From Bracelets To Tea, Alex and Ani Closes Location To Make Room For University
By Hannah Ash, contributing writer
Alex and Ani, which started as a Rhode Island jewelry company in 2004, has gone in many different directions since it first started enjoying a series of successes in 2010. Between 2010 and 2012, the retailer increased sales from $4.5 million to $80 million; in 2013, the retailer was forecasted to capture more than $200 million in sales. Although the retailer originally focused on bangles and charm bracelets, recent years have taken founder Carolyn Rafaelian in several different directions — most recently, the founding of a ‘university’ custom-designed for customer engagement.
Since Alex and Ani found success on a large scale, Rafaelian has since opened a chain of coffee and tea emporiums (Teas and Javas), a vineyard (Carolyn’s Sakonnet Vineyard), an advertising studio (Seven Swords Media), and an entertainment management company (Alex and Ani Entertainment). To create a fluid shopping experience, many Alex and Ani locations are situated near Teas and Javas locations. The newest expression of Carolyn Rafaelian’s vision is Alex and Ani University, billed as a professional development center. The professional development center currently offers courses such as “Positivity Training,” “Rethinking Retail,” and a retreat focused on personal storytelling. Currently, Alex and Ani offers certificates to course attendees. In April, the retailer closed one of its Providence,RI stores this month to make room for the center’s expansion. According to spokesman Gregg Perry, “that store had always been intended to be a placeholder store until the time when Alex and Ani University was big enough and ready to move.”
Adding professional development to its roster of products is an intriguing move for the ambitious brand. Despite the sudden March departure of CEO Giovanni Feroce who wanted to take Alex and Ani into more of a lifestyle direction, the retailer appears on track for IPO status. Though diverse, many of the brands’ different variants blend together. The entertainment arm represents a band described as the “voice of Alex and Ani” while Teas and Javas was opened as a forum where Rafaelian could sell wines produced at her vineyard. Without Giovanni Feroce at the helm, it will be interesting to see what comes next for such an innovative brand and founder.