Update: 25th July 2019
According to the latest update and news, Alex and Ani, the charm bracelet company founded by multimillionaire Carolyn Rafaelian, has filed a lawsuit against Bank of America.
The lawsuit has alleged that Bank of America indulged in “gender discrimination” and violated federal law.
Alex and Ani has claimed damages of $1.1 billion from Bank of America.
This news was revealed by Forbes.
Carolyn Rafaelian Bio
In this article, we explore facts relating to Carolyn Rafaelian’s business interests and net worth and also look at her personal life, husband and daughters.
Carolyn Rafaelian was born in the year 1966. She is 51 years old. However, she looks much younger than her age because she follows a strict regimen of exerise and is careful about her diet.
She did her schooling from the Prout Memorial High School for Girls. Her colleges were the University of Rhode Island and the American College in Los Angeles. She did her graduation from the American College.
Alex and Ani
Alex and Ani is a jewellery company founded by Rafaelian in the year 2004.
The company is named after her two eldest daughters, Alex and Ani.
The annual revenue of Alex and Ani grew from $5 million in 2010 to over $500 million in 2016.
The jewellery company is credited with having increased Rafaelian’s net worth.
Rafaelian’s net worth was estimated at $700 million in June 2016. Presently, the net worth is estimated to be $1.2 billion.
She is number 18 on the Forbes list of America’s Richest Self-Made Women.
The net worth is relatable to the fact that she owns 80 percent Alex and Ani.
Rafaelian fell in love with Joe Triangelo, a real estate contractor, in the year 2010. The couple married in Beachwood.
She was married earlier and secured a divorce.
Rafaelian has three daughters. The eldest two are named Alex and Ani. The name of the third daughter is not known.
Rafaelian lives in a mansion called ‘Belcourt Castle’ located in Newport, Rhode Island.
The mansion was built in 1894. It has 60 rooms and several acres of land.
She bought the mansion in 2013 for $3.6 million. She spent about $5 million to rehabilitate the mansion and make it habitable.
Rafaelian was given the nickname ‘Bangle Billionaire’ by Forbes in honour of the fact that her net worth of more than a billion has come out of selling bangles and jewellery items like bracelets, necklaces, cuffs and rings.
Astrology, charm bangles
The ‘Bangle Billionaire’ is a strong beliver in astrology and numerology.
Her best selling products are “charm bangles” with zodiac signs and religious totems.
She believes each bangle and piece of jewellery is imbued with energy that can have a positive effect on its wearer.
In fact, she has a priest and a shaman bless her inventory before they are sold.
Every Alex and Ani bangle comes with a “meaning card” which explains what the religious symbol means.
The word ‘Om’, a Buddhist religious symbol, is said to “signify God, higher power and the oneness of all beings in life’s cycle.”
Carolyn’s Sakonnet Vineyard
The Carolyn’s Sakonnet Vineyard is located in Rhode Island.
It was purchased by Rafaelian in the year 2012.
The vineyard features wine making, dining area and locally sourced foods. It has won a number of awards in international competitions and is very popular with wine lovers.
Teas and Javas
Teas and Javas is a cafe franchise owned by Rafaelian.
The cafes are attached to Alex and Ani stores in some cases, and independent in others.
RelatedAlex and Ani, Bangle Billionaire, Carolyn Rafaelian, networth
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Forbesreleased its second annual list devoted to ranking America's richest self-made women, and many of the women on it represent the biggest fashion and beauty brands. To be considered for the Forbes list, these entrepreneurs had to possess a minimum net worth of $250 million. So a few mega companies — and their familiar founders — are present: Tory Burch made it on the list again this year, as did Vera Wang, Donna Karan, Diane von Furstenberg, Gap co-founder Doris Fisher, and Spanx founder Sara Blakely.
But the biggest beauty and fashion brands aren't always the ones you think. Also on the list is Carolyn Rafaelian. Not familiar? She's the founder of booming bangle brand Alex and Ani, and she's worth a cool $700 million. That astounding figure is proof that you aren't imagining it — there does seem to be an Alex and Ani store in nearly every shopping center.
The company, known for its thin, charm-laden bangles, has exploded in just a few years, now boasting over 1,000 employees and 46 stores, according to the Boston Globe. It may not be Cartier or Tiffany, but it's gotten massive.
"[Alex and Ani] are a company that the consumer found first and once they became a mega brand, they didn't need the fashion world to get big," Jaqui Lividini, a fashion brand expert at Lividini & Co., told Racked previously. "They aren't in the fashion jewelry arena because they don't belong there."
They're not the only brand that's grown like crazy right under our noses. You know how everyone in your Facebook feed is selling Rodan + Fields? It must be working, because the founders of that direct sales skincare brand, Kathy Field and Katie Rodan, are each worth $550 million.
