9-4-2021
Signet Jewelers has acquired jewellery rental subscription platform Rocksbox, in an attempt to tap the self-purchasing women market, an underdeveloped revenue stream to the brand.
Rocksbox’s revenue is driven by Gen-Z and millennials. Subscribers pay US$21 on a monthly basis to rent a box of three jewellery pieces (necklaces, bracelets, rings and earrings) based on the preferences they selected on Rocksbox. They can choose to exchange the box or purchase the rented items. More than half of the rental shipment converted into a sale, according to the company. The most expensive item currently available to its members is a pair of Kendra Scott Nina statement earrings at US$128 and the cheapest is a pair of US$29 hoop earrings.
"We are excited to join Signet and to play an important role in its purpose-driven growth strategy - Inspiring Brilliance - while also taking the company we have so passionately grown to an entirely new level," said Meaghan Rose, Rocksbox founder and CEO.
Signet recently announced that it will also accelerate growth in the services category. The company expects to expand its current services such as repair, warranty services and piercings, while also introducing new ones.
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