Majors

Brilliant Earth Is Now a Public Company

MajorsSep 24, 2021

Brilliant Earth Is Now a Public Company

CEO Beth Gerstein said she believes in the jeweler’s omnichannel approach as its retail rollout continues.

20210924_Tacori x Brilliant Earth Ring.jpg
An 18-karat white gold “Petite Crescent Cushion Bloom” diamond ring, featuring a cushion-shaped halo ($5,150 for setting only) from the Tacori x Brilliant Earth collection. Brilliant Earth began trading on the Nasdaq Thursday morning.
New York—Brilliant Earth made a lukewarm Nasdaq debut Thursday morning, downsizing its initial public offering and pricing shares below the expected range.

The San Francisco-based jeweler halved its IPO offering to 8.33 million shares priced at a lower-than-anticipated $12 each.

It had planned to sell nearly 16.7 million shares at between $14 and $16 each.

Trading under the ticker symbol “BRLT,” the company now has a valuation of about $1.1 billion.

The company has granted underwriters a 30-day option to purchase up to an additional 1.25 million shares.

Shares of Brilliant Earth were trading just above $17 after Friday morning’s opening bell.

“Looking at where it was priced versus the preliminary ranges it seems initial expectations were too high,” said diamond industry analyst Paul Ziminsky.

“That said, it’s still garnering a nice premium relative to the universe [of other jewelers].”

 Related stories will be right here … 

Brilliant Earth CEO Beth Gerstein appeared on Fox Business Thursday morning to talk about the company’s IPO, its omnichannel shopping model, lab-grown diamonds, and more.

The company now operates 14 showrooms across the U.S. in addition to its online store.

As its physical retail rollout continues, Gerstein said the company is still digital-first but aims to deliver “a true omnichannel shopping experience.”
 
“Jewelry is a really considered purchase. Customers just really like to have more one-on-one interaction. Knowing that there’s a showroom nearby just helps unlock that conversion and is reassuring to the customer,” she said during the interview.

The jeweler sells both natural and lab-grown diamonds, and Gerstein noted that while affordability is a factor when choosing between the two, its customers take other factors, particularly design, into consideration before making a purchase.

“Our job, as a retailer, is really to provide different options for our customers, offer them side-by-side, and provide education,” Gerstein told Fox Business.

To celebrate its Wall Street debut, the company staged a surprise engagement for customers Anthony and Priscilla just outside the Nasdaq MarketSite in Times Square.
 

 
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

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