In an example of a more under-the-radar brand that makes bank, the woman who invented Vera Bradley's quilted floral bags, Barbara Bradley Baekgaard, is worth over $270 million.
A photo posted by Sophia Amoruso (@sophiaamoruso) on
Meanwhile, the Forbes list also includes women whose brands are extremely well-known, thanks in part to frequentcontroversies. Nasty Gal and Honest Company also made the list. Honest Company founder Jessica Alba's net worth is currently $340 million, while Nasty Gal founder Sophia Amoruso is worth $280 million.
Amoruso Instagrammed her Forbes cover with the only caption it could possibly have: "#girlbossmoment."
When we think about the world’s richest people, with net worths in the billions of dollars, it’s hard to imagine their fortunes going the same way as the average Joe who lands up with credit card debt.
I don’t even know how to process the idea of being in possession of billions of dollars (or rands, for that matter).
And, yet, the mighty fall, at times in pretty spectacular ways.
Carolyn Rafaelian’s jewellery company, Alex and Ani, first took off in 2004 when it produced a necklace featuring an apple for Gwyneth Paltrow following the birth of her daughter, Apple.
Fast forward to 2018, and Rafaelian was sitting with an estimated net worth of $1 billion.
Then, in 2019, according to Forbes, the cracks started to appear, when Alex and Ani filed a gender discrimination suit against one of its lenders, Bank of America, who had withdrawn its line of credit after a woman was named chief financial officer.
As a result, the company alleged, sales declined around $80 million after it failed to pay vendors, which in turn delayed product launches.
It also alleged in the suit that its valuation dropped by hundreds of millions of dollars, and that morale and employee productivity were hurt.
The lawsuit was dropped less than six months later.
In the ensuing turmoil, Rafaelian gave up 20% of the company, reducing her stake to 41% and increasing investor Lion Capital’s stake in the company to 59%. She soon stepped down as CEO and became chief creative officer, and was then fired from the role on May 8 of this year.
Enter a second lawsuit:
She filed a lawsuit against Lion Capital in June, alleging that it reneged on its promise to fund her new ventures. Lion Capital, which filed a motion to dismiss the suit, declined to comment about the lawsuit or Alex and Ani. The case is still pending.
In a short space of time, her net worth has plummeted from an estimated $1 billion in June 2018 to roughly $100 million today.
In a dramatic decline in fortune, Rafaelian went from gracing the cover of Forbes as their Richest Self-Made Women in 2017, with the company pulling in estimated revenues of $500 million, to posting a video on Instagram on October 13, 2020, stating that she would no longer be designing for the company, and would be striking out on her own:
In the video, she says that she will be launching a new company called Metal Alchemist.
You don’t need to feel too bad for her, though – she still owns at least 12 homes, including large properties in Rhode Island, New York City, and Venice Beach in California.
Read her story in more detail here.
|Born||1966/1967 (age 54–55)|
|Alma mater||American College in Los Angeles|
|Known for||Founder and 80% owner, Alex and Ani|
Carolyn Rafaelian (born 1966/1967) is an American-Armenian entrepreneur and businesswoman. She is the founder of the accessories and jewelry company Alex and Ani, and the owner of the Belcourt of Newport and Carolyn's Sakonnet Vineyards.
Rafaelian's father opened a jewelry factory in 1966, Cinerama Jewelry, in which Rafaelian and her sister worked. Over time she helped her father design pieces and produced original designs herself for her father's jewelry manufacturing company. She attended Prout Memorial High School for Girls (later known as The Prout School). She attended the University of Rhode Island between 1987 and 1989, and then she transferred to and graduated from the American College for the Applied Arts in Los Angeles. In 1994 she joined her father's business, and eventually began to work on her own line. In 2002 Rafaelian became co-owner of Cinerama with her sister. Rafaelian's designs became the main seller for the company, and in 2016 Alex and Ani bought the manufacturing facility for an undisclosed sum.
In 2004 Rafaelian founded Alex and Ani, a jewelry line named after her two eldest daughters. The brand started with five cocktail rings and expanded into a full line of jewelry anchored by its patented expandable wire bangle.
Rafaelian has been interviewed by newspapers regarding current events, including the New York Daily News. Rafaelian received the 2012 Rhode Island Small Businessperson of the Year award from the Small Business Administration for her work with Alex and Ani, and also the Ernst & Young Entrepreneur of Year in the products category for New England. Her firm's revenue grew from $5 million in 2010 to over $500 million in 2016 and the company's Charity By Design initiative, where 20% of sales go to charity, makes up 20% of sales.
