“Under CEO Meaghan Rose’s leadership, Rocksbox has revolutionized the jewelry rental subscription marketplace by delivering personalized, online and data-driven customer experiences for jewelry lovers who prioritize fashion, online convenience and sustainability,” Signet CEO Virginia C. Drosos said in a press release on Tuesday (April 6).
Founded in 2012 in Silicon Valley, Rocksbox offers a monthly subscription box that allows members to rent and swap exclusive jewelry offerings and designer trends. The concept gives women the variety and style they want in jewelry along with the perk of sustainability, as pieces are continually re-used and kept in service.
Signet offers a suite of jewelry brands, including Kay, Zales, Jared, Peoples Jewelers, James Allen, H. Samuel, Ernest Jones and Piercing Pagoda. With the acquisition of Rocksbox, Signet will reach new users in a space where it is currently underdeveloped: self-purchasing women customers.
Rocksbox Co-founder Rose said the company is looking forward to joining the Signet family of brands and being part of “its purpose-driven growth strategy,” while also taking Rocksbox to the next level. “I started Rocksbox to make it easy and fun for women to discover jewelry that they love — and that won’t change,” Rose said. “As a customer-first, data-driven and value-oriented company, we were selective about finding the right partner.”
Signet is striving to grow its services business as part of the company’s Inspiring Brilliance strategy, moving into jewelry repair, warranty services, piercings and other new solutions. By entering the jewelry rental subscription space, Signet will bring new capabilities to its connected commerce strategy, with the aim to assist customers whenever, wherever and however they choose.
PYMNTS’ Subscription Commerce Conversion Index, done in July 2020 with Recurly, indicated that although the concept escalated during the pandemic lockdowns, it’s important that value is kept top of mind: “Consumers will neither keep nor pause their subscriptions if they feel they are not getting enough value from them.”
Signet Jewelers said in September that although same-store sales dropped 31.3 percent in the second quarter, eCommerce revenue escalated 72.1 percent year over year.
Selected by EFXA