SECOND AVENUE CAPITAL PARTNERS CLOSES ON A SENIOR SECURED CREDIT FACILITY FOR MYGEMMA
BOSTON, Massachusetts – April 26, 2022 – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $10,000,000 senior secured credit facility (which includes an accordion feature) for myGemma, a modern and professional alternative for consumers wanting to buy or sell high-end luxury goods. The credit facility will be used to support increased working capital and additional inventory purchases as the business continues to rapidly grow.
“myGemma helped to grow and legitimize this industry, and we wanted a financing partner that understood our dedication to creating long-term change as we move forward,” said Andrew Brown, CEO of myGemma. “Second Avenue Capital Partners was an ideal fit for us. Beyond their in-depth retail experience, they’ve worked in the ecommerce buying and re-sell segment, and that was an important distinction. The professionals from SACP were fast and efficient, and they quickly delivered a financing solution that will help us achieve our goals.”
myGemma and its purchasing engine www.wpdiamonds.com provide a viable option for consumers wanting to sell their high-end pieces quickly and for a great price. As one of the oldest and most reputable online diamond and diamond jewelry buyers, WP Diamonds has seized on opportunities in the marketplace to expand their purchasing platform with the addition of luxury watches, luxury handbags, and collectible sneakers.
Realizing a void in the market for luxury goods at accessible pricing, the company officially launched the ecommerce site www.mygemma.com in 2018. The ecomm platform brought WP Diamonds’ extensive inventory of pre-owned diamonds, luxury jewelry, watches, handbags, and sneakers direct to consumers. myGemma provides thousands of unique pieces including rare, vintage, and hard to find items at prices up to 80% off retail. Shoppers enjoy an unparalleled experience with authenticated offerings from many of the most iconic designer brands.
The combined effect of WP Diamonds and myGemma completes the goal of a circular economy: a place to sell unwanted luxury pieces, and a place to buy pre-owned. Customers have access to sustainable luxury, expertly authenticated, at significant discounts to the established retail prices in the marketplace.
“myGemma has led an industry-wide change in rethinking how consumers buy diamonds, fine jewelry, and luxury items,” said Chris O’Connor, President of Second Avenue Capital Partners. “We’ve worked in this direct-to-consumer pre-owned space for a while now, and we see it as an area primed for growth. myGemma is one of the leaders in this industry and we’re excited to work with them and support their continued growth.”
SACP’s continued mission is to focus on supporting retail and consumer product companies as they contend with an evolving landscape. This facility is another example of SACP delivering financing for a client on an expedited time frame. SACP’s fast, flexible capital solutions have given a strategic advantage to many retail and consumer products companies as they move beyond challenges and search for opportunities for growth.
About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com), a Schottenstein Affiliate, specializes in asset-based loans for the broader retail and consumer products industry. Serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to deliver an array of customized, capital solutions. A unique merchant perspective gives SACP the ability to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm’s tailored financial solutions are a vital resource for clients seeking capital to effectuate strategy and achieve financial objectives. SACP is headquartered in Boston with additional offices in New York, Columbus, and Los Angeles.
About myGemma – Headquartered in New York City, myGemma (www.mygemma.com) is a source for pre-owned, expertly authenticated, sustainable luxury. Shop designer jewelry, watches, handbags, and sneakers at up to 80% off retail. Through their purchasing platform www.wpdiamonds.com, customers can sell diamonds, luxury jewelry, watches, bags and sneakers in as little as 24 hours, with no hidden fees or commissions deducted from the final offer. myGemma is proud to have partnered with Ecologi, an environmental conservation organization dedicated to restoring forests and combating climate change by planting trees. For every item purchased or sold through myGemma, one tree will be planted to help combat deforestation, air quality and more.
myGemma CEO Andrew Brown is an expert in the diamond and luxury industry. Brown launched the company in 2012, in a bid to create a fast, seamless selling process and to promote a sustainable, circular economy.