NEW YORK — John Hardy, founder of the namesake Bali-based jewelry brand, has sold his stake in the firm to company president Damien Dernoncourt and creative director Guy Bedarida.
Dernoncourt, 35, has been president since 2003, while Bedarida, 43, has been in his role since 1999. An unnamed private equity firm backed the deal and Lincoln International acted as a financial advisor. Terms were not disclosed.
Hardy’s sales in the U.S. reached $150 million last year. The brand, known for its nature-inspired pieces incorporating themes such as bamboo and indigenous Balinese flora into its silver and 18 karat gold jewelry, has begun expanding internationally to China, Japan, Russia and the Middle East.
John Hardy will take the role of brand visionary and brand ambassador. His wife, Cynthia, will act as a merchandising consultant. Terri Eagle will retain the title of president and chief executive officer of John Hardy USA.
“In a world of many possibilities, I have taken the necessary steps to ensure that the brand realizes its full potential,” John Hardy said in a statement. “Damien has taken the reigns and I support him fully. I will now be able to do what I do best, which is to focus on environmental leadership, preservation of local culture and traditions, and social responsibility.”
All of Hardy’s products are made on his compound in Bali, which has 800 employees.
“I am committed to preserving the values and culture of the company to which John and Cynthia devoted their lives,” Dernoncourt said in a statement. “We live in a world where people care as much about how they feel as how they look, and conspicuous consumption has given way to conscientious consumption. The moment is now for the John Hardy brand and we built the team to take it to the next level.”