Billionaire retailer Brett Blundy, known for his success in fast-fashion jewellery through the ASX-listed Lovisa chain, is now moving into the premium jewellery market with a new concept called Jewells.
Jewells, based in the UK, plans to open seven stores by the end of this month. This launch is just the beginning of a larger global expansion plan. The original goal was to open 15 stores, but Jewells faced challenges securing locations with UK landlords.
Blundy is one of Australia’s most successful retailers. He created Bras N Things in the early 1980s and has bought and sold stakes in companies like Adairs, Universal Store, and Accent Group. He lives in Monaco and has a fortune estimated at over $3 billion.
In a video filmed in London, Blundy described Jewells as an evolution of Lovisa. “Lovisa has been very successful worldwide, and customers love it,” he said. “Now, there is a demand for more elevated and elegant products. That is what Jewells aims to deliver.”
Lovisa, founded by Blundy in 2010, is a leading teen jewellery brand with nearly 1,000 stores in 50 countries. Blundy remains chairman and major shareholder of Lovisa.
“Our main job is to understand what customers want—even if they don’t know it yet—and then offer it in a way that appeals to them,” Blundy said. “There is a gap in the market, and it is our responsibility to fill it.”
The premium jewellery sector is competitive. Major players include Canada’s Mejuri and London’s Missoma, known for their stacking rings and chunky chains. In Australia, former Lovisa CEO Shane Fallscheer launched Harli + Harpa, a premium label, last year. Fallscheer helped build Lovisa into a major player over 12 years before leaving in late 2021. Harli + Harpa now operates 26 stores in Australia and two in South Africa.
According to UK regulatory filings, Lovisa’s chief financial officer, Chris Lauder, is listed as director of Jewells Retail. Lovisa Australia is the main shareholder, operating through Lovisa Holdings.
Victor Herrero, who became Lovisa’s CEO after Fallscheer, will leave the role at the end of this month. John Cheston will take over as CEO on June 4.
Blundy has appointed Australian Peter Bohn as Jewells’ CEO. Bohn, who did not respond to interview requests, has worked with Blundy on various projects over the years. He previously established the teen fashion jewellery chain Diva in Russia and Eastern Europe, a brand Blundy owned. Most Diva stores have since been rebranded as Lovisa.
Bohn also worked at Lovisa for a year before becoming a retail consultant in Europe.
“I am new to the premium jewellery space,” Bohn said in the video. “But no one is doing this on a serious, large global scale. I believe there is a real opportunity here. When Brett does something, it’s always on a big scale.”
Jewells is setting up a distribution center in the UK and is working on store designs and 500 new products.
Blundy emphasized attention to detail. “Retail is in the details,” he said. “From which way the cupboard opens, to how high the counter should be, and how wide the fixtures are.”
It is not yet clear what gross margins Jewells will achieve. Lovisa’s margins are around 82 percent, a remarkable figure. The brand develops over 100 new product lines each week.
Leah Uka, a former combat medic and now chief brand and operations officer at Jewells, said many High Street brands lack a strong story.
“We want to change that,” she said. “Our goal is to make jewellery sexy again.”
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