royalty and is a common service of jewelers used by the royal family, including Wartski.

“What we usually do is engrave small cups of silver and that can be done in the facsimile of the parents handwriting,” he said. “Every generation of royalty has enjoyed facsimile of handwriting. It’s a very interesting procedure, taken up by the great jewelers. They all know how to do it.”

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