Victoria & Co. reverses its fortunes

What a difference four years has made for Victoria & Co. of Warwick.

In 1995, the costume jewelry manufacturer’s future appeared bleak as the company went into receivership. Little did anyone know that the company’s stint in the dumps would be short lived and its climb back to the top so swift.

Last month, Victoria – formerly named Victoria Creations – purchased The Napier Company in Meriden, Connecticut, a move that put them among the leading costume jewelry makers in the country.

“With the purchase of the prestigious Napier brand, Victoria & Co. continues its dramatic re-emergence as a leading jewelry maker,” said Robert M. Andreoli, chairman of the company. “It’s nice to be number one in the industry. It gives us a better platform from which to work with retailers.”

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He added that Napier, formed before the turn of the century, has been a leader in the manufacturing of classic costume jewelry, an area in which Victoria lacked a presence.

Victoria has more than 550 employees at its manufacturing, distribution and warehousing locations in Warren, Warwick and Providence locations. There are another 350 employees at Napier. As part of the acquisition, the company expects to add between 50-100 more position in the next two years.

Along with pulling Napier into its mix, the 37-year-old company has found success by acquiring licenses and brands for companies like Nine West, Givenchy and Richelieu. Victoria reported approximately $350 million in retail sales last year.

Things were not always as good for the company in the 1990s.

United Merchants and Manufacturers, a New Jersey textile company that had a 79-percent interest in Victoria Creations, filed for receivership in 1996 and in so doing took Victoria with them.

“Victoria was making money at the time, but we were brought in with them,” said Andreoli, who founded the company in 1962. He named the company after his daughter, who was born that year.

Several months later, Andreoli was approached by a group of investors who wanted him to join them in buying the assets of Victoria. In July of 1996 Andreoli did just that. It was important for the new team of investors to make Victoria a well-rounded jewelry manufacturer in order to stay competitive.

“The retail prices for our products range from $7.50 to $150 and they can be purchased at stores ranging from KMart to Bloomingdale’s,” he said.

The acquisition of Napier just follows its mission of creating diverse products.

“The move was a way of rounding out our portfolio,” said Pat Stensrud, the company’s vice chairman and chief executive officer. “Napier’s strength is more of a classical costume fashion, which happens to be one of the biggest consumer segments for costume jewelry. Napier will strongly complement our other products.”

Stensrud and Andreoli said they expect to continue to find partnerships with other companies, like the agreement they have to produce jewelry under the name of Nine West. The company would like to be known beyond jewelry and instead wants to fall under the general category as an accessory company.

Andreoli said pocketbooks, watches and scarves are all areas that could be tapped into. He added that it is important for the company not to rely on one particular source of business.

“None of our licensing agreements represent more than 15-20 percent of our business, so if we lose one – which we don’t do – it doesn’t have as much of an impact on the business,” Andreoli said.

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