Australian jewellery retailer Secrets Shhh has been acquired by Dubai-headquartered Amaar Jewels LLC after entering voluntary administration in December 2023.
The transaction includes the purchase of the company’s business and assets and will see the transfer of the majority of retail stores and more than 100 employees to the new owner.
Administration Process and Sale Outcome
Secrets International Pty Ltd and its subsidiaries—operating under the Secrets Shhh brand—were placed into administration on 10 December 2023. The group appointed FTI Consulting’s Kate Warwick, Kelly Trenfield, and John Park as joint administrators. At the time, Secrets Shhh operated 23 boutique stores across Australia along with an online platform.
On 6 February 2024, FTI Consulting confirmed that binding sale documentation had been executed with Amaar Jewels LLC. The sale includes the transfer of most retail stores and over 100 employees to the new owner, allowing business operations to continue under the new ownership.
Senior Managing Director at FTI Consulting, Kelly Trenfield, commented:
“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.”
Plans Under New Ownership
Amaar Jewels, a privately owned group based in Dubai, plans to launch new product lines and adjust retail operations. The company has also indicated an intention to explore international markets. It stated that it will work with current staff and use its existing supply chain to support the business.
Industry Context and Implications
Secrets Shhh is positioned in the Australian market as an affordable jewellery provider featuring laboratory-grown and simulated diamonds. The brand focuses on offering alternatives to natural stones, reflecting the wider availability of alternatives to mined stones.
The acquisition reflects continued interest in the lab-grown and fashion diamond category from international investors. If international expansion proceeds, Secrets Shhh could become one of the few Australian jewellery brands with an overseas presence. The transaction also illustrates continued acquisition activity by overseas buyers in the regional jewellery retail sector.
