Mejuri’s customer is growing up and looking to brighter days ahead. The direct-to-consumer jeweler noticed an increasing interest for higher-priced pieces in its collection, and has set out to make more luxurious jewelry.
This week, the company launched its most expensive piece of jewelry yet: a diamond rivière tennis necklace set with 1.25 carats that is priced at $4,800, which is double the brand’s previously highest price point. This follows a bracelet of similar design, launched in September, that’s set with 0.5 carats of diamonds and is priced at up to $2,350.
“We have been in business since 2015 and one key thing we’ve been able to establish is a very committed community with around 40 percent repeat customers. Over time we’ve seen customers grow in age and purchasing power and they are ready for us to introduce new price points and products. Last year we decided to expand to higher price points because we saw an appetite for it,” said cofounder and chief executive officer Noura Sakkijha.
She added that this, coupled with cultural changes brought on by the pandemic, have led Mejuri to think deeper into these categories. “I think there is an appetite for customers to buy less things of higher value. This is opening up an opportunity for us to expand more and more. The key difference, for us, is when we introduce these products it’s not to wear it for a special occasion, it’s everyday jewelry to be layered.” Even in its first day on the market, Sakkijha said the necklace was selling better than expected and had already surpassed its weekly sales goal.
The piece and its success represents a wider opportunity for Mejuri to expand its aesthetic boundaries. “We launched men’s last year and are now going higher in price point so we will have a wider aesthetic to go into. But we will do design under the same ethos: it’s not minimalist, it’s simplistic for everyday. Yellow gold is a primary metal for us, but we do have sterling silver and white gold and will continue to grow that,” said Sakkijha.
Over the pandemic, Mejuri reached a milestone of more than 1.4 million pieces of jewelry sold since its founding. In 2020, the brand surpassed its target revenue by 102 percent and increased revenue by 63 percent. The company’s success points to the larger jewelry category’s popularity during this time, when many women buying themselves fine jewelry pieces throughout the pandemic, with the extra peace of mind that jewelry is a lasting investment.
Mejuri has been at the forefront of the direct-to-consumer jewelry trend. Investor confidence in the company also helped it scale, with Mejuri taking on a $5 million series A in 2018 and a $23 million series B in 2019. This money was used to increase brand awareness through major advertising initiatives (like a television ad that ran at prime time throughout the 2020 holiday season) and to open more brand boutiques across North America.
While e-commerce counts for about 80 percent of company sales, the remaining 20 percent come through in-store. Mejuri has six stores across the U.S. and Canada. During the pandemic, Sakkijha said stores remained profitable even with reduced capacity. “I’m a big fan of stores,” she said. “I love the idea of contextualizing a brand in a physical environment. It does two things for us: helps with awareness for those who don’t know us, but also reconfirming the brand in that market. We see positive signs that retail is looking forward and will continue to invest in that going forward.”