Jewelry e-Commerce Site Receives $10 Million in Funding

BeachMint, a start-up e-commerce operator, said it has raised $10 million to accelerate the growth and reach new markets. The investment is led by Trinity Ventures, with participation from Stanford University and existing investors, New Enterprise Associates and Anthem Ventures.

The Santa Monica, Calif.-based company operates the e-commerce site, JewelMint.com, an online jewelry club where customers who pay $29.99 per month receive a new jewelry item each month, plus style tips and personalized recommendations. BeachMint says the site, which launched in October, 2010, sells jewelry designed by actress Kate Bosworth and stylist Cher Coulter. My Space co-founder Josh Berman and entrepreneur Diego Berdakin established BeachMint.

This new round of funding will be used to bolster the staff from 20 to 40 and launch new verticals and celebrity partnerships in 2011, which BeachMint will announce in the first quarter.

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Fabergé Takes to E-Commerce

The House of Fabergé, known since the 19th Century as one of the most exclusive jewelers on the planet, is broadening its reach and moving into the 21st Century by offering its collections on an e-commerce website.

The “online boutique” is set to launch on April 16 and is designed to complement Fabergé’s existing network of retail stores, the company said in a statement, promising that the site will have “a signature blend of refined sophistication and modernity.”

Each of the Fabergé high and fine jewelry collections—Les Saisons Russes, Les Fabuleuses, Les Fameux, Le Carnet de Bal, Solyanka and Les Favorites—will be represented by a hand-painted illustrations that captures “the artistry, romance and legend of Fabergé,” the company said.

The site also features an interactive area where customers can engage further with the world of Fabergé, experiencing social projects such as the Mir Fabergé art initiative, available also as an iPad application.

Purchases can be made in multiple currencies, with international delivery service to at least 29 countries. Customers can also share and store their favorite jewelry designs through multiple social media channels.

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E-Commerce Jewelry Business Seminar at June Hong Kong Jewelry Fair

The jewelry trade platform, JewelleryNetAsia, will host a free seminar, “Successes in Jewelry eCommerce” during the June Hong Kong Jewellery and Gem Fair 2013 (June 20 – 23). The workshops will take place June 21 at the Hong Kong Exhibition and Convention Center from 9:15 till 10.30 a.m., before the show opens. This will provide exhibitors and visitors an opportunity to enhance their skills in selling jewelry online.

Elle Hill of the jewelry retail website, Plukka—last year’s winner of the JNA Innovation Awards—will focus on gaining and retaining online customers. Hill’s experience is focused around the European and American markets. Wayne Wang of the online brand, Zbird, will highlight the ins and outs of winning over the Chinese consumers online. The sessions will be moderated by Jérôme Hainz, manager of eBusiness at UBM Asia.

“E-commerce is one of the hottest topics for both jewelry manufacturers and retailers. This is why we are extremely proud to host two industry experts who can talk about the challenges and opportunities with running jewelry e-commerce sites,” said Hainz, who oversees UBM Asia’s portfolio of trade websites, including AsiaFJA.com and JewelleryNetAsia.com.

The seminar will take place in Room S226 of the Hong Kong Exhibition and Convention Center. The workshop will run from 9:15 am to 10.30.Registration is free but seating is limited. To register online, follow the link and to the online pre-registration form or go through the JewelryNetAsia website.  

For further information contact marketing@jewellerynetasia.com or call +852 2827 6211

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

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U.S. and E-Commerce Businesses Fuel 10.4% Jump in Signet’s Q1 Sales

Signet Jewelers Ltd., the largest specialty retail jeweler in the U.S. and the U.K., said first quarter sales increased 10.4% year-over-year to $993.6 million. Same store sales increased 6.4% compared to a rise of 1.2% for the same period in the previous year. E-Commerce sales rose 40.7% to $31.1 million.

Operating income increased 10.4% to $142.8 million and diluted earnings per share rose 17% to $1.13 for the company that owns the Kay, Jared and Ultra jewelry retail chains in the U.S. and the H.Samuel and Ernest Jones jewelry retail chains in the U.K.

The U.S. division, which accounts for approximately 86 percent of total company sales, again was the driver in the strong performance. Total U.S. sales increased 14.3% to $858.6 million. Same store sales increased 8.1% compared to an increase of 1.2% for the period. The increases were driven by broad based strength across all merchandise categories in their Kay and Jared jewelry chains, as well as its recent acquisition of the Ultra jewelry store chain. E-Commerce sales increased 48% to $25.6 million.

“We were very pleased with our results throughout the quarter, including Valentine’s Day and the run up to Mother’s Day,” said Mike Barnes, Signet CEO.

The UK division, which accounts for approximately 14 percent of total company sales, reported weak results. Total sales fell 9.1% to $135. Same store sales fell 2.3% compared to an increase of 1.2% in the first quarter Fiscal 2013. The company said the sales decline was due to a same store sales decrease of $3.1 million primarily in H.Samuel, the impact of closed stores of $4.8 million, and currency fluctuation of $5.6 million. In Ernest Jones, the number of transactions increased and there was strength in the bridal business and watches (excluding Rolex, which is being offered in fewer stores in the UK). In H.Samuel, the number of transactions declined, resulting in lower sales across most merchandise categories. E-Commerce was a bright spot, increasing 14.5% to $5.5 million.

In its guidance, Signet says it expects the shift of Mother’s Day sales this year partly into the first quarter to impact second quarter sales and earnings performance. In addition, integration costs and the seasonality of the company’s newly acquired Ultra Stores are expected to dilute profits. The company expects Ultra to be a positive contributor to the company’s bottom line by the fourth quarter.

The company also said it plans to open 70 to 80 Kay and Jared stores by the end of the fiscal year.
Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

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Q4 Retail E-Commerce Spending Nears $50 Billion

Online retail spending for the fourth quarter of 2011 increased 14 percent, year-over-year, to $49.7 billion, according to comScore, which measures digital data. This growth rate represents the ninth consecutive quarter of positive year-over-year growth and fifth consecutive quarter of double-digit growth rates. For the entire 2011 year, U.S. retail e-commerce spending reached a record $161.5 billion, a 13-percent increase from 2010.

“The fourth quarter of 2011 capped off what was yet another strong year for online retail, one in which every quarter achieved double-digit increases versus the prior year,” said Gian Fulgoni, comScore chairman. “In the face of continuing uncertainty regarding the U.S. economy, consumers increasingly went online for their shopping needs. Price and convenience continue to be the critical value drivers for e-commerce, and unless those conditions change we can expect to see more channel-shifting to online in 2012 and perhaps even an acceleration in the current growth trend.”

Other highlights from Q4 2011 include:

* The top-performing online product categories were: Digital Content & Subscriptions, Jewelry & Watches, Consumer Electronics, Toys & Hobbies, and Computer Software. Each category grew at least 18 percent vs. year ago.

* Ten individual days in Q4 surpassed $1 billion in online spending, led by Cyber Monday (Nov. 28) at $1.25 billion. Monday, Dec. 5 ranked second at $1.17 billion, followed by Green Monday (Dec. 12) at $1.13 billion.

* 52 percent of e-commerce transactions included free shipping, representing an all-time high. The previous high was Q4 2010 at 49 percent.

* Smartphones and tablets played a growing role in online shopping, with consumes increasingly using smartphones to check prices and product features while physically in a retail store.

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