Gumps built a long-term relationship with consumers living in Sans Francisco and tourists, since 1861. It became a shopping hub for locals during the holiday seasons and year round. What attracted people from around the world was its large Buddha statue that stood nearly eight feet tall.
In a recent press release posted on PR Newswire, the Chachas family announced they are the proud owners of Gump’s. This is great news for dedicated customers in North America and Europe.
During the 1990s, entrepreneur and investor John Chachas acquired the multi-million dollar company for an undisclosed amount. Mr. Chachas invested a half of a million dollars into the brand and gained the title and ownership of the Buddha statue. The artifact became a huge investment with him gaining almost $3.8 million in profits from an auction sale at Christie’s in Hong Kong. After investing $500,000 into Gumps, he made a deal with the other investors to gain the statue. The Buddha statue was a separate transaction after the investors refused to pay him for his services. View Additional Info Here.
The profit Mr. Chachas made from the sale of the Buddha statue gave him a chance to reinvest and redevelop Gumps. He gave his children, Christopher, Anne, and Jack majority ownership of the business. The new leaders made plans to expand further in America including Sans Francisco and New York, and now Europe. They are relaunching the original store, opening new physical retails, and an e-commerce store the fall of 2019. Customers can sign up to receive exclusive offers by email on Gump’s website before the grand re-opening.
Gumps offers luxury products for special occasions, holidays, and collectibles. You can find extravagant jewelry, Asian jade stones, pearls, home furnishings, crystals, fine china, tabletops, and much more. Although, the original Buddha is no longer in the original store location, John Chachas replaced it with a 3-D replica. Go To This Page for additional information.
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