Mejuri’s client is growing up and envisioning better days. The direct-to-consumer jeweler noticed a growing interest in the more expensive pieces in his collection and set about making more luxurious jewelry.
This week, the company launched its most expensive piece of jewelry to date: a 1.25-carat diamond-set river tennis necklace priced at $ 4,800, double the brand’s highest price. This follows a bracelet of a similar design, launched in September, set with 0.5 carats of diamonds and priced up to $ 2,350.
“We’ve been in business since 2015 and one of the key things we’ve been able to establish is a very engaged community with around 40% loyal customers. Over time we have seen our customers grow in age and purchasing power and they are ready for us to introduce new prices and new products. Last year we decided to expand at higher prices because we saw an appetite for it, ”said co-founder and CEO Noura Sakkijha.
She added that this, coupled with the cultural shifts brought about by the pandemic, made Mejuri think more deeply about these categories. “I think customers want to buy less of more valuable things. This opens up an opportunity for us to develop more and more. The main difference for us is that when we introduce these products it is not for wearing them for a special occasion, it is everyday jewelry to layer on. Even on her first day in the market, Sakkijha said the necklace was selling better than expected and had already surpassed her weekly sales target.
The piece and its success represent a larger opportunity for Mejuri to expand his aesthetic limits. “We launched the men last year and now we’re going to increase the price, so we’ll have a broader aesthetic to explore. But we will design under the same philosophy: it’s not minimalist, it’s simplistic for every day. Yellow gold is a primary metal for us, but we have sterling silver and white gold and we will continue to develop them, ”Sakkijha said.
During the pandemic, Mejuri crossed the 1.4 million jewelry mark sold since its inception. In 2020, the brand exceeded its revenue target by 102% and increased its revenue by 63%. The company’s success is a testament to the popularity of the broader jewelry category during this time, when many women purchased quality jewelry throughout the pandemic, with the added peace of mind that jewelry is. a sustainable investment.
Mejuri has been at the forefront of the consumer jewelry trend. Investor confidence in the company also helped it grow, with Mejuri taking a $ 5 million Series A in 2018 and a $ 23 million Series B in 2019. This money was used to increase awareness. of the brand through major advertising initiatives (such as a prime-time TV commercial throughout the 2020 holiday season) and to open more branded stores in North America.
While e-commerce accounts for around 80% of the company’s sales, the remaining 20% is done in-store. Mejuri has six stores in the United States and Canada. During the pandemic, Sakkijha said stores remained profitable even with reduced capacity. “I’m a huge fan of the stores,” she said. “I like the idea of contextualizing a brand in a physical environment. It does two things for us: helps spread awareness of those who don’t know us, but also reconfirms the brand in this market. We are seeing positive signs that retail is looking to the future and will continue to invest in that in the future. “