Jewellery from Signet-owned Zales. Courtesy.
The parent company of Kay Jewellers, Zales and Jared — also the world’s largest retailer of diamond jewellery — announced that it acquired the rental jewellery subscription platform Rocksbox for an undisclosed price. Signet hopes to add Rocksbox’s consumer base of young professional women (mainly, Gen-Z and Millennials) to its own more traditional base, and attract more customers to Rockbox’s service-oriented value proposition.
Prior to announcing the deal, Signet disclosed it would accelerate its services business. The jewellery rental subscription will give Signet access to an engaged customer base and a new revenue stream. Beyond that, the company expects to expand repair, warranty and piercings services as well as introduce new ones. Signet’s foray into the jewellery rental space comes as the rental clothing market returns after being hit hard by the Covid-19 pandemic. Shifts in consumer behaviour are quickly making rental an attractive revenue stream for brands — Bain & Company estimates rental could represent 10 percent of revenue for luxury brands by 2030.