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Karin Adcock’s House of Brands to close

House of Brands, the business founded by former Pandora Australia president Karin Adcock, will cease trading on 1 March 2014. 

The news will come as a shock to the industry given the company only entered the jewellery industry five months ago when Adcock announced she had acquired the distribution rights to three Danish jewellery brands: Julie Sandlau, byBiehl and a new concept, X by Trollbeads. 

Adcock said that “due to personal reasons” she had decided to close the business after exploring other options to keep House of Brands (HOB) operating. 

Jeweller broke the news about Adcock’s return to the jewellery industry in late August 2013, with a further announcement that the new business would be an exhibitor at the Sydney jewellery fair the following month.

According to Adcock, each brand was positively received in the local market and the decision to cease trading was in no way a reflection on the individual brands or their potential in Australia and New Zealand.

Adcock has decided to close the business due to personal reasons
Adcock has decided to close the business due to personal reasons
“I have been quite pleased with the take-up of the brands by retailers and I do believe there is good potential for them in this market [Australia and New Zealand]; however, because of personal reasons, I am ceasing the operation of House of Brands,” Adcock said. 

“I have been in discussions with the head offices of Julie Sandlau, byBiehl and Trollbeads and they are keen to carry-on their operations,” she added. 

Adcock said discussions were well underway with arrangement for the continued supply in Australia and New Zealand and an announcement on future distribution would be provided as soon as possible, prior to 1 March.

In the transition period, each brand owner will provide direct support to retailers. 

There was a great deal of interest in X by Trollbeads when it was launched last September and, in fact, it achieved Jeweller’s Top Product for 2013, based on online reader interest.

More reading: Hits & Misses 2013

Adcock said she would like to thank the many people who have supported and encouraged her during the start-up phase of HOB, along with her team – many of whom have worked previously with Adcock over a number of years. 

She emphasised all creditors and staff entitlements will be paid in full. 

Shock return
Adcock’s re-entry into the jewellery market last year caused much discussion given that she had been out of the industry for more than 12 months due to a one-year, non-compete clause with Pandora. 

Adcock stood down from Pandora Australia in May 2012 and was replaced on 1 July by current Pandora president David Allen. 

She and her husband, Brooke, started the Pandora business in 2004 from their garage in Sydney and in less than five years the brand had become a major player in the Australian and New Zealand jewellery industry. 

Sales continued to increase year-on-year and the brand's success can only be described as phenomenal – by 2009 it’s believed Pandora's Australasian sales revenue reached more than $180 million (wholesale), which industry experts say represented at least $400 million at retail.

In addition to the three jewellery brands, HOB also distributes Fleye eyewear, Yeti outerwear jackets, outdoor equipment specialist Nordisk and Viola Sky, a luxury lingerie range, all of which are Danish-designed.

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Your Say

Schadenfreude
As a victim of the Pandora cull,it is hard to feel any pity.
posted by Ash Wells on January 23, 2014 16:43


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