Online jewellery retailer JewelStreet is planning to relaunch its website in September, focusing on fine and luxury designs with price tags of up to £5 million according to chief executive officer and co-founder, Rob Passmore.
Speaking exclusively to Professional Jeweller, Passmore explained that the company signed up around 85 new brands at the Couture Show in Las Vegas, including Carla Amorim and Jorge Adeler. In many cases, JewelStreet is providing the first international sales platform for brands, allowing them to sell in specifically chosen geographical areas. This is especially useful for brands that want to target new markets, while ensuring bricks-and-mortar retail stockists in existing markets are happy.
JewelStreet has also invested heavily in logistics in recent months to ensure that high-value items can be delivered securely. The company will now handle payment and delivery for its designer brands, while offering them 73% of the retail price of items.
Passmore now hopes to turn JewelStreet into a luxury jewellery version of Farfetch or Moda Operandi – two hugely successful e-tailers.
To prepare for these changes, the company has stripped 45% of brands from its website – around 120 designers. Passmore admits that it has been a difficult process and the team have focused on speaking to brands personally to explain the changes in a sensitive manner.