Monica Rich Kosann, the 16-year-old jewelry firm that has focused increasingly on technology, data and digital, advances a retail agenda on Wednesday when it opens a store in Manhattan’s Hudson Yards.
The jewelry brand is seeking outside investment to further growth — it’s been expanding its product and price range — and possibly open additional stores.
“We are having another really strong year, so for 2022, we are looking at our options for bringing in more capital and developing our growth agenda,” Rod Kosann, co-owner of the company with his wife, Monica, told WWD.
“Physical retail is part of the strategy but whatever we do we will be very selective,” Kosann said. “We are looking for the right places and right ideas. We want to do more retail. I am still really interested in SoHo, as business in the neighborhood gets better. We’re definitely focused on staying more geographically accessible. It allows us to manage the business better.”
Beyond Hudson Yards, no additional stores are planned. Monica Rich Kosann is a small company approaching mid-size. Over a year ago, the company re-platformed its site with Shopify and moved into new headquarters in Fairfield County, Conn. Monica designs jewelry intending it to inspire and empower individuals and spur emotional connections — and not just be beautiful.
Four years ago, Monica Rich Kosann opened a shop in the Westfield Century City in Los Angeles. The shop closed about two years later. “It was just far away,” Kosann said. “That was part of the challenge. We do want to maintain a geographic cluster.”
At Hudson Yards, Monica Rich Kosann is opening a 250-square-foot, glass-enclosed, walk-through format, on the second level overlooking the mall’s entrance. To the left of the shop is Cartier and Dior, and to the right is Watches of Switzerland. Monica Rich Kosann’s only other freestanding shop is in The Shops at Columbus Circle in Manhattan, though there is a Monica Rich Kosann boutique inside Bergdorf Goodman. Both Hudson Yards and The Shops at Columbus Circle are developments of The Related Companies.
“Monica Rich Kosann continues to be a customer favorite at The Shops at Columbus Circle and we are delighted to welcome them to Hudson Yards in a larger, more flexible space that will offer New Yorkers new ways to discover and experience the exquisite detail of this primarily direct-to-consumer brand,” said Kimberly Pohlen, senior vice president of Related.
The new Monica Rick Kosann shop will feature the brand’s locket, charm necklace and “Design Your Own” collections, among others; the Poesy Stackables, and a new 10-style drop from the “Diamonds Reborn” collection. Diamonds Reborn uses only repurposed diamonds from pre-existing jewelry styles in new designs that use only recycled 18-karat gold. “This collection is part of our ongoing commitment as a Certified B Corp to create more sustainable jewelry collections,” Kosann said. Prices start at $48 and generally run up to $10,000, but the company has been known to sell pieces priced in the six figures.
The Kosanns’ oldest daughter, Danielle, who serves as artistic director and creative consultant, has created illustrations for the shop entrances. Her illustrations have recently been featured in Air Mail and were part of the reopening of Bemelmans Bar at The Carlyle.
At the store, there’s technology known as The Locket Bar, which enables customers to take photos from their phones and have them sized perfectly to any locket that they buy. There’s also 3D rendering technology that lets shoppers customize necklaces stacked with charms and poesy rings, and get a clear view online of what they’ve created before purchasing. “You pick your chain, you pick your charms — the technology puts the charms on the chain and you can zoom in, turn it around, look at the front and back,” Kosann explained.
The Kosanns said store format for Hudson Yards has been updated with slightly more space, a nicer flow and upgraded flooring. According to Pohlen, “Compared with our Columbus Circle location, the Hudson Yards location offers them more flexibility to expand out into the common area with an array of configurations to highlight their collections in myriad ways.” Hudson Yards’ luxury fashion and fine jewelry retailers include Dior, Fendi, Cartier and Van Cleef & Arpels.