Three years ago Signet Jewelers, the world’s largest retailer of diamond jewelry, launched “Path to Brilliance,” the official name of its business growth strategy. By acquiring Rocksbox, the subscription-based jewelry rental platform, Signet can expand the retail group’s services, reach a younger demographic, and offer customers new ways to enjoy jewelry without the pain of buying it.
Rocksbox, founded by former McKinsey and Bain consultant Meaghan Rose in 2012, is a subscription service that charges $21 per month for three jewelry pieces from a long list of designers such as Kate Spade, Kendra Scott, and Slate. The customer can choose to buy any of the pieces they rent.
This acquisition allows Signet to strengthen its portfolio of brands such as Kay, Zales, Jared, and James Allen. The next step in the strategy hinges on attracting new customers to grow market leadership, expanding in “accessible” luxury and value segments, accelerating digital e-commerce, and growing its service offerings.
Rocksbox plays into all these aspects, but most distinctively in the expansion of the companies service offerings. Already a US$500 million business, including jewelry customization, repair, financing, and piercings, Signet CEO Virginia Drosos aims to grow services to a US$1 billion organization over time.