Chris Holden

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Chacha, The Gumps and The Buddha

by Chris Holden - October 4th, 2019.
Filed under: Department Store, Home Décor Retailer, Luxury Home Furnishings.

 

In 2005, the famous luxury retail store owned by the Gump brothers Soloman and Gustave was visited by none of other than John Chachas. He had known the brothers since they were young and had heard of their success. He came to their store to see what they had, and his eyes landed on a statue of Buddha.

As a way of acquiring the Buddha, Chachas tried doing arrangements at the Gump’s store. These arrangements for different transactions for the store came with a high fee of $225,000. However, it wasn’t really going that well.

Chachas told the Gumps that he wanted to use the Buddha as compensation for his fee. It was originally purchased for $800, but after having the statue appraised in 2007 it was declared the statue was worth $240,000 which was more than Chachas fee. However, in order to keep the Buddha he had to replace it with a like-value replica as stated in the contract he had with the Gumps. He did so with a 3D copy that looked exactly like the original. View Additional Info Here.

Eventually, Chachas sold the Gump’s statue in Hong Kong for $4 million and he would found his own investment company in 2010. This company purchased the intellectual properties of the Gump’s store such as brand names, clients lists and other things they used to keep their business lucrative. Read This Article for additional information.

He has since been using this information to help rebuild the Gump’s company name and store, and intends to make it better than it was before while sticking to their original mission and values. The Gumps luxury retail store was founded in 1861 in the United States. Gumps is known for their beautiful old artifacts that they have acquired from all over the world.

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.

 

Follow them on https://twitter.com/@gumpssf

 

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