Gump’s Rises Again After Being Acquired By Chachas Family

 

Gump’s is one of the most famous luxury brands in the world. This brand was created in 1861 by two brothers, Gustave and Solomon Gump, in San Francisco. They started a business that manufactured and sold mirrors and frames. After seeing how much money was being earned by some of those in the California Gold Rush, though, they changed gears and started selling works of art.

Among the history of Gump’s, its original location was destroyed in the infamous earthquake and resulting fires of 1906. They had to relocate to Union Square and reestablish their Asian supply chain of products. The owners of Gump’s sent buyers across Asia to bring back art, furnishings, silk, jewelry, and other luxury goods. It’s such a unique brand that notable people like President Franklin D. Roosevelt traveled to San Francisco just to buy something from them. See This Page for related information.

Gump’s became an iconic retailer, selling high-end products from around the world, especially exotic products from Asia that no other retailer sold. It was in this capacity that private equity investor John Chachas became interested in the company. As a young boy, he became fascinated with a Buddha statue located in their store. 50 years later, that statue was still there and he still loved it. Along with his wife, Diane, he started investing in Gump’s. A New Yorker, he made the base of this company New York, NY, and San Francisco, CA.

Their daughter, Anne Chachas, came into the fold. Together, they acquired a majority interest in Gump’s. Anne is now the executive vice president and leading the charge in expanding this brand. The Buddha statue, though, has been replaced by a replica. John Chachas worked out an arrangement where he would buy this piece of art and replace it with a likeness which cost him $25,000. Go To This Page for more information.

They have stated plans to open both digital and physical stores in time for the 2019 Christmas season. The new Gumps website, which retains the company’s former logo, also promises a re-opening in the fall of 2019. The web site also offers email signup and links to Instagram and Twitter pages. The location for the new Gumps brick-and-mortar store has not yet been released.

 

More about Gumps on https://en.wikipedia.org/wiki/GUMPS