CARRERA Y CARRERA
Revivimos una marca icónica de joyería internacional con más de 140 años de historia y aumentamos su valoración 11 veces.
Deal Type
Strategic brand acquisition
Sector
Jewelry manufacturing and High Jewelry
Execution Timeframe
2 years
ROI
517%
Context and Hypothesis
In 2019, an unusual distressed asset appeared on the Spanish market: the Spanish brand Carrera y Carrera, one of Europe’s most renowned jewelry houses with over 140 years of heritage. Despite its rich legacy, the company was on the brink of bankruptcy—burdened with debt, conflicts with distributors, and a lost production base.
However, behind this instability lay a significant asset: a globally recognizable brand, legally protected in 53 countries. This reputation and cultural value presented an opportunity to revive the company and grow its market worth.
We decided to acquire the asset and lead a full-scale operational transformation.
Taylor Swift dazzled wearing Carrera y Carrera’s Tiger ring at The 2015 Billboard Music Awards.
Carrera y Carrera: Cultural Significance
Since its founding in 1885, Carrera y Carrera became a symbol of the Spanish jewelry school. Its pieces were worn by royalty, Hollywood actresses, and global elites. The handmade designs, unique style, and status as a national treasure made the brand a part of Europe’s cultural identity..
Losing the brand would not only mean the disappearance of a business but also the loss of cultural heritage. This became an added motivation for us to preserve and restore the Carrera y Carrera name.
Objectives
Acquire the brand while avoiding the succession of the previous owner’s debt.
Restore operational infrastructure: production, distribution, and intellectual property.
Relaunch the brand on an international scale.
Create a liquid asset with an exit horizon of 24 months.
Key challenges
Legal restrictions
The bankruptcy court stated it would not allow the brand to be transferred to a non-Spanish investor.
Deal structure
We opted to acquire only the trademark, not the legal entity—allowing us to bypass the accumulated debts and start with a clean operational slate.
Reputation issues
Damaged supplier relationships and lost markets.
Fragmented control
Digital assets, domains, trademarks, sketches, and the portfolio of historical materials were not consolidated.
Solution and Implementation
1. The Deal:
Legal Structure Protecting Against Debt
The first step was to separate the brand from the operational entity burdened with obligations. To minimize the court's restrictions, we designed a parallel acquisition with the help of Catalan legal partners, retaining de facto managerial control.
The deal was structured to ensure the new owner acquired only the brand, with no transfer of debts or legal liabilities.
Result:
- Entry price reduced from €10 million to €1 million.
- Legally excluded liabilities of the previous owner.
- Brand control transferred to our structure despite court constraints.
2. Operational Transformation
Following the acquisition, we implemented a three-phase stabilization framework:
- Production: Acquired stock from former distributors, built a new production facility in Madrid, and brought back key master jewelers.
- Intellectual Assets: Audited intangible assets, partially restored trademark rights in 53 countries, and regained control over all digital resources (domains, social media accounts, media archives, email domains).
- Distribution: Audited the partner network, re-established relationships with 70% of key regional partners and restored trust.
At this stage, we made a strategic acquisition of the jewelry brand Margerit, founded in the 1990s. The key factor was that Margerit’s founders—the jeweler brothers—were formerly the lead craftsmen at Carrera y Carrera, responsible for the iconic collections of the 1980s and 1990s. They were the creators of the unique artistic language that brought the brand global acclaim.
Thus, we didn’t just merge two Spanish legacies—we returned Carrera y Carrera’s creative DNA to its original form. This move embodied our overarching concept: "Back to Original"—a return to the roots of craftsmanship, artistry, and the design code that once made the brand great. Margerit didn’t merely complement our portfolio; it became the convergence point for historical continuity and a platform to shape the brand’s new aesthetic.
3. Repositioning:
A Strategy for New Growth
We rejected a simple restoration of the brand. Instead, we proposed an intellectual relaunch model—a thoughtful blend of historical identity and market relevance.
The synergy between Carrera y Carrera and Margerit reinforced our concept of returning to roots, craftsmanship, and authentic European jewelry art in response to homogenized global fashion.
Together with former master jewelers, we created the first collection of the new cycle, combining Spanish jewelry tradition, original engraving techniques, and modern interpretations of Carrera y Carrera’s signature themes.
- Created a new marketing platform: from visual language to communication tone.
- Initiated geographic expansion, focusing on high-margin markets in Asia and the Middle East.
- Developed the first post-crisis collection and launched it strategically at industry exhibitions.
We transformed a distressed asset into a mature international platform, revived the creative team, preserved the brand’s cultural code, and restored its presence in key markets.
Today, Carrera y Carrera is once again featured in Vogue, worn by the likes of Demi Moore, Celine Dion, and Jennifer Lopez, and its pieces are available in over 50 countries.
This case illustrates how investment discipline, strategic thinking, and a deep understanding of intangible assets can not only generate profit but also bring brands back to life.
This is the essence of the Laduchi Heritage approach: