The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Direct-to-Consumer Jewelry Brand Scores $2.6M in Funding
Aurate is the fine jewelry line that investors are comparing to brands like Warby Parker and Casper.
“We don’t believe in cutting corners,” co-founder Bouchra Ezzahraoui explained of Aurate’s retail model. “Rather, we found a smarter way to do things and customers have taken notice.”
So have investors.
The brand was launched in 2015 by Ezzahraoui and Sophie Kahn, who met while pursuing master’s degrees in finance at Princeton.
Aurate’s first collection sold out within a few days, and profits have risen an average of 300 percent in the last three quarters, the company said.
The brand boasts a pop-up boutique on Madison Avenue in New York City; all product is manufactured nearby in the Diamond District. Aurate also says its materials are sourced from conflict-free regions.
The company received the $2.6 million in funding from Arab Angel Fund and Victress Capital, plus several anonymous angel investors.
“Aurate is taking the fine jewelry market by storm,” said Omar Darwazah, a general partner at Arab Angel Fund. “Laser-focused on user experience, the company’s direct-to-consumer model is helping ‘democratize’ the gold jewelry market and is already disrupting the traditional model for the luxury category.
“The company’s ‘impact purchasing’ strategy places it in the same tier as Casper and Warby Parker but for fine jewelry. I’m excited to add Aurate to Arab Angel Fund’s growing direct-to-consumer portfolio of companies, which today includes Tamara Mellon Brand and Stowaway Cosmetics.”
Victress Capital partner Lori Cashman added: “We look for strong, tenacious and driven female founders--Bouchra and Sophie are all of these (things) and they are extremely intelligent with complementary skill sets; we were able to check that box in the first 60 seconds of meeting them.”
Victress Capital is invested in brands such as Daily Harvest and The Nue Co.
With its newly acquired funding, Aurate plans to open up more pop-up retail locations on both coasts of the United States over the next 12 months. In the same period, they expect to hire 25 more employees.
The new hires will include a marketing team.
It’s an interesting change for the company.
Up to now, Aurate’s strategy has revolved around its lack of a retail and marketing markup--the company says it hasn’t had a marketing budget in the past--with all costs being relegated to operations and production.
“This capital will allow us to continue providing customers an innovative, seamless experience when it comes to their jewelry purchases,” Ezzahraoui said.
Kahn commented: “Today’s customer wants it all, and rightfully so. The product needs to look great, the quality needs to be impeccable, the value needs to be sharp, and the brand needs to have a positive impact on the wider world.
“I believe this combination helped us grow at the rate that we did.”
Aurate was recently nominated for a Women’s Jewelry Association Award for Excellence in the newly introduced “Open Format Retail” category.
Award winners will be revealed live later this month at the WJA’s Awards for Excellence gala in New York.
The Latest
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA