Multi-brand online jewellery emporium looks to conquer North America.
Jewelstreet has added the UK government to its growing list of supporters and financial backers.
The UK Trade and Investment (UKTI), which provides advice and money to British businesses looking to expand abroad, has committed around £16,000 to help the online jewellery marketplace. More importantly, it will work to open doors for the business in markets around the world.
“The focus in 2015 is to launch into English-speaking markets around the world,” Rob Passmore, Jewelstreet’s managing director told Professional Jeweller. “North America, including the USA and Canada are top of our list, but also Australasia and the Middle East,” he added.
The aim is to make Jewelstreet the Net-a-Porter of the jewellery world, where British jewellery designers can come together in a single luxury online shopping destination.
The site already hosts online boutiques from dozens of Professional Jeweller Hot 100 Nexgems and Trendsetters including Fei Lui, Sarah Ho, Andrew Geoghegan and Deci London.
Passmore said that the company is working on refreshing the list of brands on the site, and also on a redesign that he hopes will drive up transaction values.
“We want to push up our average transaction values from around £100 today to £200 this year,” he said.
The UKTI partnership comes just months after Jewelstreet announced that it had secured close to £500,000 of angel funding from a consortium of financiers including Polygon, whose chairman Martin Belcher also joined the board of Jewelstreet.
UKTI is investing less money, but its influence could be pivotal, said Passmore. “The support from UKTI is a great example of how the government is practically supporting British business and it will directly speed up our international development plans,” he added.
Danny Marinou from the UKTI’s Digital Marketplace, which has been setup to help businesses grow their online reach into international markets, commented “Jewelstreet is a fantastic example of a business ripe for our support. They have a clear strategy about which countries they wish to pursue growth in and how they should approach them. The company offers a unique and innovative platform for British jewellers to market and sell their products online; and now with the inclusion of reach into overseas markets, their proposition to the UK jewellery sector is a very powerful one.”