AMERICAN EXCHANGE GROUP ACQUIRES JEWELRY BRAND, DANECRAFT

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Sep 12, 2023, 15:00 ET

NEW YORK, Sept. 12, 2023 /PRNewswire/ -- American Exchange Group (AXNY Group), the industry leader in accessories design, licensing and manufacturing announced today that it has acquired the distinguished jewelry company, Danecraft and its Primavera Italy brand. Danecraft, known for its unwavering commitment to quality, integrity, and generational success, has been a stalwart in the jewelry industry since its inception in 1934. Originally founded by the Primavera family in Providence, Rhode Island, Danecraft's roots trace back to the early 1900s in Italy. Over the years, Danecraft has evolved while maintaining its handcrafted look of distinction. Today, as part of the American Exchange Group, Danecraft continues its legacy as a true pioneer in jewelry design, blending timeless classics with smart, contemporary styles.

The acquisition of Danecraft aligns with American Exchange Group's significant growth strategy. This strategy centers on a head-to-toe approach of identifying brands, partnerships, and opportunities that bring substantial value to a wide range of consumers.

Danecraft and its collection of fashion and bridge jewelry will complement the company's existing portfolio of watch and jewelry brands such as Kendall & Kylie, Alexis Bendel, Ed Hardy, and American Exchange reinforcing its commitment to offering a diverse array of high-quality products at great values.

American Exchange Group plans to leverage their successful logistics structure, sourcing and manufacturing capabilities with the Danecraft acquisition as well as broaden the jewelry brand's product range. With the support of Giant Propeller, the recently acquired creative services and digital marketing company, American Exchange Group will formulate a holistic marketing and sales blueprint for Danecraft product and the Primavera Italy brand, while simultaneously launching direct-to-consumer channels. Together, with Danecraft's solid and longstanding retailer relationships, the two companies will work to expand distribution channels and introduce Danecraft to a diverse range of categories and audiences.

"I firmly believe in a holistic approach when seeking out brands to add to our portfolio, focusing on opportunities that genuinely enrich and elevate our customers' lives. Just as we welcomed previously acquired brand teams such as the most recently announced Hatch Collective, now rebranded as AX Beauty Brands, into our family, today, we're thrilled to announce our acquisition of Danecraft, a jewelry brand deeply rooted in family heritage, integrity, and a long-standing reputation for excellence," stated Alen Mamrout, CEO of American Exchange Group. "With this acquisition, we not only expand our influence in the jewelry industry but also reaffirm our dedication to offering products that hold enduring value."

"This is an exciting time for our company as we see tremendous growth opportunities for Danecraft. They are a company of impeccable standards and unrivalled character. We expect this acquisition to unlock tremendous value and are looking forward to carrying on the eighty-year tradition of the Danecraft heritage under new ownership" said Steve Velasquez, Chief Strategy Officer at American Exchange Group.

"This transaction marks an exciting new chapter for Danecraft, one that not only honors our legacy but also propels us into a future of limitless possibilities. Danecraft will continue to create exceptional jewelry that captures the essence of generations past while embracing the trends of today. I know that the company is in excellent hands with American Exchange Group, and our tradition of excellence will thrive" said Victor Primavera CEO at Danecraft.

Danecraft product is currently sold at key retailers including Macy's, Kohl's, Belk, JCPenney, Burlington, Boscov's, Meijer and others.

About American Exchange Group

American Exchange Group is an industry leader in accessories design and manufacturing. By facilitating distribution to major retailers globally for our proprietary brands, custom private label brands and exclusive licensed brands, including footwear, tech wearables, watches, jewelry, handbags and fashion accessories, American Exchange Group raises the bar by disrupting status quo pricing while staying at the forefront of trends www.axnygroup.com

About Danecraft

A proud jewelry company, owned and personally guided by the Primavera family, in the tradition of dedicated men and women. A company of impeccable standards and unrivalled character, we maintain, generation after generation, a level of artisanship rarely found in today's world. Danecraft is a unique combination of integrity, craftsmanship, trend-setting design capability, and leadership. It is a name that stands for good taste and good design in the fine and fashion jewelry industry. www.danecraft.com

SOURCE American Exchange Group