(8/6/2007)
John Hardy – the man who first came to Bali in 1975 to study silver-smithing and stayed to produce a line of fine jewelry sold in exclusive shops around the world has reportedly sold his stake in his very successful venture to his company president Damien Dernoncourt and creative director Guy Bedarida.
According to a report in Women's Wear Daily, Hardy's Company is believed to have had sales in the U.S. in 2006 totaling US$150 million. Producing gold and silver pieces with designs that draw their inspiration from the flora and fauna of Bali, John Hardy sells jewelry in the U.S.A., China, Japan, Russia and the Middle East.
All of the company's exports are produced in Bali, employing a workforce of 800 craftspeople.
The new owners of the company have worked with Hardy for between 5-10 years. Their purchase of the company for an undisclosed price was backed by a private equity firm with Lincoln International acting as a financial advisor for the transaction.
Relinguishing the reins to Dernoncourt, John Hardy will assume the job of brand visionary and international ambassador for the Company. John's wife, Cynthia, will remain with the Hardy line working as a merchandising consultant.
In a statement from Hardy, he said: "In a world of many possibilities, I have taken the necessary steps to ensure that the brand realizes its full potential. Damien has taken the reigns and I support him fully. I will now be able to do what I do best, which is to focus on environmental leadership, preservation of local culture and traditions, and social responsibility."
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