W. Warwick tax deal draws jewelry firm

WEST WARWICK, R.I. (WPRI) - The West Warwick Town Council on Tuesday approved a tax break for a local costume jewelry company as an enticement to move its headquarters there from North Providence.

Crimzon Rose International will move its headquarters and distribution center by June to a 105,000-square-foot building at 1600 Divison St. in West Warwick previously occupied by MetLife, Town Planner Fred Presley told WPRI.com on Wednesday.

The company will move its 170 workers from facilities in North Providence and Lincoln to West Warwick, add roughly 30 more employees by the time it opens, and has a goal of hiring another 100 workers by 2014, Presley said.

In return, the Town Council voted unanimously Tuesday night to phase in the town's tax assessment on the company's tangible assets by increments of 20% over the next five years. The value of those assets is expected to be roughly $3 million, Presley said. The company's lease agreement will allow it to expand further on site if necessary, he said.

"Crimzon Rose is expecting growth could potentially even double in the next two to three years in terms of jobs and probably by acquisition," he said. The company currently has more than 350 full-time employees in Rhode Island and New York, according to its website.

Crimzon Rose, founded in 2001, sells costume jewelry and accessories throughout North America under its namesake brand and others including Erica Lyons, Daisy Fuentes, Elements, Lolita and Pure Expressions. The company was bought last August by Li & Fung Ltd., a Hong Kong-based supplier to retailers including Wal-Mart Stores, Kohl's, Target and JC Penney.

Presley said town officials have been working with Crimzon Rose on its potential expansion for more than a year as the company scouted different locations around the state. "It's absolutely one of the bigger expansions in West Warwick in recent years," he said.

Ted Nesi ( tnesi@wpri.com ) covers politics and the economy for WPRI.com and writes the Nesi's Notes blog. Follow him on Twitter: @tednesi

Tim White contributed to this report.