We have all looked for bright spots throughout the pandemic.
Jewelry sales rose 106.1% from March 2019 to March 2021, according to April data from Mastercard SpendingPulse.
- This increase is higher than sales of clothing, hardware, furniture and e-commerce in general.
Ring bling: A segment that attracts particular attention: jewelry for men. Tiffany and Co. launched its first men’s engagement ring in April, while jewelry brand DTC Mejuri introduced its men’s line last October.
The latest to join the boys’ club is Kendra Scott. We spoke to CEO Tom Nolan about the decision to enter the men’s jewelry market, with a new line debuting today.
By popular demand: There were macro trends, yes. “We have all seen that this business has grown over the past couple of years,” Nolan told Retail Brew, even more so during the pandemic. But customers had the final say on whether men’s jewelry was right for the business.
- “A lot of men shop in our stores, either for themselves or for the women in their lives,” he said. After talking to them, “it was pretty clear that we had some white space in this market.”
- Work on the 25-piece collection began over a year ago and Kendra Scott’s three sons helped design the bracelets.
Whether the range expands depends on the interest of buyers, Nolan said. (Read: buy it.) Plus, who actually picks up the pieces on …
- “In fact, I anticipate that a large portion of our product will be sold to those who identify as female as much as to those who identify as male,” Nolan said, noting that the company was keeping to mind the inclusion of gender.
Zoom out: Not all men’s accessories are ready for growth. Tie sales fell during Covid, according to the WSJ, and there isn’t much confidence the business will level off.
All men’s clothing and footwear in the United States also fell, with sales falling 23.7% from 2019 to 2020, according to Euromonitor data provided to Retail Brew.—KM