Brilliant Earth Reports 51% Sales Growth in 2021
The retailer attributed its success to its appeal to younger consumers, expansion in non-bridal jewelry, and growing network of showrooms.
The San Francisco-based retailer reported Wednesday it had a record quarter in Q4 2021, with net sales reaching $121.9 million, its highest ever quarterly sales performance.
Sales were up 38 percent year-over-year, outperforming expectations, and were nearly double what the retailer recorded in the fourth quarter of 2019, pre-pandemic.
Net income was $11.4 million, down from $13.4 million in the fourth quarter 2020.
For the year, Brilliant Earth reported sales totaling $380.2 million, a 51 percent increase over 2021 and up 89 percent when compared with 2019.
Net income increased to $26.3 million, up from $21.6 million in FY2021.
During Wednesday evening’s earnings call, Brilliant Earth CEO Beth Gerstein said the company’s fourth quarter was “an excellent finish to a strong year of growth.”
She cited its expansion beyond bridal into “trend-forward” fine jewelry that appeals to self-purchasers, the strong performance of its new showrooms, and the brand’s appeal to millennial and Gen Z consumers as the factors behind its strong performance.
She said younger consumers are “embracing the brand” because of the beauty and quality of its products, and its pledge on ethical sourcing and commitment to inclusion.
Last year, the company nearly doubled its physical footprint, opening new showrooms in six cities: Seattle; Portland, Oregon; Austin, Texas; Dallas; New York; and Scottsdale, Arizona.
Brilliant Earth now has 15 showrooms nationwide and she said the company will be opening additional locations “soon,” including one in Bethesda, Maryland, its second in the Washington, D.C. metro area.
During Wednesday’s call, Gerstein also addressed the issue of Russian diamonds in the wake of Russia’s invasion of Ukraine.
She noted that the company removed all Russian-origin stones from its website earlier this quarter, “ahead of our peers.”
She said the company does not expect the exclusion of Russian goods to have a material impact on its financial performance because of the company’s “diverse” supply chain, a point she reiterated later in the call in response to an analyst’s question.
Looking ahead to 2022, Gerstein said the company has continued to perform well post-holiday and is positioned to deliver another year of “significant” growth.
Brilliant Earth forecasts first-quarter sales will total $96 million to $98 million, up 36 to 39 percent over last year.
For fiscal year 2022, sales are expected to total between $485 million and $500 million, with year-over-year growth of 28 to 32 percent.
According to Russian news sources, the sanctioned head of the diamond company is leaving to take a job with an investment group.
Said to be the largest pink diamond found in hundreds of years, “The Lulo Rose” was sold for an undisclosed sum.
A princess’s tiara fell within its pre-sale estimate while an Art Deco bracelet from a queen doubled it.
From laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.
Sponsored by GIA Alumni Collective™
Give your customers the best diamond buying experience this holiday season.
The auction house is not offering any details on why the fancy vivid pink stone was pulled from its upcoming “Magnificent Jewels” sale.
In the spirit of an advent calendar, “Gems to Help Ukraine” will sell a stone a day through Dec. 24 on the Nomad’s Instagram account.
The secure mark combines an overt mark with a covert data set to provide assurance on a gem.
Plus, what a potential rail strike would mean for retailers.
It will provide a place for select luxury watch retailers to sell their stock.
Liqhobong has been in a care-and-maintenance period since the start of the pandemic.
The strategic acquisition will bolster the luxury titan’s production capacity in its watch and jewelry division.
The new brand, Metal Alchemist, focuses on unisex, classic jewelry designs.
The 2022 edition of the retailer’s annual publication pays homage to the coffee farms and shops of Puerto Rico.
The partnership brings Claire’s jewelry and accessories to 20 Macy’s locations in time for the holiday season.
Starring CEO Sabina Belli and other celebrities, the videos emphasize the importance of supporting women who have experienced abuse.
Kalisher started out manufacturing watch bands and later got into publishing, authoring two books and serving as publisher of Chronos.
Scheduled for Feb. 1, the event will feature six gemological education presentations and three hands-on sessions.
The jewelry cleaner manufacturer jumped up to No. 3066 on the Inc. 5000 list.
The Dec. 1 jewelry sale at Bonhams-owned Bruun Rasmussen will have several other pieces of royal jewelry on the block.