Signet Jewelers, the parent company of players such as Jared, Kay Jewellers and Zales, has acquired rental jewelry subscription service Rocksbox for an undisclosed amount.
The acquisition deal will enable the $6 billion jewelry company to expand its customer base to include more tech-savvy, female Gen Z and millennial professionals.
“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. We look forward to bringing Rocksbox’s outstanding services to more customers, and to introducing those new customers to the balance of Signet’s banners,” said Signet CEO Virginia C. Drosos.
Rockbox’s $500 million business will also help Signet expand its service offerings, including customization, repair, financing and piercing. Drosos plans to further grow Rocksbox into a billion dollar business over time.
Signet’s move to acquire the nine-year jewelry rental company is in line with the strategy that other apparel and accessory companies are embracing. According to Bain & Co., rental sales could account for 10 percent of revenue for luxury brands by the end of this decade.