Collapsed jeweller Vashi acquired by Queensmith

Following its fall into liquidation last month, Vashi has been acquired by London jeweller Queensmith for an undisclosed sum.

Founded by Vashi Dominguez, who opened the first Vashi store on London's Piccadilly in 2016, the business went on to trade from four stores and was said to employ some 200 people.

Despite achieving sales of £100 million in 2021 and receiving a valuation of £250 million just months earlier, Vashi failed to secure further investment from backers, leading to the company’s closure last month.

The acquisition only includes Vashi.com. It will also see Queensmith employ a number of Vashi staff, who had been left redundant in the wake of its collapse.

Queensmith said it will take on no financial liabilities of Vashi, responsibilities to its historical customers nor obligations to deliver any unfulfilled orders.

Launched in 2016, Queensmith is a manufacturing jeweller and the UK’s largest retailer of lab-grown diamonds. Headquartered in London, the business describes itself as a "pioneer" of direct-to-consumer and omnichannel fine jewellery retailing.

Sam Nobes, Brand Director at Queensmith, said: "We are 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.”