Category Archives: Luxury Home Furnishings

Gump’s Finds a Second Life

 

Gump’s began in San Francisco when it was founded by Solomon and Gustave Gump and his family in 1861. While it began modestly as a seller of mirrors and frames, it has become one of the premier luxury brands of jewels and gifts along with homeware and furnishings in the world.

The company obtains its inventory by searching the world for exotic items. It brings back works of art that could never be found in the west. In 1906 the company moved to its location in Union Square. In the fall of 2019 it will operate under new ownership. Over the years Gumps has served millions of customers. Anne, Christopher, and Jack Chachas are the new owners and they will oversee operations in North America and Europe.

It was their father, John Chachas who first found interest in the Gump’s company. As a young boy he was fascinated by a statue of the Buddha that was on display in the store. In 2005 when John was organizing the sale of Gump’s, he asked for the statue as part of the deal. Read This Article to learn more.

Instead of receiving a cash payment he accepted the statue that he had seen 50 years earlier. At that time it had cost just $800. When the statue was appraised in 2007 it was worth $240,000. John could not take the statue with him unless he replaced it will a replica. Visit This Page to learn more.

Using a 3D printer, he spent $25,000 for a copy to be placed in the store. Chachas went on to sell the statue in Hong Kong for the enormous sum of 4 million Hong Kong dollars. The new Gump’s company will retain many of the employees. It will be moving from its previous location, but it will remain in San Francisco, CA along with a location in New York, NY.

 

View source: https://www.prnewswire.com/news-releases/gumps-iconic-san-francisco-luxury-retailer-has-been-acquired-300879531.html