The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
Rent the showcase?
A few weeks back, I attended the Women’s Jewelry Association In the Know conference here in New York City.
For those of you who are unfamiliar, Rent the Runway, which Hyman co-founded with her Harvard Business School classmate Jennifer Fleiss, is a website where women go and pay a reasonable rate to rent a lovely dress for a special occasion. When they are done, they return it.
It’s one of those concepts that’s so startling in its simplicity it brings up the question, “Why didn’t I think of that?” After all, men long have been able to rent tuxedos, and there’s no reason there shouldn’t be a similar service for women that’s equally as successful.
One of the more interesting points of Hyman’s talk was her thinking on brands and, more broadly, how consumers come to identify with a brand--they actually have the chance to wear or use it.
“I really believe that the way someone falls in love with a brand is they have an experience with that brand,” she said. “It happens organically.”
This is what she means: A customer goes on Rent the Runway, rents, for example, this hot-pink Helmut Lang dress for $35 and they have a great night. They’ve picked a brand that’s cut perfectly for their body, they’re willing to be a little daring with the color because they didn’t drop hundreds or even thousands on the dress and they get a dozen compliments that night, as opposed to just two or three.
The customer who rented that dress is going to walk away thinking: Helmut Lang is the brand for me.
And while they might not have the money to buy that designer right now, they could later down the road. Hyman said during her talk that after renting, many customers do go on to purchase merchandise from the brand they tried through Rent the Runway.
Her talk got me and plenty of others in the audience buzzing.
One of the biggest problems facing the industry is the younger generation’s lack of interest in fine jewelry; we’ve lost many of them lost to handbags, iPads, travel. Is the industry missing an opportunity to get them back by introducing them to jewelry brands on a rental basis?
But Rent the Runway could add fine jewelry in the future, and there’s also another site called Haute Vault, which does rent traditional fine jewelry. That site currently has fewer than 50 brands and most of them are large, well-established players: Stephen Webster, Roberto Coin, Ippolita and, in watches, Rolex and even Patek Philippe.
Should more fine jewelry brands be seeking to add themselves to the inventory offered on sites such as Rent the Runway and Haute Vault? Designers, what do you think?
Also, what about retailers? I know through I chat I had last week with Laurette Merusi, vice president at insurance company Jewelers Unblocked, that there are some higher-end retailers that have jewelry loan programs covered by riders on their insurance policies.
She said she didn’t know of any independent retailers offering a rental program to customers, though she notes if they wanted to, such a program likely could be added on to their current policy. Merusi also noted that if the individual renting the jewelry from a retailer had a personal articles policy for jewelry, that might also cover borrowing or renting jewelry.
She said she hasn’t any inquiries about jewelry rentals from independent retailers yet but notes of rentals in general that, “We are seeing it more and more.”
Merusi said many people were uncomfortable sporting expensive jewelry during the recession--a trend dubbed “luxury shame”--but that feeling is fading as the economy improves. There is, she thinks, a “strong likelihood” some independent retailer might try to make a rental program of some sort work in the future.
Retailers, what do you think of rentals as a way to introduce customers to different brands and, hopefully, increase their appreciation for fine jewelry as a whole?
The Latest
“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.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
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
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.