With branded fine jewellery predicted to grow by £80b globally by 2025, ThreeSixty Agency’s Cathie Osborne and global fine jewellery specialist Darren Hildrow highlight the importance of expanding your collection to take a slice of this soon-to-be thriving sector of the market.
In 2022, despite the prominence of some of the biggest players in fine jewellery, sales of branded fine jewellery still accounted for just 20% of the market.
However, this is set to change according to McKinsey: “by 2025, brands are set to take a bigger slice from the unbranded segment, growing to represent between 25% and 30% of the market”.
Those able to include wider brand options for consumers will share in the spoils of the global collective £80b which could be up for grabs!
The high wholesale costs for fine jewellery have created obstacles for retailers, at a time that ‘Appro’ has been reduced and, in most cases, discontinued.
The real winners in the next three years will be those that expand their range with luxury brands that will ultimately maximise sales.
Fine jewellery sales have typically been associated with a bespoke service and magical in-store experiences that do not easily translate online – this is steadily changing.
With online jewellery purchases surging since the pandemic, the onus is now on brands and retailers to better understand the relationship between physical and digital channels to develop experiences that capture more of the online fine jewellery market.
With online sales in fine jewellery expected to grow from 13% to 21% of the overall market by 2025, the branded fine market is ripe for growth.
In the UK, some examples of fast-selling fine jewellery brands are Alice Cicolini, Bea Bongiasca, Bee Goddess, Litto, Lizzie Mandler, Loquet, Nadine Ghosn, Nada Ghazal, Ouie and Shay.
Global fine jewellery specialist, Darren Hildrow, comments on the opportunity for the UK’s premium retailer: “The past three years has seen extraordinary growth within the designer fine jewellery market.
“There are brands on NouvelleBox.com that are turning stores away because they have too many accounts and do not want to oversaturate the market.
“However, that brand desirability does not happen just because you have good designs; the brands that are seeing tremendous growth are those who invest correctly into their branding, PR and social media.
“Those who do not see the value in such investments are often here today and gone tomorrow.”
Fine jewellery brands will help increase sales for retailers, as they have thousands and thousands of followers combined with an incredible press and social media presence around the world.
We are currently working with a number of premium selected retailers who we will distribute incredible fine jewellery brands to — online only with delivery to store or direct to the customer.