Sheila Macken

US jewelry sales remained flat in August following a period of growth in July, according to Tenoris. Retailers have seen a surge in inventories recently, particularly in lab-grown jewelry, indicating potential challenges ahead. Natural diamond jewelry sales decreased by 3% year over year, while lab-grown jewelry sales saw a 10% increase despite a 17% decline in average price. This trend warrants attention as it may signify underlying market shifts. Read more: https://lnkd.in/dAPvmDZC

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Go big or go small? How much experience before you lose sight of the reason for its existence? That's the question for luxury retail stores as they clamor for business from finicky affluent consumers from Gens Y and Z, and by 2030, the first adult Gen Alpha's. Some brands such as Gucci and BALENCIAGA have pulled out all stops and gone humongous in their new store formats. The downside? The stores look empty from the outside. So that's the risk. And it's a fine balance. ewald damen, our Luxury Roundtable columnist from Virgile Partners, has some thoughts on how luxury brands and retailers should adapt their stores to evolving shopper behavior. It's worth a read. We'll also be discussing this topic at our #Luxury Retail Forum New York Sept. 12, if you'd like to join us (registration link in article). #luxury #luxuryretail #luxuryretailing #retail #retailers #LuxuryRetailForum #luxurymarketing #luxuryrealestate https://lnkd.in/ddS5DSeS

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Rumors: Saks Fifth Avenue could be in talk with Neiman Marcus Group for a takeover. In this regards Saks’ flagship location in Manhattan (valued at 3.62Bn USD) could serve as a collateral to raise financial resources. Neiman CEO Geoffroy van Raemdonck firmly rejected such possibility: "no need” to sell the business. Both firms are leading retailers in United States for jewellery and luxury goods. #jewelry #jewellery #luxury https://lnkd.in/dP46VnM3

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Focusing on the salespeople (last 18 inches) for engagement rings is the correct approach. Training is good but not sufficient if the economic incentive for synthetics is superior. How much profit in dollars not percentage does the retailer and salesman (commission) make on the sale of a synthetic vs natural diamond? The bottom line is the bottom line.

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Pharrell Williams and Bob Borowicz bet on Redress. ReDress, the Miami-based clothing exchange platform co-founded by Venezuelan entrepreneur Rossana Ceccato and Chilean attorney Matías Hercovich, has garnered significant attention, including an investment from Happy singer and Louis Vuitton creative director, Pharrell Williams, and Chilean businessman Bob Borowicz. This innovative platform made waves when it competed for a $1 million grand prize, ultimately securing funding from Pharrell’s Black Ambition Opportunity Fund. "It was one of the most exhilarating moments of my life," Ceccato recalls. Out of 20,000 applications, ReDress advanced through multiple stages, from 250 semifinalists to a final round of eight contenders. “Being the only Latina to pitch at this level was a true honor,” she adds. ReDress, which first appeared in DF MAS in April 2023, has attracted attention not only for its sustainable approach to fashion but also for its unique backstory. The final competition took place at New York's Spring Studios before an audience of 1,000, with a star-studded panel of judges including Sean Combs’ fund manager, Pharrell Williams, and LVMH’s CEO for the Americas, Lanessa Elrod. Though ReDress didn’t take home the top prize, it secured a substantial, undisclosed investment from Pharrell’s fund, in addition to a finalist award. In the U.S., venture capital and angel investment rarely flow toward Latino or African American entrepreneurs, and less than 10% go to women," explains Hercovich. This is why the recognition from Williams holds such weight. Adding to this achievement was an investment from Chilean entrepreneur Bob Borowicz, known for bringing Toyotomi heaters to Chile. Hercovich met Borowicz at a rooftop event in Miami, and they clicked immediately. Borowicz’s partner, Chilean designer Paulita Errázuriz, was equally taken with the ReDress concept. “She was blown away by the business model,” Hercovich notes. With backing from these angel investors, ReDress upgraded its customer journey by integrating artificial intelligence into its virtual fitting room. Hercovich explains that the AI learns from each user’s preferences and activity on the platform, enhancing the accuracy of sizing simulations. On average, each item of clothing returns to the platform for five to eight swaps, a testament to its circular model. Currently, ReDress operates a physical store near Miami’s Dolphin Mall and has plans to expand to Mexico, Colombia, and Chile. For now, it’s focusing on its U.S. audience, which consists largely of executives, TV hosts, real estate agents, influencers, and active social media users—women who prefer not to repeat outfits. "Having a wardrobe that allows you to dress differently every day is expensive and unsustainable. For them, ReDress offers a solution," Hercovich concludes. https://lnkd.in/eDsurA8s

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Developing a Strong Store Design Strategy 🛒💡 In today’s competitive market, a well-executed store design can make all the difference. Unfortunately, a weak store design strategy can hinder brand recognition and dilute a brand’s personality and DNA. When consumers step into your stores, they should instantly connect with your brand. Here’s why it matters: 1.    Brand Recognition: A strong store design ensures that customers recognize your brand immediately. From the layout to the signage, every element should reflect your brand’s essence. 2.    Advertising Power: Your stores are more than just physical spaces; they’re powerful advertising tools. Each detail—whether it’s the lighting, materials,  displays, or product arrangement—should reinforce your brand message. 3.    Competing Beyond Price: Weak brands often fall into the price competition trap. By investing in a cohesive store design based on your brand positioning, you can differentiate yourself and compete on value rather than price alone. Remember, every millimeter of your store contributes to your brand’s story. Make sure it aligns seamlessly with your brand DNA. 🚀

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