Newport Beach-based Lugano Diamonds & Jewelry Inc. said its newest additions to the board of directors will help add luxury luster to the fine jewelry maker.
Lugano, which is part of Compass Diversified (NYSE: CODI), said it added former Tiffany & Co. President and CEO Frederic Cumenal to its board. Cumenal has also worked at luxury conglomerate LVMH and is currently on the boards of online jewelry retailer Blue Nile and Mack-Cali Realty Corp.
Lugano said it also brought on David Arnold, who serves as vice chair of luxury magazine Robb Report and previously worked at Hearst Corp.’s House Beautiful and Town & Country titles.
Lugano sold a 60% stake in the company to Compass Diversified in September in a deal whose enterprise value was cited as $256 million.
Compass Diversified, which had a recent market cap of $1.9 billion, is also the parent to Irvine-based tactical apparel maker and retailer 5.11 Inc. Compass earlier this year said it was weighing a potential spinoff or initial public offering of 5.11.