What is Carolyn Rafaelian's Net Worth?
Carolyn Rafaelian is an American entrepreneur and businesswoman who has a net worth of $100 million. Carolyn's net worth once topped $1 billion and was enough to make her one of the richest self-made women in America. Unfortunately her financial position has suffered enormously in recent years.
Carolyn Rafaelian was born in Providence, Rhode Island. Her father opened a jewelry factory in 1966. In 1994 Carolyn joined her father's business and in 2002 she and her sister took over entirely.
In 2004 Carolyn founded the jewelry and accessories company Alex and Ani. She named the company after her two eldest daughters. The brand's first line was a set a cocktail rings. They eventually expanded into a wide variety of jewelry and accessories. In 2010 the company generated $5 million. By 2013 the company was generating $230 million in revenue. By 2017 the company was generating $500 million per year in revenue.
Unfortunately the good times did not last. In July 2019 Carolyn filed a gender discrimination lawsuit against Bank of America. The bank in turn claimed that her company was in default that Alex and Ani was in default on a $100 million line of credit. Sales at the company had reportedly dropped 60%, at least partially due to the COVID pandemic.
In the ensuing debacle, Carolyn sold 20% of her stake in the company to an investor called Lion Capital, upping their stake to 60%. Carolyn stepped down as CEO in September 2019 and stepped away from designing in October 2020.
Real Estate: Carolyn reportedly owns a dozen properties around the world, including most notably the Belcourt of Newport and Carolyn's Sakonnet Vineyards. The Belcourt of Newport is a 60 room mansion which was formerly known as Belcourt Castle and located in Newport, Rhode Island.
