Fabergé lost millions before takeover deal
Fabergé, the jeweller famous for its imperial Russian Easter eggs, fell into the red in the year before being sold to a technology investor for $50m (£37m) last month.
The company is set to be taken over by SMG Capital, a US investment company controlled by the tech backer Sergei Mosunov.
Fabergé is currently owned by Gemfields, which mines coloured gemstones in Africa – having bought it in 2013 for $142m from private equity firm Pallinghurst.
The business had been up for sale since December 2024 amid political unrest in Mozambique led it to freeze operations at its ruby mine temporarily.
At the time of the deal announcement in August, it was reported that Fabergé’s revenue had fallen from £15.9m to £13.2m in 2024.
However, new accounts filed with Companies House have now also revealed that it went from making a pre-tax profit of £1.2m to a loss of £2.9m over the same period.
Fabergé was founded in 1842 and taken over by Peter Carl Fabergé in 1882.
It is best known for the ornate eggs it crafted for the Russian royal family.
Fabergé under new ownership
Speaking about the deal Sergei Mosunov, CEO and owner of SMG Capital, said: “It is a great honour for me to become the custodian of such an outstanding and globally recognised brand.
“Fabergé’s unique heritage, with ties to Russia, England, France and the USA, opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence.
“Fabergé will continue to focus on jewellery, accessories and timepieces and we look forward immensely to providing exceptional service to Fabergé’s existing retail and wholesale customers, and to warmly welcoming new brand afficionados.
“We thank the Gemfields team for their contribution to the development of Fabergé and look forward to working closely with the brand’s talented team.
“As Carl Fabergé said: ‘There is no point in gems if you cannot turn them into a story’.
“We feel a deep sense of responsibility and incredible inspiration for the work ahead.”