FinancialsFeb 18, 2022
Kering’s Jewelry Brands Had an ‘Exceptional’ YearFinancialsMar 17, 2022
Brilliant Earth Reports 51% Sales Growth in 2021
The retailer attributed its success to its appeal to younger consumers, expansion in non-bridal jewelry, and growing network of showrooms.
Two of the rings from Brilliant Earth’s latest collaboration with bridal brand Tacori. Brilliant Earth reported record results in the fourth quarter 2021 as well as for the full year.
San Francisco—Brilliant Earth had a record-breaking year in 2021, fueled by its appeal to younger consumers and its omnichannel model that includes a website with top-flight technology and an expanding network of showrooms nationwide.
The San Francisco-based retailer reported Wednesday it had a record quarter in Q4 2021, with net sales reaching $121.9 million, its highest ever quarterly sales performance.
Sales were up 38 percent year-over-year, outperforming expectations, and were nearly double what the retailer recorded in the fourth quarter of 2019, pre-pandemic.
Net income was $11.4 million, down from $13.4 million in the fourth quarter 2020.
For the year, Brilliant Earth reported sales totaling $380.2 million, a 51 percent increase over 2021 and up 89 percent when compared with 2019.
Net income increased to $26.3 million, up from $21.6 million in FY2021.
During Wednesday evening’s earnings call, Brilliant Earth CEO Beth Gerstein said the company’s fourth quarter was “an excellent finish to a strong year of growth.”
She cited its expansion beyond bridal into “trend-forward” fine jewelry that appeals to self-purchasers, the strong performance of its new showrooms, and the brand’s appeal to millennial and Gen Z consumers as the factors behind its strong performance.
She said younger consumers are “embracing the brand” because of the beauty and quality of its products, and its pledge on ethical sourcing and commitment to inclusion.
Related stories will be right here …
The San Francisco-based retailer reported Wednesday it had a record quarter in Q4 2021, with net sales reaching $121.9 million, its highest ever quarterly sales performance.
Sales were up 38 percent year-over-year, outperforming expectations, and were nearly double what the retailer recorded in the fourth quarter of 2019, pre-pandemic.
Net income was $11.4 million, down from $13.4 million in the fourth quarter 2020.
For the year, Brilliant Earth reported sales totaling $380.2 million, a 51 percent increase over 2021 and up 89 percent when compared with 2019.
Net income increased to $26.3 million, up from $21.6 million in FY2021.
During Wednesday evening’s earnings call, Brilliant Earth CEO Beth Gerstein said the company’s fourth quarter was “an excellent finish to a strong year of growth.”
She cited its expansion beyond bridal into “trend-forward” fine jewelry that appeals to self-purchasers, the strong performance of its new showrooms, and the brand’s appeal to millennial and Gen Z consumers as the factors behind its strong performance.
She said younger consumers are “embracing the brand” because of the beauty and quality of its products, and its pledge on ethical sourcing and commitment to inclusion.
Last year, the company nearly doubled its physical footprint, opening new showrooms in six cities: Seattle; Portland, Oregon; Austin, Texas; Dallas; New York; and Scottsdale, Arizona.
Brilliant Earth now has 15 showrooms nationwide and she said the company will be opening additional locations “soon,” including one in Bethesda, Maryland, its second in the Washington, D.C. metro area.
During Wednesday’s call, Gerstein also addressed the issue of Russian diamonds in the wake of Russia’s invasion of Ukraine.
She noted that the company removed all Russian-origin stones from its website earlier this quarter, “ahead of our peers.”
She said the company does not expect the exclusion of Russian goods to have a material impact on its financial performance because of the company’s “diverse” supply chain, a point she reiterated later in the call in response to an analyst’s question.
Looking ahead to 2022, Gerstein said the company has continued to perform well post-holiday and is positioned to deliver another year of “significant” growth.
Brilliant Earth forecasts first-quarter sales will total $96 million to $98 million, up 36 to 39 percent over last year.
For fiscal year 2022, sales are expected to total between $485 million and $500 million, with year-over-year growth of 28 to 32 percent.
More on Financials
The Latest
Supplier BulletinJun 30, 2022
Here’s Where You’ll Find The Best Online Jewelry AuctionsSponsored by HiBid
CrimeJun 30, 2022
What JSA’s Annual Report Tells Us About Jewelry Crime in 2021Plus, JSA President John Kennedy talks about the trajectory of industry crime over the last 20 years.
