JewelStreet to axe 120 brands in upmarket push
JewelStreet today confirmed that it is to remove over 120 of its designers and brands as it prepares to reposition the business as an international, luxury jewellery destination.
The online jewellery marketplace said the move was a “necessary step” in its strategy to “become the premier jewellery website for the very best designer and fine jewellery from around the world.”
JewelStreet, founded in 2012, has to date worked with a broad range of jewellery designers and brands, with the number of registered brands reaching around 300. However, from the 31st July, this number will drop by over 120.
Rob Passmore, co-founder and managing director, said: “In order to become a luxury marketplace representing the very best global jewellery, we needed to tighten up our curation. This has been an incredibly difficult process as we are very loyal to our designers and have actively championed their cause and supported them as a fantastically talented community.
“However the fact remains that you can’t sell a piece of jewellery for £2,500 next to a piece of jewellery for £25, so as difficult as it was, it was a necessary decision.”
The change comes following an influx of new luxury brands from across the globe including Matthew Cambell Lorenza, Jorge Adeler, Hammerman Brothers, Kara Ross and many more. Typical price points range from £500 to £50,000.
JewelStreet’s new curation process will focus on the back story of the designer and brand, looks at the provenance of their work as well as its originality, global appeal and price point.
Asked if JewelStreet will set a limit on the number of boutiques it hosts, Passmoresaid: “We don’t have a fixed number in mind but it will be limited. We want to attract the very best fine designers and brands globally and provide them with an easy route to market both at home and overseas. We have invested heavily to create an infrastructure that deals with international tax and duties, global shipping, hallmarking and insurance providing a complete export solution; it basically opens up the world to our designers.”
JewelStreet’s repositioning, with a new international website, a new portfolio of international designers and a global deal with DHL for fulfilment, is due to be completed over the summer.
