Carolyn Rafaelian, founder of Cranston-based jewelry brand Alex and Ani, has her sights set on a new venture: a startup called Metal Alchemist.
Rafaelian made the announcement in a short Instagram video last week. In the video, she describes Alex and Ani as "part of my DNA" but clarifies that she is no longer designing for the brand she founded 16 years ago. Providence Business News reports that her departure follows a series of lawsuits related to the company’s credit line; Rafaelian divested control of the company in a 2019 restructuring, ceding a controlling interest to Lion Capital.
Metal Alchemist's minimalist website features a small logo; the phrase "Live life without fear"; and the words "Sans Crainte," which is French for "without fear." The website says Metal Alchemist will be unveiled this holiday season. It also includes an email address, from which Rhode Island Inno has not yet received a response.
"Metal Alchemist is where I plan on continuing all the love and the efforts and the designs that support things that are truly important to me, such as the Armenian Fund," Rafaelian said in the video.
Rafaelian is the granddaughter of Armenian immigrants and backed initiatives to support the Armenian Fund at Alex and Ani, including a 2018 line of jewelry featuring purple forget-me-not flowers, the symbol of remembrance of the Armenian Genocide. More recently, Rafaelian has used her Instagram presence to shed light on continued violence in Armenia, where fresh clashes have sprung up between Azeri and ethnic Armenian forces.
"I want you to know, Armenian Fund, you have my heart, you have my prayers, and Armenia, you have everything that I'm going to do moving forward," Rafaelian said in the video. "Stay tuned, and God bless."
