Dutch investment firm Mentha Capital has acquired a majority stake in Lucardi, the largest jewellry retail chain in the Netherlands.
Lucardi was founded in 1985 and now has over 100 stores, selling a wide range of gold and silver jewellry, watches and accessories. It employs 500 staff and operates an online platform alongside its traditional store network.
The investment by Mentha will be used to grow the store network further, both in the Netherlands and abroad, and expand Lucardi’s online activities.
Lucardi’s current owner Ayad al Saffar will remain a significant shareholder and continue in his strategic advisory role.
Theo Koomen, CEO of Lucardi, said: “Last year, Lucardi started expanding its store network with the aim to add another 30 stores as we still see a lot of room to grow in the Netherlands. We feel Mentha can assist us with the realisation of this plan and together we will be able to grasp international opportunities that lie ahead. This partnership uniquely combines retail knowledge and experience with execution of growth strategies, while ensuring stable development and further professionalisation of our organisation.”
Barend Rutten, Investment Director at Mentha Capital, added: “We are impressed by Lucardi’s successful omni-channel strategy executed so far and are convinced that the company is able to strengthen and expand its niche position in the fast-changing retail market. We look forward to actively support Lucardi in its next phase of development.”