American pre-owned jewelry platform Circa Jewels has announced its merger with fellow American Worthy. Both companies will maintain their separate identities for the time being.
Worthy and CIRCA Jewels, two American companies specializing in the sale of high-quality jewelry and luxury watches, have announced their intention to merge. The value of the new company is expected to exceed $100 million.
The move comes at a time when high inflation and the economic slowdown have pushed many consumers back into the second-hand market, turning to platforms such as The RealReal, Poshmark and ThredUp.
“You have to have great product expertise and be able to create transparency and value, and I think we do that better than anyone else in the market, certainly as a combined company,” said Worthy CEO Steven Schneider
Worthy and CIRCA facilitate connections between buyers and sellers of pre-owned jewelry and watches, with Cartier and Rolex leading the way as the most popular brands on their platforms.
Preserving identities
For the time being, both companies plan to continue operating under their respective names. Steven Schneider, current CEO of Worthy, will retain his position, while Oren Schneider, current CEO of CIRCA, will take over as CEO of the new merged entity.
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