Signet has acquired the subscription delivery service Rocksbox.
The jewelry retailer, which owns the Kay Jewelers, Jared and Zales brands among others, said Tuesday that the deal for Rocksbox, which was founded in 2012, will strengthen its online business and services offerings. Over the course of the ongoing pandemic, retailers have tended to scale back their physical store presence and have devised ways to boost their online business while expanding customer services.
“[The acquisition] provides an additional point of entry for self-purchasing women customers, a segment where Signet is currently under-developed, and is expected to help Signet continue extending its market share,” the retailer said in a statement Tuesday.
Signet has shifted its focus from its physical stores as mall traffic declines. The retailer said last year that it planned to close some 400 stores for good, and the company has indicated plans to continue closing stores this year. Cutting back on those expenses, the company has been reorienting itself around a digital strategy, its chief executive officer Virginia Drosos has previously said.
“I’m delighted to welcome the talented Rocksbox team to our Signet family and am confident this union will generate exciting opportunities to accelerate our growth in services and reach new customers,” Drosos said in a statement Tuesday.
The San Francisco-based Rocksbox, founded by its CEO Meaghan Rose, is designed as a subscription service that allows customers to try three pieces of jewelry each month for a $21 monthly subscription fee. That fee can be used as a credit towards buying any items in the rental box that members choose to keep, according to the company’s website.
“Under CEO Meaghan Rose’s leadership, 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,” she added.
“We look forward to bringing Rocksbox’s outstanding services to more customers, and to introducing those new customers to the balance of Signet’s banners.”
In her own statement Tuesday, Rose described the move’s mutual benefit as Signet expands its service business and noted that the acquisition marks “an entirely new level” for the jewelry subscription service start-up.
“We’re excited to give even more members the opportunity to experiment with new, fashionable jewelry styles through a technology-enabled, personalized rental experience. As a customer-first, data-driven and values-oriented company, we were selective about finding the right partner,” Rose said Tuesday. “I am proud to join the Signet team and excited about the opportunities this alignment brings.”