Rafaelian owns a cafe franchise called Teas and Javas; some of its cafes are attached to Alex and Ani stores, and some are independent. She is also the owner of the Rhode Island winery Carolyn's Sakonnet Vineyard, purchased in 2012 which features wine making, dining area and locally sourced foods. Since taking over, the vineyard has won a number of awards in international competition.
Rafaelian is divorced from her first husband.
Rafaelian is the owner of a 60-room mansion, the Belcourt of Newport, formerly known as Belcourt Castle, in Newport, Rhode Island, built in 1894.
Rhode Island Monthly described Rafaelian's charitable work as including "Project USA, a nonprofit, which has raised funds for the victims of Hurricane Katrina, survivors of breast cancer, and endangered species" as well as separate projects with the Humane Society of the United States.
Rafaelian was listed 22nd in Forbes America's Richest Self-Made Women in 2016, with net worth estimated at $700 million in June 2016. In May 2017, she was recognized by the David Lynch Foundation for her humanitarian efforts. In June 2018, Rafaelian was estimated to be worth $1 billion, and 18th on the Forbes list of America's richest self-made women, owning 80% of Alex and Ani. By June 2019 her net worth had dropped to an estimated $520 million.
- ^"Carolyn Rafaelian". Forbes.com. Retrieved 2017-03-13.
- ^ ab"Bangle Billionaire: How Alex And Ani Founder Carolyn Rafaelian Built An American Jewelry Empire". Forbes.com. Retrieved 2017-06-19.
- ^Dunn, Laura (21 April 2016). "Women in Business Q&A: Carolyn Rafaelian, Founder, CEO and CCO, Alex and Ani". The Huffington Post.
- ^Tracey Samuelson (2015-04-23). "Rhode Island, hard hit by recession, slow to recover". Marketplace.org. Archived from the original on 2015-12-21. Retrieved 2017-03-13.
- ^ abMichelle Smith (June 30, 2009). "Interview: Carolyn Rafaelian of Alex and Ani". The Gloss. Archived from the original on March 4, 2016. Retrieved August 5, 2013.
- ^"Alex & Ani: A Vital Force in Rhode Island". Quad Angles. Spring 2012. Retrieved August 5, 2013.
- ^ abLeigh Buchanan (April 2013). "The Disciplined and the Divine: An Unlikely Partnership". Inc. Magazine. Retrieved August 5, 2013.
- ^"Alex and Ani Buys Rafealian's Cinerama - May be Precursor to a Public Offering". GoLocalProv. 2016-02-06. Retrieved 2017-06-19.
- ^Jose Martinez (February 15, 2010). "One-of-a-kind Vancouver Olympic medals get mixed reviews". New York Daily News. Retrieved August 5, 2013.
- ^"New Bedford-native named Mass. Small Business Person of Year". South Coast Business Bulletin. March 23, 2012. Retrieved August 5, 2013.
- ^"Rafaelian named Ernst & Young Entrepreneur of Year". Providence Business News. June 25, 2012. Archived from the original on February 3, 2014. Retrieved August 7, 2013.
- ^"From Sheryl Sandberg To Beyonce: The 60 Richest, Most Successful Self-Made Women In America". Forbes.com. Retrieved 2017-06-19.
- ^Ohikuare, Judith (May 31, 2013). "Alex and Ani CEO: 'My Job Was to Discourage People'". CEO Magazine. Archived from the original on December 20, 2016. Retrieved August 5, 2013.
- ^Philip Eil (September 18, 2013). "It's Alex and Ani's state... ...we only live in it. An in-depth look at the 'positive energy' powerhouse". The Providence Phoenix. Archived from the original on October 4, 2013. Retrieved October 2, 2013.
- ^Phillip Silverstone (August 3, 2013). "Wining about the Good Life: The Genius of Wine". Montgomery News. Retrieved August 5, 2013.
- ^"Sakonnet wines have won many awards".
- ^"Alex And Ani's Sakonnet Vineyards Purchase Final". Retrieved 2017-05-16.
- ^Murphy, Linda. "Alex and Ani founder making her mark at 'Carolyn's' Sakonnet Vineyards". The Herald News, Fall River, MA. Retrieved 2017-05-16.
- ^Aherne, Kevin. "GoLocalProv | Food | Carolyn's Sakonnet Vineyard Wins Big at Int'l Wine Competition". GoLocalProv. Retrieved 2017-05-16.
- ^Editor, Gail Ciampa Journal Food. "R.I. wineries winners at international wine contest". providencejournal.com. Retrieved 2017-05-16.CS1 maint: extra text: authors list (link)
- ^ abPenelope Green (September 19, 2013). "Ghosts Be Gone: Belcourt Castle in Newport Gets a Face-Lift". The New York Times. Retrieved September 23, 2013.
