Vera Bradley Inc. has announced plans to sell its Pura Vida jewelry brand, which the company acquired in 2019. CEO Jackie Ardrey said the company signed a purchase agreement to sell Pura Vida during Vera Bradley’s fourth-quarter earnings call March 12.
“In order to further focus our efforts on Vera Bradley’s long-term transformation, we signed an interest purchase agreement to sell all of the ownership interests of the Pura Vida business,” she said on the call. “This sale of Pura Vida represents a significant step in our strategic evolution. Importantly, and in light of the uncertain macro and consumer environment, we will continue to manage the business prudently.”
Vera Bradley acquired a 75% stake in La Jolla, California-based Pura Vida Bracelets in 2019 for $75 million. When the company acquired it, Pura Vida Bracelets was a “rapidly growing, digitally native and highly engaging lifestyle brand.” Vera Bradley purchased the remaining 25% stake in the company in 2023 for $10 million.
Sales have been down for the company’s Pura Vida segment, though. Pura Vida segment revenues totaled $13.6 million in the fourth quarter of 2024, a 43.8% decrease from the $24.2 million in the prior-year fourth quarter, according to Vera Bradley’s latest earnings report. The company attributes the decline to decreased e-commerce and wholesale sales, partially offset by a retail revenue increase of 61%.
Vera Bradley is planning to sell the Pura Vida brand for a cash consideration of $1 million as well as a contingent consideration payable over a two-year period, according to a purchase agreement press release. The company has not disclosed the buyer. Ardrey said she expects the sale of Pura Vida to close by the end of the first quarter of the fiscal year.
