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.
EditorsApr 13, 2015
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?
As Hyman mentioned in her talk, Rent the Runway does not have fine jewelry--at least for now. A quick sweep of the site shows that the priciest piece offered for rent is an Erickson Beamon necklace with Swarovski crystals and gold-plated brass that rents for $225 and retails for $1,412.
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?
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?
More on Editors
The Latest
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.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
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.
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.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
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
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.
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.
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to AuctionHosted by Freeman’s | Hindman, the sale will take place May 7-8.
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an HourThe auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About InsuranceFrom cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone CharmThe charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Events & AwardsApr 12, 2024
The Jewelry Symposium Announces 4 Scholarship WinnersAhead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
Policies & IssuesApr 11, 2024
SRK Exports’ Journey Toward Net Zero Impact By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
