In a significant turnaround for Australia’s retail jewelry sector, collapsed retailer Secrets Shhh has been acquired by high-end UAE jewelry group Amaar Jewels LLC. The acquisition comes just months after the Australian company and its seven subsidiaries entered administration in December, preserving employment for more than 100 staff members and securing the future of the brand.
FTI Consulting senior managing director Kelly Trenfield confirmed the completion of binding documentation for the sale, noting that the majority of retail stores will transfer to the new ownership. “This transaction represents a significant milestone in securing the ongoing operation of the Secrets Shhh brand and provides a strong foundation for its continued presence and growth across the Australian retail market,” Trenfield stated.
Secrets Shhh had built its reputation on providing affordable, sustainable alternatives to traditional mined diamonds, specializing in laboratory-grown and simulated diamond jewelry. The company’s collapse in December had raised concerns about the viability of ethical jewelry retail in the Australian market.
The UAE-based purchaser, Amaar Jewels, has outlined ambitious plans for the Australian brand. The new ownership intends to build upon Secrets Shhh’s existing foundations by expanding product ranges through new collections and designs. Additionally, Amaar Jewels plans to enhance the retail experience and eventually expand the brand into international markets, leveraging global experience and supply-chain capabilities.
FTI Consulting acknowledged the cooperation of employees, landlords, suppliers, and other stakeholders throughout the administration and sale process. The successful acquisition demonstrates continued international interest in Australian retail assets, particularly those with established brand recognition and ethical sourcing credentials.