- ^Darrell Hofheinz (January 25, 2013). "Rafaelian's new townhouse: Location was key". Palm Beach Daily News. Retrieved August 5, 2013.
- ^Bill Tomison (November 12, 2012). "Alex and Ani owner buys Belcourt Castle". WPRI. Archived from the original on July 19, 2013. Retrieved August 5, 2013.
- ^Reilly-McGreen, M.E. "Room at the Top: It takes more than a great idea to create a million-dollar business. You need passion, luck and drive, as these highly successful women have learned. Here are their secrets". Rhode Island Monthly. Archived from the original on September 21, 2013. Retrieved August 5, 2013.
- ^O'Connor, Clare (3 June 2016). "Alex And Ani's Carolyn Rafaelian Joins Self-Made List As Jewelry's Richest Woman". Forbes.
- ^Asher, Jane (2017-05-10). "Gisele Bundchen Talks the Importance of Meditation". InStyle.com. Retrieved 2017-06-19.
- ^"Carolyn Rafaelian". Forbes.com. Retrieved 2017-06-19.
Net alex and worth ani
Rhode Island jewelry maker Alex and Ani files for Chapter 11 bankruptcy protection
Alex and Ani, the Rhode Island bangle maker that once rocketed to retail popularity behind spirituality and charm bracelets, has filed for Chapter 11 bankruptcy protection.
The company, which had been mired in sales slumps, lawsuits and internal conflict, said it will continue to operate while working with creditors and restructuring during the bankruptcy proceedings.
"In 2020, COVID-19 forced the company to pause its key strategic growth initiatives, temporarily close stores and scale back its operations in light of reduced in-store customer demand," Robert Trabucco, Alex and Ani's chief restructuring officer, said in a statement. "By utilizing the Chapter 11 process, we are able to ensure an expedited and orderly right-sizing of our balance sheet and operations."
Now controlled by a British private equity firm, Alex and Ani has between $100 million and $500 million in debts to hundreds of creditors, according to the filing in U.S. Bankruptcy Court in Delaware. The company lists assets in a similar range.
The bankruptcy filing Wednesday is the latest setback for Alex and Ani, which went from Cranston startup to all-conquering brand a decade ago.
Founded in 2004 by University of Rhode Island graduate Carolyn Rafaelian in her father's Cinerama jewelry factory, Alex and Ani sold collectible bangles that would attach to inexpensive, expandable charm bracelets.
In 2010, the company hired former state Sen. Giovanni Feroce as CEO and over the next several years opened more than 100 stores across the country and bought a Super Bowl commercial. Feroce left the company along with a large chunk of its executives abruptly in 2014.
Along with bangles, Alex and Ani was known for its New Age ethos and "positive energy" branding. Products were blessed by a shaman before heading to stores.
In 2017, Forbes ranked Rafaelian the 18th-richest self-made woman in the United States, with a net worth of more than $1 billion.
But it wasn't long before deep cracks would begin to show in the business.
By 2019, Alex and Ani was cutting costs and falling behind on payments to vendors as sales fell.
In July 2019, Alex and Ani sued Bank of America, accusing the lender of gender bias and forcing the company into a "death spiral" by placing it into default of a loan.
By last year, Rafaelian was forced to give up control of Alex and Ani to investor Lion Capital, which now controls 59% of the company, according to bankruptcy documents.
Alex and Ani no longer has any Rhode Island stores, but is headquartered at 10 Briggs Drive in East Greenwich.
More:NY judge: Alex and Ani founder Rafaelian must pay $5 million
More:Court docs: Carolyn Rafaelian no longer controls Alex and Ani
More:Alex and Ani sues Bank of America, says bias triggered ‘death spiral’
Alex and Ani's largest unsecured creditor — owed $4.1 million — is the Carpionato Group, owner of Chapel View shopping complex in Cranston, where Alex and Ani's headquarters was once located.
Alex and Ani also owes Brookfield Properties, which owns the Providence Place mall, $3.3 million; Quality Spray Technologies of Providence $3.3 million; National Chain Company of Warwick $545,000 and the Town of East Greenwich $176,000.
The bankruptcy filing also lists at least two "charitable donations payable," including $254,000 to the David Lynch Foundation.
"Our employees will continue to be paid as usual during this process. The company will look to optimize its retail footprint, bolster the eCommerce platform and focus on strategic wholesale accounts," Trabucco said.
On Twitter: @PatrickAnderso_
View CommentsSours: https://www.providencejournal.com/story/news/politics/2021/06/10/ri-jewelry-maker-alex-and-ani-files-chapter-11-bankruptcy-protection/7633975002/
To tell the truth, I wanted to touch her, I liked it, but 13 years is not that age when sexually courageous. I think that if everything happened a year later, then the events would unfold faster easier. But everything happened then and I reacted as best I could.
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