Old fashioned glass shops in San Francisco, Los Angeles and New York have long been known for the high quality of their glass, but one brand in particular has seen its stock go up a few fold thanks to a deal between a Chinese manufacturer and an old-school glass supplier.
The San Francisco-based glass company, Diamond Glass, announced on Wednesday that it would be leasing the space formerly used by its parent company, the San Francisco Diamonds, for $100 million.
It said the move would make it the “largest glass brand in the U.S.”
That move comes amid a trend in the industry of companies getting in on the glass craze, with some taking over old-fashioned glass stores and others buying them up for pennies on the dollar.
“Diamonds, who for years have operated a large glass manufacturing facility in the Golden Gate Park, have decided to focus on its business,” said Scott Kline, Diamond’s president and chief executive.
The new lease will make Diamond Glass the “biggest glass brand globally,” he said in a statement.
The move comes after the San Diego Diamonds signed a deal with an international company in 2016 that will allow Diamonds to open up to 40 new locations across the world, starting in 2019.
Diamond’s move into new territory came after the company began buying old-world brands and repurposing them into its own brand, such as the new luxury brand, which it unveiled on Tuesday.
The Diamonds said it was “excited to join the growing movement of companies acquiring old-World glass,” adding that “it will add value to the Diamonds brand, providing a better experience for our customers and consumers.”
Diamond’s other new brands include the classic British classic Tiffany, the modern Swiss luxury Hermes, and the more modern, modern-day Chanel.