Mejuri’s buyer is rising up and trying to brighter days forward. The direct-to-consumer jeweler observed an growing curiosity for higher-priced items in its assortment, and has got down to make extra luxurious jewellery.
This week, the corporate launched its costliest piece of bijou but: a diamond rivière tennis necklace set with 1.25 carats that’s priced at $4,800, which is double the model’s beforehand highest worth level. This follows a bracelet of comparable design, launched in September, that’s set with 0.5 carats of diamonds and is priced at as much as $2,350.
“We have been in business since 2015 and one key thing we’ve been able to establish is a very committed community with around 40 percent repeat customers. Over time we’ve seen customers grow in age and purchasing power and they are ready for us to introduce new price points and products. Last year we decided to expand to higher price points because we saw an appetite for it,” mentioned cofounder and chief govt officer Noura Sakkijha.
She added that this, coupled with cultural modifications introduced on by the pandemic, have led Mejuri to suppose deeper into these classes. “I think there is an appetite for customers to buy less things of higher value. This is opening up an opportunity for us to expand more and more. The key difference, for us, is when we introduce these products it’s not to wear it for a special occasion, it’s everyday jewelry to be layered.” Even in its first day available on the market, Sakkijha mentioned the necklace was promoting higher than anticipated and had already surpassed its weekly gross sales purpose.
The piece and its success represents a wider alternative for Mejuri to broaden its aesthetic boundaries. “We launched men’s last year and are now going higher in price point so we will have a wider aesthetic to go into. But we will do design under the same ethos: it’s not minimalist, it’s simplistic for everyday. Yellow gold is a primary metal for us, but we do have sterling silver and white gold and will continue to grow that,” mentioned Sakkijha.
Over the pandemic, Mejuri reached a milestone of greater than 1.4 million items of bijou offered since its founding. In 2020, the model surpassed its goal income by 102 % and elevated income by 63 %. The firm’s success factors to the bigger jewellery class’s reputation throughout this time, when many ladies shopping for themselves high quality jewellery items all through the pandemic, with the additional peace of thoughts that jewellery is a long-lasting funding.
Mejuri has been on the forefront of the direct-to-consumer jewellery pattern. Investor confidence within the firm additionally helped it scale, with Mejuri taking over a $5 million sequence A in 2018 and a $23 million sequence B in 2019. This cash was used to extend model consciousness by means of main promoting initiatives (like a tv advert that ran at prime time all through the 2020 vacation season) and to open extra model boutiques throughout North America.
While e-commerce counts for about 80 % of firm gross sales, the remaining 20 % come by means of in-store. Mejuri has six shops throughout the U.S. and Canada. During the pandemic, Sakkijha mentioned shops remained worthwhile even with decreased capability. “I’m a big fan of stores,” she mentioned. “I love the idea of contextualizing a brand in a physical environment. It does two things for us: helps with awareness for those who don’t know us, but also reconfirming the brand in that market. We see positive signs that retail is looking forward and will continue to invest in that going forward.”