Three years after buying back its company from Avon, a Silpada Designs says the Lenexa family-owned business is beginning the process of closing down.
Silpada Designs was founded by Jerry and Bonnie Kelly and Teresa Walsh. It began as a home party jewelry business but quickly expanded far beyond Lenexa, Kansas, USA.
In 2010, Silpada Designs sold their company to Avon Products Inc. for $650 million, but bought it back for a fraction of that at $85 million in 2013, according to the KC Business Journal.
In a news release sent out Tuesday afternoon, Silpada’s Vice President of Marketing, Andrea Carroll, says independent representatives will have through July 31st to sell Silpada jewelry and earn commissions.
A Silpada dealer posted the following on their Facebook page ahead of the official announcement.
“While we are deeply saddened, we
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Direct Selling Jewelry Company, Lia Sophia, Shutting Down
by Tina Williams • • 0 Comments
It was announced on their company call today that Lia Sophia will be shutting down. This comes as a surprise as until a few days ago, distributors were heavily promoting the products and company. It is uncertain as to the reason or what will happen with pending transactions. The website is still active and future events remain on the calendar.
Lia Sophia is a family owned business that was founded by Victor Kiam under the name Lady Remington several decades ago. It is currently run by Elena and Tory Kiam.
Their website describes the company as:
Versatile style is the theme of our latest collection, but it’s true of lia sophia year after year. The beautiful jewelry we create works in every moment of a woman’s life, from the easy way our pieces coordinate to individual styles that transform into multiple looks. The designs are timeless, and so is the quality, with every piece backed by our unmatched Lifetime Replacement Guarantee. And this season, more than 60% of the collection is priced at less than $50.
Women are at the heart of lia sophia, sharing and connecting over our designs all around the country. We consider our Hostesses and Advisors extended family, and we’re proud of the