CrimeJun 30, 2022
Smash-and-Grab Robbers Hit Booth at TEFAF: Watch the VideoThe fair was evacuated temporarily Tuesday after four suspects smashed a showcase and stole jewelry from British jeweler Symbolic & Chase.
Brought to you by
Preparing for Proposal Season with High-Quality, A.I.-Graded Natural Diamonds Rare & Forever is helping to create an enjoyable diamond buying experience for the millions of newly-engaged couples.
Events & AwardsJun 30, 2022
Nominations Are Open for Gem Awards 2023The 21st annual awards show and gala will take place in New York City next March.
Weekly QuizJun 23, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
Events & AwardsJun 30, 2022
Registration Open for JIS Fall in Miami The jewelry trade show is scheduled for Sept. 30-Oct. 3 at the Miami Beach Convention Center.
AuctionsJun 29, 2022
Bonhams Expands Again with Purchase of Paris Auction House It is the fifth acquisition under the ownership of private equity firm Epiris, which bought Bonhams in 2018.
Brought to you by
Discover The Extraordinary Italian Jewelry In Las Vegas!Experience all the Italian Jewelry market has to offer in Las Vegas.
MajorsJun 29, 2022
Zales Has a New Diamond CutThe “Celebration Infinite” diamond has more than three times the number of facets in a traditional brilliant-cut diamond, the retailer said.
WatchesJun 29, 2022
Bulova Introduces New Frank Sinatra WatchesThe brand again partnered with the Frank Sinatra School of the Arts High School to celebrate the launch of the “Summer Wind” watches.
SurveysJun 29, 2022
U.S. Platinum Jewelry Demand Starts 2022 on a Strong NoteRetail ounce sales were up 23 percent year-over-year in Q1, according to the recent Platinum Jewellery Business Review.
Events & AwardsJun 29, 2022
Registration Is Now Open for the HardRock Summit 2022Scheduled for Sept. 8-11, the event will comprise more than 310,000 square feet of show floor, exhibits, and education space.
ColumnistsJun 28, 2022
The PR Adviser: Why Should Someone Buy From You?If you’re having trouble answering this question, columnist Lilian Raji can help you get a started with a few fill-in-the-blank statements.
IndependentsJun 28, 2022
This Jeweler Is Celebrating 40 Years With 40 Days of GiveawaysContinental Diamond in Minneapolis is awarding a total of $25,000 in prizes via daily sweepstakes.
CollectionsJun 28, 2022
Melissa Kaye’s New Collection Doubles the Color“Lenox” marks the designer’s foray into bespoke jewels and large colored gemstones.
Events & AwardsJun 28, 2022
Second AGS Virtual Education Conference Is All About Negotiation Skills“Confluence” is happening in August.
MajorsJun 27, 2022
George Holmes, Longtime Head Editor of JCK Magazine, Dies at 93 He first took a job at then Philadelphia-based Jewelers’ Circular-Keystone in 1963 and retired in 1996.
MajorsJun 27, 2022
Mayors, Analog:Shift Team Up With GoopThe lifestyle platform will stock fine jewelry and watches from the retailers on its website and in store.
CrimeJun 27, 2022
JSA Warns of ‘Pandemic’ of Distraction Thefts Nationwide It cited two recent cases in California, plus incidents in Florida, Kansas, and Illinois.
IndependentsJun 27, 2022
Lewis Jewelers Set to Open New Ann Arbor Store This SummerThe 10,000-square-foot location allows for expanded collections from design partners while continuing custom design and other services.
CollectionsJun 27, 2022
This Designer Has Found a New Way to Bring Gemstones to LifeSvetlana Lazar’s “Wishing Well” collection utilizes an innovative component to mimic the movement of water beneath them.
Recorded WebinarsJun 24, 2022
Vegas Jewelry Recap: The Editors Weigh InWatch the webinar in which National Jeweler’s editors talk about jewelry market week trends and their predictions for the rest of 2022.
MajorsJun 24, 2022
Banter by Piercing Pagoda Celebrates Pride with ‘SayGay’ NecklaceAll proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.
CollectionsJun 24, 2022
Piece of the Week: Marie Lichtenberg’s Hidden Message LocketIt’s a reminder that life is best lived with discretion.
TechnologyJun 24, 2022
Cloud-Based POS Software Jewel360 Launches for Jewelry RetailersThe end-to-end software allows for real-time control over all sales, inventory, repairs, customer communications, and marketing.
EditorsJun 23, 2022
Antique Show Observations From a First-Time AttendeeAssociate Editor Lenore Fedow shares her impressions of the Las Vegas Antique Jewelry & Watch Show and a few of her favorite finds.
