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Alex and Ani Fuels Economy - Creates Thousands of Jobs in RI

Tuesday, September 17, 2013

 

Alex and Ani - a lifestyle brand

Rhode Island’s economy may be stuck in a low growth gear, but Alex and Ani is developing into one of the bright spots for the Rhode Island economy according to a report by Bryant University’s John H. Chafee Center for International Business and The Center for Global and Regional Economic Studies. The Bryant report found that in 2012, the company directly or indirectly generated nearly 1,100 fulltime jobs in Rhode Island.

The Bryant study outlines that the company grew revenues from $4 million in 2010 to more than $80 million in revenue in 2012. The Bryant report developed the job creation numbers that were modeled by Bryant research staff off of the 2012 numbers.

In 2013, according to Alex and Ani sources, the company is on pace to exceed more than $200 million in sales. Using Bryant’s economic model, Alex and Ani may now be generating as many as 3,000 to 4,000 jobs in Rhode Island in direct and indirect full-time jobs.

Bryant University

Bryant Report 

According to the Bryant report written by Dr. Joseph Ilacqua, Professor of Economics; Dr. Edinaldo Tebaldi, Associate Professor of Economics; and A. Ray Thomas, Associate Director of the John H. Chafee Center for International Business, Alex and Ani is growing jobs in a wide range of sectors in the Rhode Island economy.

This study analyzed economic data that included the number of jobs, total wages, and taxes that accrue to the state – direct and induced. It estimated that in 2012, Alex and Ani:

• Generated $80.04 million in revenue, including $22.06 million in sales in the state of Rhode Island, $51.42 million in sales in other U.S. states, and $6.57 million in exports.

• Supported 1,094 full-time equivalent (FTE) jobs in Rhode Island, from which 296 are direct FTE jobs and 798 are induced FTE jobs.

• Created $35.4 million in income for Rhode Island households. Direct earnings totaled $10.32 million and induced earnings totaled $25.1 million.

• Generated $1.03 million in total income tax revenue for the State of Rhode Island. The direct income tax revenue is $274.536 plus induced income tax revenue of $755,830.

• Generated $1.7 million in sales tax revenue for the State of Rhode Island. The direct sales tax revenue is estimated at $1.26 million, plus induced sales tax revenue of $487,289.

Rhode Island Roots

“Alex and Ani is a wonderful part of our community from an economic and jobs creation, but also from a charitable standpoint. Their impact is not just giving their own time, not just in Cranston, but throughout the state,” said Allan Fung, Mayor of Cranston, in an interview with GoLocalProv.com.

Alex and Ani’s growth has helped to produce hundreds of jobs in Rhode Island’s manufacturing sector. The company best known for its jewelry is transforming into a lifestyle brand.

"What we are seeing is the building of a brand" no different than Ralph Lauren or Calvin Klein, the only difference is we are doing it in Rhode Island, and the designer is Carolyn Rafaelian. In a few years we will sell as much apparel and hand bags as we do jewelry.  The world has spoken and they love our brand. More importantly they love what we stand for and the fact we give back as we go. That is the reason for such fast growth, the consumer appreciates our consciousness,” said Giovanni Feroce, CEO of Alex and Ani.

Last month, Inc. Magazine ranked Alex and Ani as the 94th fastest growing company in the United States. “What I envision is Alex and Ani is in Rhode Island for a long time. You want to see them grow and succeed - I knew Carolyn's father, and now to see Carolyn and Gio grow the business to where it is today is impressive. They've never forgotten about the community,” said Fung.

Roger William University, a partner with Alex and Ani in developing worker training and professional development strategies, points to the inspiration the company brings to the perception of Rhode Island.

“Alex and Ani has demonstrated purposeful and thoughtful action, through a business model that has visibly and clearly articulated values at its core that benefit Rhode Island via job creation; a sincere fidelity to their employees through education and training; as well as a philanthropic and socially responsible commitment to the state. The innovation, energy, dedication, and sheer genius that the leaders of Alex and Ani exhibit should make Rhode Islanders proud that Alex and Ani call our state “home,” said Jamie Scurry, Acting Dean of the School for Continuing Studies at Roger Williams University.

 

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