The jewelry rental market unpacked: It holds potential, but the drawbacks are many.
Yet compared to their fashion counterparts, which have become somewhat mainstream, the jewelry sector — especially in the higher end of the product spectrum — has remained more niche.
“I would suggest that clients that are looking for occasion-driven pieces would be more inclined to embrace jewelry rental. That client might not invest in a particular piece, but if it is for an occasion, it might be worth the splurge, again for this brief indulgence, a moment of excess, which is a wide-spanning cultural sentiment, heavily infiltrating into the fashion and jewelry industries,” echoed Anush Mirbegian, director of accessories at trend forecasting firm Fashion Snoops.
that included the likes of Lily Collins, Nina Dobrev and entrepreneur Morgan Stewart McGraw; Hurr closed a 4 million pound round last year led by Octopus Ventures, and Switch found backing from angel investors and venture capitalists. At Beekman NYC, affluent thirtysomethings turn to the platform as they “are perhaps starting to invest in their jewelry collection, and appreciate the quality of our collection, and also women with their own jewels, looking for something special or unique to enhance a look for an important occasion,” said president Keith Rosen.The jeweler launched its borrow-wear-return platform in 2020 at the onset of the pandemic, leveraging its collection of fine jewelry dating as far back as 1870.
Platforms offering subscription models, such as Rocksbox, benefit from that model, engaging clients tempted to making a big impression for as little as $21 a month.Its edit of fashion and costume jewelry, which was enhanced last year with the addition of a demi-fine selection, caters to younger demographics. These represent the age group most likely to embrace rental versus ownership.
“We believe that macroeconomic factors are also in our favor,” noted Switch’s Darvish. “While we would never root for a recession, current economic conditions are leading to people becoming more thoughtful about how they spend their money. Rather than splurging on a single item, Switch provides a better bang for the buck, unlocking an infinite trove of accessories at a fraction of the price.”
France Dernières Nouvelles, France Actualités
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