The FINANCIAL — UPS Capital, a subsidiary of UPS, which provides supply chain financial, insurance and payment services, on June 15 announced the acquisition of Parcel Pro, the leading independent logistics provider to the jewelry, wristwatch and collectibles industries.
“The synergies between UPS Capital and Parcel Pro will greatly benefit customers shipping high-value products,” said Ronald Chang, president of UPS Capital. “The acquisition enhances our supply chain risk mitigation capabilities, providing global logistics expertise and peace of mind to customers who need to ship their valuable goods. Many jewelry retailers have insurance policies that cover their inventory, but shipping losses are not always covered by these policies.”
The market for luxury items has flourished internationally over the past decade, while most shipping insurance is limited to $50,000 in the United States and $500 internationally in value per package. This means that companies have to split up shipments, leading to increased transportation and labor costs. UPS Capital and Parcel Pro recognize customers need better solutions, and because of their technology and security, together they are able to insure shipping within the United States for up to $150,000 in value per package and internationally to selected countries for up to $100,000 per package. The increased maximums allow companies to ship more items in one package, which is logistically easier and more cost effective, according to UPS.
“Parcel Pro’s mission is to provide the most affordable, reliable, secure and convenient services for our industry customers to ship and insure valuable goods. We believe that the acquisition by UPS Capital supports our mission and will only benefit our customers, as well as UPS Capital customers who ship high-value items,” said Joseph Lam, chief executive officer of Parcel Pro. “Our customers will continue to receive best-in-class service and protection for in-transit goods, and also have access to the greatly expanded capabilities, financial strength and stability that come with UPS and UPS Capital.”
Many high-value jewelers and watch retailers, especially international companies, organize shipping, insurance and logistics on their own. With the acquisition of Parcel Pro, UPS Capital offers customers a turn-key solution enabling customers to ship these items more cost efficiently and more securely than ever before.
Parcel Pro’s proprietary technology platform provides online tracking and visibility, e-reporting, web access and shipping, including via smart phone applications. The company has locations in the major jewelry districts of New York, Los Angeles, San Francisco, Miami, Hong Kong, Tokyo and Singapore and provides local customer service, as well as armed guard pick-ups and deliveries in New York, Los Angeles and Beverly Hills, California.