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Queensmith has announced the acquisition of Vashi.com’s domain following its liquidation, for an undisclosed sum.
In addition to purchasing the Vashi domain, Queensmith has also employed a number of Vashi staff who had been left redundant in the wake of its collapse.
Despite achieving sales of £100m in 2021 and receiving a valuation of £250m just months earlier, Vashi failed to secure further investment from backers, leading to the company’s closure in April 2023.
While not part of the deal, Vashi had opened physical stores in areas including London’s Bond Street and Covent Garden and store openings were also planned in New York.
Around 80% of Vashi’s business was conducted online with the company having invested heavily in its website, brand and digital presence over the pandemic.
Whilst Queensmith has acquired Vashi.com, Hearts of London (Group) Ltd and Queensmith will take on no financial liabilities of the company, responsibilities to its historical customers or obligations to deliver any unfulfilled Vashi.com orders.
Sam Nobes, brand director at Queensmith, said: “Hearts of London Group is currently evaluating the strategic options for Vashi.com in the longer term, but a technical strategy is already in motion.
“Vashi’s focus on bespoke jewellery and engagement rings, combined with its considerable investment in online and international expansion, made it a fortuitous strategic acquisition for the group.”
