May 1, 2007 10:45 am US/Central
Pohlad Family Buys J.B. Hudson Jewelers
Minneapolis (AP) ―
-
-
The new owners of J.B. Hudson are Carl Pohlad (pictured) and his three sons, Robert, James and William, along with J.B. Hudson president and CEO Jeannie Joas. (File)
CBS
Carl Pohlad and his three sons have purchased J.B. Hudson Jewelers, which has upscale jewelry stores on the Nicollet Mall in downtown Minneapolis and at Ridgedale Center in Minnetonka.
The Pohlads paid $6 million to acquire a majority interest in the 122-year-old jeweler from the J.R. Cargill family. J.B. Hudson president and CEO Jeannie Joas also purchased a minority share.
Both families are secretive. The deal closed two weeks ago and almost no one except the families and some store employees knew about it.
The new owners plan to give the flagship Minneapolis store's inventory a facelift to focus more on affluent, young professionals. The store's 1920s display cases will stay, along with the high ceilings and the wrought-iron gates.
The store will carry less fine china, crystal and decorative giftware because those items are not as popular now with young people getting married. The store's luxury watch collection will be expanded by about 50 percent.
"We didn't buy Hudson to just sit there and do nothing with it," said Robert Pohlad, president of Pohlad Companies, the family holding company that bought J.B. Hudson. "We see a successful business with very consistent revenue growth, and we see the potential to expand it."
The Pohlads hope the changes will insulate J.B. Hudson from tough competition from jewelry chains and online jewelry sellers, who have been grabbing an increasing share of the engagement ring business. Robert Pohlad said J.B. Hudson will continue to focus more on classic pieces.
Last year, 1,016 independent jewelers closed their doors, while just 251 merchants opened new businesses, according to the International Diamond and Jewelry Exchange in New York.
(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
Click to enlarge
Stumble It!
