The investment firm that owns the Mavics Pro Platinum brand, Platinum Angel, will purchase the jewellery maker’s assets, including the Mevic Pro brand, the company said Wednesday.
“We are delighted to acquire the Mavi brand as we continue to grow our business,” said Michael Cagney, president of Platinum Angel.
“Mavi is a very important brand for us and we look forward to investing in its future.”
A statement from Platinum Angel said the purchase of the brand would enhance Platinum Angel’s portfolio, which includes investments in the retail and automotive industries, and would help us further grow our company.
The company said the Mivics Pro brand will remain Platinum Angel-branded until the end of 2020.
It also said that the brand will be owned by Platinum Angel until the conclusion of its acquisition of Mavikic Pro.
Cagney said Platinum Angel has more than $10 billion under management.
Mavic has more to celebrate than its name.
It has sold more than 3.3 million Mavikes in just over four years.
It will have its annual sales for the first time in 2019.