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Brilliant Earth to List Shares on Nasdaq
Sep 1, 2021 4:31 AM
By Rapaport News
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RAPAPORT... Brilliant Earth, which specializes in selling ethically sourced diamonds and jewelry, has announced plans to become a public company on the Nasdaq stock exchange.
“There is a massive growth opportunity ahead,” the online-focused US retailer said Monday in its initial public offering (IPO) filing. “We are less than 1% penetrated in the jewelry category today. With our purpose-driven brand, digitally driven omni-channel experience, award-winning products, and loyal customers, we believe we have significant opportunities to grow in both our existing and new markets.”
Cofounder Beth Gerstein got the idea for Brilliant Earth after searching for an engagement ring, as she found jewelers struggled to disclose the sources of the diamonds they stocked. Established in 2005 with a single showroom in San Francisco, California, the company has expanded into a nationwide business with more than 13 physical viewing locations.
Brilliant Earth’s net sales rose 25% to $251.8 million in 2020, and its net income amounted to $21.6 million, compared with a loss of $7.8 million in 2019, management reported. In the first half of 2021, sales leaped 78% year on year to $163 million, while net income reached $10.9 million, up from $200,000 in the same period of 2020.
The company listed the size of the IPO as $100 million, though a report on Bloomberg said this was a placeholder price that was likely to change. Gerstein and cofounder Eric Grossberg will retain more than half of the voting power for electing directors, the filing added.
The retailer also stated plans to increase its brand awareness, broaden its omni-channel presence by opening new showrooms, and expand beyond its US focus.
Image: A Brilliant Earth showroom. (Brilliant Earth)
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Tags:
Beth Gerstein, Brilliant Earth, California, Eric Grossberg, in San Francisco, nasdaq, Rapaport News, stock exchange
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