Stella & Dot ‘to exit European market’
San Francisco-based jewellery firm Stella & Dot appears to be exiting the European market after seven years.
A number of its UK sales reps, some of whom host parties to sell jewellery, have posted messages on social media.
They say they have been messaged by the firm to say it has been hit by declines in the value of the pound and euro.
Stella & Dot, founded in 2003, targets women looking for work and says it “creates flexible entrepreneurial opportunities”.
Messages have been posted online by the sales reps from chief executive and founder Jessica Herrin, who also founded WeddingChannel.com.
In them, she says the once profitable European business is now operating at a loss.
“Sadly the market conditions in Europe have become very difficult. In the last few years the British pound and Euro have devalued against the US dollar by almost 20%, causing a deep decline in our margin, whilst at the same time operating costs have increased,” she writes.
It is of “utmost importance” to exit gratefully, she says, according to the messages posted by UK sales representatives. They will be able to continue to sell products and earn commissions until 7 April.
She wrote the decision to close had been taken with a “heavy heart” and after “countless deliberations”.
Its sales reps – known as stylists – hold trunk shows, similar to Tupperware parties, and also sell though websites. As well as jewellery, clothes and bags are available for sale.
The company did not immediately respond to requests to comment on the social media posts.
Read more: https://www.bbc.co.uk/news/business-46797104