11th July 2022
March 2022: Foresight Group (“Foresight”), a listed private equity and infrastructure investment manager, is pleased to announce a £600,000 growth capital investment into Lillicoco, using equity finance from the Midlands Engine Investment Fund (“MEIF”).
The company is currently based in Bristol and began in 2016 by founders and partners, Simon Green and Stacey Lillico, initially outside of their full-time jobs. As a trained gemmologist, Stacy began to directly source high quality antique stock across the UK and use her skills to refurbish and upcycle each piece. Simon, with a background in eCommerce, launched the Lillicoco website with the aim of becoming the trusted go-to brand for antique jewellery.
Since the company began trading. Lillicoco has seen strong year-on-year growth with sales of more than £1m since 2021. The majority of their clients are based in the US with the remainder equally split between the UK and Europe.
Lillicoco is a fast-growing e-tailer of women’s affordable luxury antique jewellery, including rings, bracelets, necklaces and pendants, ranging from £100 to £5,000 per item. Each item that is sold is authenticated and certified in-house and then listed on Lillicoco.com with a detailed condition report as well as high definition photos and videos. The company boasts a 4.9/5 Trustpilot score, making it the most positively reviewed and trusted online operator in the market.
The interest in unique and antique pieces with the additional sustainability aspect means Lillicoco is perfectly positioned to help clients find one-of-a-kind pieces that can be treasured for years to come. The company is widely recognised as a trusted source of British antique jewellery for overseas markets.
As well as the Lillicoco Vault which gives members a weekly newsletter and first sight of new pieces coming online, the Lillicoco University is a huge source of information with numerous guides for clients to learn more about specific eras, gemstones, precious metals and birthstones. Clients keen to learn more can deep dive into a specific period in history or understand the science and meanings behind different gemstones. Clients are also able to arrange virtual appointments to view in more detail any selected pieces and speak directly to an expert who can also answer any questions.
This investment will support the company’s growth plans through new key senior hires. it will also be used to open a workshop in Birmingham in close proximity to the Jewellery Quarter and hire a team to scale the business. A further 15 to 20 skilled jobs are expected to be created in the region through to 2025.
Commenting on the investment, Simon Green, Managing Director and Co-Founder of Lillicoco, said: “"We are thrilled to welcome Foresight to Lillicoco! It is our mission to build the largest and most diverse independent collection of fine antique and vintage jewellery available online, and this investment from the MEIF is an essential step that we are delighted to be taking. This round will enable us to broaden our inventory and expand further into new and existing markets, offering our loyal customers and collectors more variety and choice than ever before!"
Ray Harris, Director at Foresight, added: “Foresight are excited to support Lillicoco in their next stage of expansion as their growing collection of unique high quality jewellery pieces are discovered and treasured by new and returning clients. This is another example of how MEIF’s funds are creating jobs in the region for dynamic owners with an international and sophisticated client base.”
Anita Bhalla, Interim Chair, Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) said:
“Birmingham’s Jewellery Quarter is nationally recognised as a centre for jewellery manufacturing and selling. It’s excellent that Lillicoco has chosen this historic area for its new workshop. In addition to creating jobs, the retailer’s focus on international sales follows a longstanding reputation our region has for exporting goods outside of the UK. This contributes hugely to the local economy and drives inclusive growth that benefits our residents and businesses.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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