The Chachas, The Gumps and The Buddha

 

Gumps is known for being one of the oldest brands to ever exist in retail within the United States. The business was running for more than 150 years when things began to change. The change in the economy had everything to do without how people were shopping.

The Gump’s Luxury Retail store is now set to be re-opening under new ownership. The company, previously owned by Soloman and Gustav Gump, was recently acquired by the Chachas’ family.

They established their business in 1861, and it has been a family business ever since. Anne Chachas admires this rich family history and intends to run the business as they had done before. She is also very excited to work with the Gump’s clients because she has always been impressed by their special connection with them.

The Chachas’ have been investing the Gump’s retail store since 2007, so it’s safe to say they truly believe in the company and its brand. John and Diane Gump began investing, but it was their children Anne, Jack and Christopher who actually acquired the Gump’s business after it had closed down. They all have the same passion for the history, and ensure the public that they won’t stray from the Gump’s vision. See This Page for additional information.

John Chachas had wanted a Buddha the brother’s had years ago, and that statue was also appraised in 2007. It was worth $240,000, but it couldn’t be John’s immediately. He and the Gump’s had a transaction arrangement contract that they’d originally drawn up in reference to the Buddha. Chachas was setting up transactions for the Gump’s, but his fee was $225,000 and with the Buddha being valued at so much his fee was covered. He simply had to replace it with a replica that was valued at the same amount, which he did. Get More Information Here.

Chachas sold the Buddha in Hong Kong for $4 million and started an investment company. His children bought the business and their intellectual property when the Gump’s filed bankruptcy, and everyone is excited to see what they have in store.

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.

 

Additional reference: https://www.prnewswire.com/news-releases/gumps-iconic-san-francisco-luxury-retailer-has-been-acquired-300879531.html