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Brother, Can You Spare 10 Million?
House of Taylor Jewelry, which suffered losses for its fiscal year 2005, has secured $10 million in financing from investors to buy inventory and to use for marketing and working capital.
House of Taylor Jewelry saw sales of $5.61 million and a net loss of $3.5 million for the year ended Dec. 31, 2005. It attributes the loss to numerous factors, including a restructuring, a focus on designing and sourcing new products; developing sales and marketing strategies; reducing inventory of discontinued product; and increased research, development and marketing, according to a May 1 2006, press release from the company.
In May 2005, the company underwent a restructuring after acquiring the licenses to market jewelry under several new brand names including Elizabeth and House of Taylor Jewelry (both designed by Hollywood legend Elizabeth Taylor) and Kathy Ireland for House of Taylor Jewelry (designed by retail mogul and former model Kathy Ireland).
The company launched the new merchandise during the Las Vegas market week in June. In connection with the restructuring, the company saw one-time expenses of $656,000 and non-cash amortization of about $590,000. This year, it will be back in Vegas with new merchandise.
Is there such a thing as a "Born Again Sucker?" Sure looks like it!
