Alex and Ani eyeing new beauty line

JEWELRY company Alex and Ani Inc. plans to add beauty products to its portfolio in the near future, said CEO Giovanni Feroce to Providence Business News.
Posted 2/23/12

CRANSTON – Jewelry company Alex and Ani Inc. has its eye on adding beauty products to its portfolio in the near future, said CEO Giovanni Feroce to Providence Business News.

Feroce said that they are in talks that will “likely” result in some acquisitions in 2012. He said that Alex and Ani is a “lifestyle brand,” and the company is looking for opportunities to expand “where things line up.”

Right now, they are focusing on a beauty line, such as lotions, which will have all of the “positive energy” attributes that are characteristic of its jewelry lines.

But, Feroce said, Alex and Ani will have a controlling position in wherever it invests so that “we can always put out the product we desire.”

Feroce and Alex and Ani owner Carolyn Rafaelian met with U.S. Rep. James R. Langevin on Wednesday to show him their new headquarters as of Feb. 9.

“It’s important for decision-makers to see the other side of the conversation and not just the negative,” Feroce said.

The new corporate offices are located at Chapel View - a short distance away from its old ones - where the company is leasing 9,000 square feet of space and plans on expanding into another 13,000 square feet shortly. It will retain the old space, at 115 Pettaconsett Ave., where its manufacturing division Cinerama Jewelry is located.

“[The Cranston location] allows for tremendous opportunity for us to establish more markets to sell our product and make them in the U.S.,” Feroce said.

“Chapel View is the best strategic location for business in the state. It’s between 95 and 295 with 37 running across it. [You] can get to the airport … anywhere … we need to get to really quickly. It’s also close to our vendors that provide many of the components that we use in our products.”

Alex and Ani ranked No. 1 on the fastest-growing private companies’ list in the Providence Business News’ 2012 Book of Lists for the $250,000 to $5 million category. From 2008 to 2010, its revenue increased 306 percent.

The company added more than 200 employees in two years, a news release said. It has retail locations in Cranston, East Greenwich, Newport and Providence, as well as Boston, Martha’s Vineyard and Palm Beach, Fla.

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