SMITHFIELD and MANHATTAN – Fashion Accessories First Inc. (FAF), a supplier of costume jewelry and accessories to retailers worldwide, today announced it has acquired Catherine Stein Designs of New York, a designer and marketer of costume and semi-precious jewelry.

“This move combines the unique strengths of each company, and will create new opportunities to serve the growing fashion jewelry market,” said FAF President Arthur F. Fiorenzano. “Catherine Stein’s 30-plus years as a player in the heart of the New York fashion district, combined with our more than 30 years as an innovator in jewelry manufacturing, will mean more options for retailers.”

Catherine Stein Designs – established in 1971 as a resource for boutiques – produces the Catherine Stein Design line of costume jewelry and the upscale Stein & Byte line of jewelry with semi-precious stones and gold and silver accents. It operates a 10,000-square-foot showroom on West 38th Street in Manhattan.

Under the new arrangement, Catherine Stein Designs will become part of FAF, but both companies will continue to operate under their respective names and at their current locations, the companies said. Catherine Stein, Marsha Blye and Sharon Goldberg – partners in Catherine Stein Designs – will continue to design, manage and market products for the company.

Financial details were not disclosed. A spokesman for the companies, Peter Lowy of Business Communication Strategies, told the Providence Business News the terms of the acquisition would not be disclosed because both firms are privately held.

The combined enterprise will have more than 130 employees in Rhode Island and New York. There are no plans at the moment to add more employees, Lowy said.

Over the past two decades, his company has “invested heavily” in technology, quality-control testing and supply-chain management, FAF’s Fiorenzano said. “We hope to bring these state-of-the-art resources to Catherine Stein Design to help them grow with their current customers and take advantage of new opportunities,” he added.

The current economic conditions should help both companies, Lowy suggested, because they specialize in costume and semi-precious jewelry.

“The costume segment of the jewelry industry could even be strengthened” by the dismal economy, he said, “because people are still looking for gifts, and costume jewelry is more economical.”

Fashion Accessories First Inc. (FAF) is a manufacturer and distributor of costume jewelry, novelty items and accessories, such as belts, hair clips and key chains, under a variety of licensed and private-label brands. It serves retailers worldwide from its headquarters in the Greenville section of Smithfield and offices in Canada and China. Additional information is available at www.faf.com.

Catherine Stein Designs designs and distributes costume and semi-precious jewelry. It has a showroom in Manhattan. To learn more, visit CSteinDesigns.com.