Luxury jeweller Vashi collapse to spell financial losses for prominent investors

Following luxury jeweller Vashi’s fall into liquidation, as reported by Sky News on Wednesday, further reports say some of Britain’s leading entrepreneurs including Founder of Charles Tyrwhitt, Nick Wheeler, are “facing significant financial losses”.

Other leading investors reported by Sky News to be caught up in Vashi’s collapse include Co-Founder of Pret a Manger, Sinclair Beecham, and William Jackson, Chief Executive of London-listed private equity firm Bridgepoint.

They are among “a significant number of individuals” who are said to have pumped tens of millions of pounds into the jewellery business and Vashi’s parent company Diamond Manufacturing Ltd., which specialised in high-end bespoke pieces including engagement rings.

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

Sky News says that Vashi had been seeking £75m in new funding at a valuation of £250m, “telling prospective backers that it planned to use the proceeds to expand into the US”.

A statement on the Vashi website now reads: “Benjamin Dymant and Matthew David Smith of Teneo Financial Advisory were appointed Joint Liquidators of Diamond Manufacturers Ltd (“the Company”) on 4 April 2023.

“The Company has ceased to trade with immediate effect and no further orders will be accepted.”