Updated March, 19, 2025: Vera Bradley is selling Pura Vida to Project Aster Acquisition, LLC for $1 million, in addition to possible contingent payments over a two-period, according to Vera Bradley financial documents filed with the SEC. The company paid $85 million for Pura Vida when it acquired the brand.
Vera Bradley Inc. announced Wednesday that it is selling jewelry brand Pura Vida, which the company acquired in 2019.
The La Jolla, California-based brand has largely struggled at Vera Bradley, with its annual revenue dropping nearly in half during Pura Vida’s tenure there.
For the year ended Feb. 1, Pura Vida’s revenue totaled $53.2 million, according to Vera Bradley. That compares to $112.5 million in the year ended Jan. 31, 2021, the first full fiscal year of Vera Bradley’s ownership.
Vera Bradley acquired Pura Vida for $85 million, paying $75 million for 75% of the company in 2019, then $10 million for the remaining 25% in 2023. Pura Vida founders Griffin Thall and Paul Goodman exited the Pura Vida when Vera Bradley acquired the second tranche of the company.
In announcing the Pura Vida sale Wednesday, Vera Bradley CEO Jackie Ardrey said divesting Pura Vida will allow the company to focus on improving its business.
“In order to further focus our efforts on Vera Bradley’s long-term transformation, yesterday we signed an interest purchase agreement to sell all of the ownership interests of the Pura Vida business,” she said in a statement. “This sale of Pura Vida represents a significant step in our strategic evolution.”
Vera Bradley did not disclose who the Pura Vida buyer is. The deal is expected to close in the first quarter.
Privacy Changes Hurt Digitally-Native Pura Vida
Pura Vida, historically an e-commerce focused business, has also suffered from the Apple software privacy changes that have made it harder – and more expensive – for marketers to send targeted advertising through Facebook and Instagram. The two platforms were the dominant marketing channels used by Pura Vida as the company grew rapidly.
Under Vera Bradley, Pura Vida also opened seven Pura Vida stores, and further developed its wholesale business.
Q4, Full-Year Financial Results
Despite varied efforts to turn around the Pura Vida business, revenue keeps falling.
In the fourth quarter ended Feb. 1, Pura Vida revenue dropped 43.8% to $13.6 million with both ecommerce and wholesale sales declining. The brand’s operating loss widened to $11.3 million from an operating loss of $7.3 million in the same period last year.
For the full year, Pura Vida revenue dropped 38.9% to $53.2 million.
Vera Bradley is also struggling – its Q4 revenue fell 17.8% to $76.5 million.
Vera Bradley’s full-year revenue dropped 16.9% to $257.6 million
