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John Hardy sold in management buyout

July 11, 2007

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New York—John Hardy, the Bali-based jewelry brand known for its commitment to "sustainable luxury," has been sold in a management buyout to Damien Dernoncourt, president of the company for the last four years.

The announcement was made in a statement released by the company on July 9.

Founder John Hardy will remain active in the business as brand visionary and brand ambassador, the company said in the statement. Guy Bedarida, creative director and head designer of the brand, will continue in his role, as will Terri Eagle, president and chief executive officer of John Hardy USA. Hardy's wife and business partner, Cynthia Hardy, will also remain involved, acting as merchandising consultant.

Dernoncourt joined John Hardy in 2003 as chief financial officer for Asia and was promoted to group president the following year. Under his leadership, retail sales for the brand reached $150 million last year, the company said, with expansion plans on the horizon for China, Japan, Russia and the Middle East.

"Damien has taken the reigns and I support him fully," Hardy said. "I will now be able to do what I do best, which is to focus on environmental leadership, preservation of local culture and traditions, and social responsibility."

Among the sustainability practices the company employs are the organic farm that feeds 800 workers daily on John Hardy's Bali compound; the use of bamboo rather than hardware trees for the company's construction needs; the offsetting of its carbon emissions through the reforestation of an island off the coast of Bali; and the cooperative the company initiated to revive Bali's heritage of craftwork.

"I am committed to preserving the values and culture of the company to which John and Cynthia devoted their lives," Dernoncourt said. "We live in a world where people care as much about how they feel as how they look, and conspicuous consumptions has given way to conscientious consumption."

Dernoncourt also said the company's goal is to triple its business in four years, becoming a truly global brand, while staying true to the company's key concept of sustainable luxury.
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