In 1978, an ambitious and rebellious young woman, Marina Bulgari, decamped from her family business to branch out with her own jewelry brand. Forbidden to use her full last name, the label was simply called Marina B. Its bold and modern designs were beloved by trendsetters of the time, such as Liza Minelli, Bianca Jagger, and Sophia Loren. Almost eight years ago, veteran high jewelry creative director Guy Bedarida purchased the brand, which had changed hands since Ms. Bulgari’s retirement, with a vision to preserve her forward designs and adapt them for today’s customers. After tirelessly revamping and reinvigorating the brand, Bedarida has made a new home for Marina B. in New York on Madison Avenue, joining a burgeoning jewelry scene as brands decamp Fifth Avenue.
Located at 673 Madison, the corner jewel box store, formerly occupied by Aaron Basha, is neighbored by Michael Kors, Tom Ford, and Van Cleef & Arpels to the north. French designer Nicolas Robert designed the320-square-foot jewel box of a space meant to evoke the brand’s heyday. In 1986, the brand opened a store in New York when Marina Bulgari was heading the collection.
“It’s an interpretation of what my vision of the Eighties is where color and opulence was very strong,” Bedarida said during a phone interview, adding, “Most of the furniture came from the Puce de St. Ouen in Paris.” The walls and carpeted floor are bathed in the signature royal blue of the brand, and a bright hot pink rug gives an electric pop of color. Accents include a pink Lucite desk, a gold atom-ball mirror, and a print by Victor Vasarely.
Planning a store took months, and Bedarida’s journey to this retail location began when things in the global economy were looking rosy. With a dedicated following and clients that spend upwards of $1,000,000 annually, he is confident the business will prevail. He is, however, pragmatic about the situation.
“A month ago, everybody was in complete euphoria, very optimistic. The country was doing extremely well. The economy was good, the stock market was good, and people were happily spending, especially on jewelry, even with the price of gold rising. This adds to the investment aspect of buying gold jewelry. It was the right moment to open to add credibility to Marina B. to be in New York City on Madison Avenue,” he continued, noting that with a showroom just off Madison Avenue at 67th, he watched as brands like Van Cleef & Arpels, Graff, Messika and Boucheron open stores there. Fifth Avenue, once the preferred spot thanks to the Cartier Mansion and Van Cleef & Arpels inside Bergdorf Goodman, has gravitated towards mass brands such as Mango, Skims, and Abercrombie & Fitch of late.
“It’s important positioning for the brand, and even though the business was very good with retailers and the showroom, having a standalone store gives credibility to the brand. Everybody comes to New York as the number one place in the world for business, holidays, and shopping. It’s probably the number one destination for shopping in the World. Madison Avenue has emerged as really the most important for jewelry,” he continued.
The store will stock the brand’s three core lines, Trisolina, Ondine, and Triangolini, each based on original designs adapted for today’s tastes. Also on offer will be one-of-a-kind styles such as the 18K yellow gold and black onyx Patu choker festooned with topaz, rubellite, and diamonds or the 18K yellow gold and onyx Sabina cuff with rubellite tourmaline, amethyst, pink sapphires, and pavè diamond. While these stunners have five-figure price tags, the average price point for offerings is $5,000, according to Bedarida.
These unique designs will help entice customers who are also seeing the effects of the increase in the price of gold. The number one challenge has been the price of gold, which has increased by 20 percent in the last 12 months and has not stopped yet. It’s more than double the price when I started 7 ½ years,” Bedarida noted.
While he doesn’t produce in China, he manufactures mainly in Italy and France and buys gemstones in Asia. Between the gold and the 10 percent tariffs still in effect for Europe, his prices must increase by 20 percent to adjust.
“There are good quality workshops in New York, but they’re way more expensive than Italian ones. It also takes time to recreate a fabrication relationship with a new supplier,” he added.
Having a retail store presence will help meet his customers in the US. He was sold at Saks and Neiman Marcus but withdrew those orders in the past year due to the non-payment issues with those retailers during the merger.
“The US is our number one market. The Saks and Neiman Marcus customers love Marina B., so it has been a missed opportunity,” said Bedarida, noting that the Middle East is the second most important market for the brand.
While that may be the case, he envisions a second store in Milan one day. But for now, his attention is on the New York store, and attention is on his jewelry designs.
“Marina B. is starting to have more and more recognition, and customers are attracted to it and comfortable spending large sums of money to collect our jewelry,” he said.
