Compass Diversified-Backed Lugano Appoints Two Members to Board of Directors
Lugano Diamonds & Jewelry, a subsidiary of Compass Diversified (NYSE: CODI), announced the appointment of Frederic Cumenal, former CEO of Tiffany & Co., and David Arnold, Vice Chairman of Robb Report, to its Board of Directors. Both leaders bring significant luxury industry experience and will invest in Lugano, enhancing its growth strategy. Cumenal's expertise in high-end retail and Arnold's success in luxury media are expected to bolster Lugano's position in the luxury jewelry market. This leadership change reflects Lugano's commitment to growth and customer relationship-building.
- Frederic Cumenal and David Arnold bring extensive luxury industry experience to the Board.
- Their investments in Lugano signify confidence in the company's growth potential.
- Cumenal's background at Tiffany & Co. may enhance brand recognition and market strategy.
- Concerns about continuity and experience gaps as new members join the board.
Adds Significant Luxury Industry Experience to Board to Further Growth Strategy
Frederic Cumenal, Former CEO of Tiffany & Co., Brings Unparalleled Industry Leadership Expertise
David Arnold, Vice Chairman of Robb Report, Has Proven Record of Growing Emerging Brands in the Luxury Space
NEWPORT BEACH, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Lugano Diamonds & Jewelry, Inc. (“Lugano”), a designer, manufacturer and marketer of high-end, one-of-a-kind jewelry and a subsidiary of Compass Diversified (NYSE: CODI), announced the appointment of Frederic Cumenal, former President and CEO of Tiffany & Co., and David Arnold, Vice Chairman of Penske Media Corporation’s Robb Report, to its Board of Directors. Mr. Cumenal and Mr. Arnold will also each make an investment in Lugano to become minority shareholders.
Mr. Cumenal brings unparalleled expertise in the jewelry industry to Lugano’s Board, as well as decades of experience leading some of the world’s most recognizable luxury brands. He previously led one of the world’s premier jewelers and luxury retailers, Tiffany & Co., serving as its President from 2013 to 2017 and CEO from 2015 to 2017. Prior to Tiffany, Mr. Cumenal spent 15 years at LVMH and served in several senior roles, including CEO and President at Moët & Chandon S.A. He currently sits on the Boards of Blue Nile, one of the world’s largest online jewelers, and Mack-Cali Realty Corporation.
Mr. Arnold joins the Lugano Board with over twenty years of experience leading and growing brands in the luxury media space. He is currently the Vice Chairman of Robb Report, a luxury lifestyle magazine covering the latest in luxury cars, yachts, aviation, fashion and more. In this role, Mr. Arnold is responsible for growing the brand’s presence in the global luxury space through new partnerships and successful event franchises. Prior to joining Robb Report, Mr. Arnold spent 13 years at Hearst Corporation—seven years as the publisher of House Beautiful, and six years at Town & Country.
“We are excited to welcome Frederic and David to Lugano’s Board, and we are eager to benefit from their collective wealth of knowledge and expertise in the luxury retail space as Lugano prepares for its next stage of growth,” said Patrick Maciariello, Chairman of Lugano and COO of CODI. “Frederic and David have tremendous experience leading some of the world’s most recognizable jewelry, luxury and lifestyle brands, and their addition will provide valuable guidance during this transformational period in Lugano’s story. Together, we will continue to build on Lugano’s strong position in the high jewelry industry.”
“I am honored to join this company’s Board at such a pivotal time for growth,” said Mr. Cumenal. “Lugano’s talented team demonstrates a breadth of excellence and skilled management across all sectors of its business, and I have tremendous respect for the quality of materials and craftsmanship in Lugano’s pieces. I am confident that the combination of world class, one-of-a-kind designs, intimate retail environments and a focus on building long-lasting client relationships has the company poised for long-term success.”
Mr. Arnold added, “Lugano has leveraged a deep understanding of its target customer to create a unique, event-driven marketing strategy. By investing in the local community to make an impact through its charitable and philanthropic efforts, Lugano has established a recognizable, trusted presence in high-value luxury goods markets and with local leaders across the country. The genuine relationships Lugano forms with its customers is a testament to both its world class products and the differentiated approach it uses to sell them, and I look forward to supporting the Company’s continued success.”
About Lugano Diamonds & Jewelry, Inc
Founded in 2004 and headquartered in Newport Beach, California, Lugano is a designer, manufacturer and marketer of high-end, one-of-a-kind jewelry. Lugano conducts sales of its exclusive merchandise via four retail salons in Newport Beach, Aspen, Palm Beach and Ocala, as well as via pop-up showrooms at Lugano-hosted exclusive events. These salons offer an intimate sales experience where clients can schedule private, no-pressure appointments to view, try on and discuss jewelry. Lugano-sponsored events provide an opportunity for existing or new clients to network among like-minded individuals and to bond over common interests in fine arts, charity and sporting activities.
About Compass Diversified (“CODI”)
CODI owns and manages a diverse set of highly defensible North American middle market businesses. Each of its current subsidiaries is a leader in its niche market.
Leveraging its permanent capital base, long-term disciplined approach and actionable expertise, CODI maintains controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. CODI provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in its long-term growth and has consistently generated strong returns through its culture of transparency, alignment and accountability.
CODI’s ten majority-owned subsidiaries are engaged in the following lines of business:
- The design and marketing of purpose-built technical apparel and gear serving a wide range of global customers (5.11);
- The manufacture of quick-turn, small-run and production rigid printed circuit boards (Advanced Circuits);
- The design and manufacture of custom packaging, insulation and componentry (Altor Solutions);
- The manufacture of engineered magnetic solutions for a wide range of specialty applications and end-markets (Arnold Magnetic Technologies);
- The design, engineering and marketing of dial based fit systems delivering a scientifically proven performance advantage for athletes (BOA Technology);
- The design and marketing of wearable baby carriers, strollers and related products (Ergobaby);
- The design, manufacture, and marketing of high-end, one-of-a-kind jewelry (Lugano Diamonds);
- The design and manufacture of baseball and softball equipment and apparel (Marucci Sports);
- The manufacture and marketing of portable food warming systems used in the foodservice industry, creative indoor and outdoor lighting, and home fragrance solutions for the consumer markets (Sterno); and
- The design, manufacture and marketing of airguns, archery products, optics and related accessories (Velocity Outdoor).
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with regard to the expectations related to the future performance of Lugano and CODI. Words such as "believes," "expects," “will,” “anticipates,” “intends,” “continue,” "projects," “potential,” “assuming,” and "future" or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, some of which are not currently known to CODI or Lugano. In addition to factors previously disclosed in CODI’s reports filed with the SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements: difficulties and delays in integrating Lugano’s business or fully realizing cost savings and other benefits; business disruption following the closing of the transaction; changes in the economy, financial markets and political environment; risks associated with possible disruption in CODI’s or Lugano’s operations or the economy generally due to terrorism, natural disasters, social, civil and political unrest or the COVID-19 pandemic; future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); general considerations associated with the COVID-19 pandemic and its impact on the markets in which we operate; and other considerations that may be disclosed from time to time in CODI’s publicly disseminated documents and filings. Further information regarding CODI and factors which could affect the forward-looking statements contained herein can be found in CODI’s annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements speak only as of the date they are made. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
| Investor Relations: The IGB Group Leon Berman 212-477-8438 lberman@igbir.com | Media Contact: Joele Frank, Wilkinson Brimmer Katcher Jon Keehner / Kate Thompson / Lyle Weston 212-355-4449 |
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