MajorsMay 26, 2021
Brilliant Earth Is Opening a Seattle ShowroomMajorsSep 01, 2021
Brilliant Earth Is Looking to Go Public
The retailer, which emphasizes responsible sourcing and now operates 13 showrooms, filed for an IPO Monday.
A trio of engagement rings from retailer Brilliant Earth. The San Francisco-based jewelry company filed for an IPO on Monday. (Photo courtesy of Brilliant Earth)
San Francisco—Brilliant Earth, the digital-forward retailer that emphasizes responsible sourcing, has filed for an initial public offering, with plans to trade on the Nasdaq Global Select Market under the ticker symbol BRLT.
In a Form S-1 filed Monday with the U.S. Securities and Exchange Commission, Brilliant Earth reported its sales grew 25 percent in 2020, a year in which digital sales in general soared with consumers forced to stay at home.
According to the filing, the retailer’s 2020 net sales totaled $251.8 million, compared with $201.3 million in 2019.
Average order value was $3,152, with gross margin at 45 percent and a more than 10x inventory turn.
The surge in sales pushed the company into the black for the year, with the jeweler recording net income of $21.6 million, compared with a net loss of $7.8 million in 2019.
In its filing, San Francisco-based Brilliant Earth listed its offering at $100 million, a typical placeholder value for a small IPO that will change over time.
Related stories will be right here …
In a Form S-1 filed Monday with the U.S. Securities and Exchange Commission, Brilliant Earth reported its sales grew 25 percent in 2020, a year in which digital sales in general soared with consumers forced to stay at home.
According to the filing, the retailer’s 2020 net sales totaled $251.8 million, compared with $201.3 million in 2019.
Average order value was $3,152, with gross margin at 45 percent and a more than 10x inventory turn.
The surge in sales pushed the company into the black for the year, with the jeweler recording net income of $21.6 million, compared with a net loss of $7.8 million in 2019.
In its filing, San Francisco-based Brilliant Earth listed its offering at $100 million, a typical placeholder value for a small IPO that will change over time.
Founded by Beth Gerstein and Eric Grossberg in 2005 as a primarily online-only business with one showroom in San Francisco, Brilliant Earth how has 13 showrooms—all located in big cities—with plans to open at least one more by the end of 2021.
The company is looking to non-bridal fashion jewelry and international expansion as potential growth drivers in the future, it said in its IPO filing.
In a letter included in the filing, Gerstein and Grossberg, who met as students at Stanford Graduate School of Business, detailed how their dissatisfaction with the jewelry shopping experience in the early aughts led them to start Brilliant Earth.
Brilliant Earth launched in 2005 as an e-tailer with a showroom in San Francisco. Today, it has 13 physical locations, with a potential 14th opening by year’s end. (Photo courtesy of Brilliant Earth)
Gerstein said when she was shopping for an engagement ring 16 years ago, none of the jewelers could say where their diamonds came from, while Grossberg was researching the jewelry industry in business school and hearing from friends who were “disenchanted” with their jewelry shopping experience.
“They [Grossberg’s friends] felt unwelcome in luxury stores that seemed out of touch, or ignored in mall jewelers sandwiched next to fast-food chains,” the letter reads. “They said the experience was like stepping back in time 30 years compared with how they shopped for other major purchases.”
“As we shared stories, we knew there had to be a better way.”
Gerstein said in the letter that they launched Brilliant Earth in her apartment, with the goal of creating a tech-forward jewelry company focused on sustainability, transparency, and inclusivity.
“From our first order shipped from my apartment, to over 370,000 customers across all U.S. states and over 50 countries, it’s been an honor to be a part of unforgettable moments in our customers’ lives,” she wrote.
“We are excited for the next chapter and are grateful to our community, our partners, and our employees—and to you, our investors—for joining us on this journey.”
If Brilliant Earth goes public, it will hold a unique position among the specialty jewelers currently publicly traded on NASDAQ as a primarily digital jewelry business.
The company’s growth and potential emergence as a publicly traded company is an indication of two rising trends in the market—the growth in online jewelry shopping and consumers’ interest in having assurance their goods were responsibly sourced.
More on Majors
The Latest
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95He is remembered by loved ones for his loyalty, integrity, and kindness.
