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Brilliant Earth Sees Sharp Jump in Sales
Mar 20, 2022 11:25 AM
By Rapaport News
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RAPAPORT... Revenue at US jewelry retailer Brilliant Earth beat the company’s expectations in the fourth quarter, reflecting success in attracting younger customers, it reported.
Net sales rose 38% year on year to $121.9 million for the period, while net profit slipped 15% to $11.4 million, the company said last week. Full-year sales jumped 51% to $380.2 million, with profit up 22% at $26.3 million.
“We believe our performance reflects the continued resonance and growing embrace of our brand with millennial and Gen-Z consumers and reinforces that Brilliant Earth is a global leader in jewelry,” said CEO Beth Gerstein.
Brilliant Earth, a digital-focused jeweler specializing in responsibly sourced jewelry, said its omni-channel activities, “mission-driven ethos” and “obsessive customer focus” contributed to the sales growth, which exceeded guidance for the fourth quarter and the year. The company sells on its website and operates showrooms enabling consumers to view products in person.
The retailer, which became a publicly listed company in September, also noted it was one of the first US jewelers to stop selling Russian diamonds following the country’s February 24 invasion of Ukraine.
“We have built a robust supply chain, and we still have a very extensive diamond inventory to be able to meet a broad range of consumer preferences,” Gerstein said in an earnings call with investors. “We’re constantly growing and thinking of ways to deepen our supplier relationships [and] add new supplier relationships to the extent that they’re able to meet our ‘Beyond Conflict Free’ diamond standards.”
Image: Brilliant Earth store in Scottsdale, Arizona. (Brilliant Earth)
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Tags:
Beth Gerstein, Brilliant Earth, Gen Z, Jewelry, Millennials, Rapaport News, retail, Russia
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