Pura Vida Bracelets, the La Jolla-based company that sells hand-crafted jewelry, is making a permanent, physical home at Westfield UTC.
The 2010-founded brand, with a revenue of $68.3 million in 2018, is opening its first standalone storefront, this month.
“Since acquisition, we have truly been focused on growing the brand,” said Griffin Thall, founder and CEO. “From launching in the European Union and Canada, doubling our wholesale business and targeting new customer audiences through key partnerships with influencers, celebrities and some amazing new licensors like Disney and Discovery – we have hit the fast track button to growing into an internationally recognized lifestyle brand… It’s so exciting we can officially say that Pura Vida is sold out of our first retail flagship store right here in La Jolla, Calif. We are (also) happy to announce that we have over 5,000 stores that carry our product.”
“Westfield UTC is truly a lifestyle destination and we are consistently striving to expand our portfolio of impressive first-to-market brands,” added Ryan Perry, senior general manager for Westfield UTC. “Given this is Pura Vida’s first brick and mortar location and the brand’s commitment to community givebacks, it aligns perfectly with what we at Westfield hope to represent and continues our brand ethos of creating a shopping experience fit for every type of guest. We’re thrilled to welcome them to the Westfield UTC family.”
Laid-Back Vibe
Inspired by street vendors from Costa Rica, Pura Vida Bracelets was founded by San Diegans Paul Goodman and Thall. Pura Vida, or “pure life”, describes the laid-back vibe of the country.
The company has since expanded to 800 artisans across Costa Rica, El Salvador, Guatemala, India and China and donated over $3.8 million to charities all over the world. Its distribution center currently ships products from Mexico for United States and Canadian e-commerce and out of the Netherlands for EU customers.
Today, Pura Vida has hundreds of SKUs, said Vanessa Skaggs, marketing manager of Pura Vida Bracelets. Some of its best sellers are any of its heart ring styles, she said, as well as its subscription clubs; the Bracelet Club and Jewelry Club provide exclusive Pura Vida designs delivered to customers’ doors on a monthly basis.
“We definitely have a sweet spot with our female teenage customers,” said Skaggs, “but also for the moms that buy for their daughters (and end up loving our products, too). So, generally… females age 13-35 are our target demographic.”
Vera Bradley Acquisition
In 2019, Vera Bradley, the handbag and design company, acquired 75% interest in Pura Vida. The purchase price was $75 million in cash and up to $22.5 million in incremental earn out. Vera Bradley has the right to acquire the remaining 25% stake in Pura Vida in five years.
For now, Thall and the rest of the team hope to continue to expand the Pura Vida Bracelets footprint.
“With the successful launch into our first retail store, I would definitely start with looking into new markets for brick and mortar and truly honing in on bringing the ‘Pura Vida’ experience into real life anytime a customer walks in our doors,” said Thall. “In product and marketing, we have some incredible licensing deals that will be launched at the back end of the year. I truly believe that they will be hugely successful moments for the brand.”
Pura Vida Bracelets
FOUNDED: 2010
CEO: Griffin Thall
HEADQUARTERS: La Jolla
BUSINESS: Co. that sells hand-crafted bracelets and jewelry.
REVENUE: $68.3M in 2018
EMPLOYEES: 48
WEBSITE: www.puravidabracelets.com
NOTABLE: Co. sells millions of bracelets per year.