Signet Acquires Jewelry Subscription Service Rocksbox
The platform lets customers rent jewelry on a monthly basis, then swap it or buy it.
The purchase price was not disclosed.
Launched in 2012 by CEO Meghan Rose, the San Francisco-based company allows subscribers to rent different pieces of jewelry every month, swapping out their picks for something new the following month or buying the pieces.
For $21 per month, subscribers can rent up to three pieces from brands like Kate Spade and Kendra Scott.
“I started Rocksbox to make it easy and fun for women to discover jewelry that they love – and that won’t change,” said Rose in a press release about the acquisition.
“We’re excited to give even more members the opportunity to experiment with new, fashionable jewelry styles through a technology-enabled, personalized rental experience.”
The Rocksbox acquisition is expected to strengthen Signet’s current banners, which includes Kay Jewelers and Zales, by providing an additional point of entry for self-purchasing women.
The segment is “currently underdeveloped,” said Signet, and this could expand its share of the market.
“With jewelry rental subscription, Signet will tap into a highly engaged customer base, generate a new revenue stream, and bring yet another capability into its connected-commerce strategy, which is focused on serving customers whenever, wherever and however they want to engage with Signet and its retail banners,” said the company.
The acquisition follows the jewelry giant’s announcement about the next phase of its turnaround plan, “Inspiring Brilliance,” which prioritizes growth in the services category.
The company has said it is looking to expand in areas such as repair, warranty services and piercings, while also branching out into new services, like jewelry rental.
They’re slated for May in Phoenix and June in Las Vegas, respectively.
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For the second year, the e-tailer offered its customers “first-to-market” dibs on the latest timepieces.
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