Signet Acquires Jewelry Rental Subscription Site

RAPAPORT... Signet Jewelers has bought subscription-based jewelry-rental platform Rocksbox, aiming to enhance the retail group's services offering and reach younger customers."Rocksbox has revolutionized the jewelry-rental subscription marketplace by delivering personalized, online and data-driven customer experiences for jewelry lovers who prioritize fashion, online convenience and sustainability," Signet CEO Virginia Drosos said Tuesday.Signet believes the acquisition will drive new customers to its other banners, which include Kay Jewelers, Jared, Zales, and online jeweler James Allen. The move is the first step in the company's new strategy, Inspiring Brilliance, which focuses on innovation and sustainable growth. As part of that plan, Signet also intends to add new services and expand its current ones, such as repair, warranty and piercing, it explained.Rocksbox operates on a monthly membership basis, allowing customers to rent and swap designer jewelry online. Members also earn credit each month toward purchasing the jewelry they rent."[Rocksbox] provides an additional point of entry for self-purchasing women customers, a segment where Signet is currently underdeveloped, and is expected to help Signet continue extending its market share," the company noted. "With jewelry-rental subscription, Signet will tap into a highly engaged customer base, generate a new revenue stream, and bring yet another capability to its connected-commerce strategy, which is focused on serving customers whenever, wherever and however they want to engage."Image: A Rocksbox subscription rental box. (Signet Jewelers)