Australian jeweller Secrets Shhh has found a new home after collapsing into administration late last year.
The administrators of Secrets International Pty Limited and its subsidiaries – FTI Consulting – have confirmed a binding documentation has been executed for the sale of the business and assets of Secrets Shhh to Amaar Jewels LLC.
Amaar Jewells is a high-end jewellery business born in the United Arab Emirates.
As part of the transaction, the majority of Secrets’ retail stores will transfer to the buyer, with the sale preserving employment for more than 100 staff. FTI Consulting added the transaction ensures continuity for customers, employees and key stakeholders, while enabling the brand to move forward under new ownership.
“This transaction represents a significant milestone in securing the ongoing operation of the Secrets Shhh brand and provides a strong foundation for its continued presence and growth across the Australian retail market,” Kelly Trenfield of FTI Consulting said.
Amaar Jewels is a privately owned jewellery group headquartered in Dubai, with extensive experience in the jewellery and luxury retail sector. Amaar Jewels plans to invest in and grow the Secrets Shhh brand, building on its foundations in the Australian market.
The group also intends to expand the product offering through the introduction of new collections, with an increased focus on lab-grown diamond jewellery set in precious metals such as gold and platinum.
Over time, Amaar Jewels’ broader vision is to grow the Secrets brand beyond Australia and introduce it to international markets, leveraging the global experience and supply-chain capabilities of the business.
The administrators acknowledge the cooperation of employees, landlords, suppliers and other stakeholders throughout the sale process.