Carolyn Rafaelian
Carolyn Rafaelian | |
|---|---|
| Occupation(s) | Business leader, entrepreneur |
| Known for | Founder of Alex and Ani |
Carolyn Rafaelian is an Armenian-American business leader and entrepreneur, known for founding the jewelry and accessories brand Alex and Ani. She also owns the historic Belcourt of Newport mansion along with Bar and Board Bistro, both located in Newport, Rhode Island.
Background
Rafaelian’s father launched Cinerama Jewelry in 1966, where both she and her sister gained early experience. She introduced innovative designs that became central to the company’s product lineup. Rafaelian attended Prout Memorial High School for Girls and pursued higher education at the University of Rhode Island, later earning a degree from the American College for the Applied Arts in Los Angeles. She entered her father’s enterprise in 1994 and started her own collection. By 2002, she had become co-owner of Cinerama alongside her sister. Her creative contributions significantly boosted the company's sales, and in 2016, Alex and Ani purchased the manufacturing plant for an undisclosed sum.
Business career
In 2004, Rafaelian launched Alex and Ani, a jewelry brand named after her two eldest daughters. The initial offering consisted of five cocktail rings, eventually evolving into a comprehensive jewelry collection highlighted by its exclusive expandable wire bangle design.
Rafaelian was honored as Rhode Island Small Businessperson of the Year by the Small Business Administration in 2012 and received the Ernst & Young Entrepreneur of the Year award for New England in the products category. Under her guidance, Alex and Ani’s revenue surged from $5 million in 2010 to beyond $500 million by 2016. The company's Charity By Design program allocates 20% of sales to charitable causes, representing a substantial share of total revenue.
In addition to jewelry, Rafaelian owns Bar and Board Bistro in Newport as well as the Teas and Javas café chain, with some outlets co-located within Alex and Ani stores. In 2012, she acquired Carolyn's Sakonnet Vineyard in Rhode Island, encompassing winemaking operations, dining services, and farm-to-table offerings. The vineyard garnered multiple international accolades before being sold by Rafaelian in 2024.
Personal life
Rafaelian is divorced from her first spouse.
She is proprietor of the 60-room Belcourt of Newport estate, constructed in 1894.
Rhode Island Monthly has recognized her philanthropic work, including Project USA, which aids Hurricane Katrina survivors, supports breast cancer patients, protects endangered species, and collaborates with the Humane Society of the United States.
In 2016, Rafaelian was ranked 22nd on Forbes list of America’s Richest Self-Made Women with an estimated net worth of $700 million. By June 2018, her fortune had grown to approximately $1 billion—placing her 18th on the same ranking—reflecting her majority stake (80%) in Alex and Ani. However, by June 2019 her net worth decreased to near $520 million. The David Lynch Foundation acknowledged her humanitarian contributions in 2017.