The move is part of a push to accelerate the growth of the company’s services category, a key component of Signet’s “Inspiring Brilliance” growth strategy. The acquisition will also add another point of entry for self-purchasing women customers — a segment where Signet said it is currently underdeveloped — and give the company a foothold in pure-play digital retail.
Launched in 2012, the Rocksbox service lets monthly members rent and swap exclusive jewelry styles through its online platform. The company also places a strong emphasis on the sustainability of its sharing model in an appeal to values-based shoppers.
“I’m confident this union will generate exciting opportunities to accelerate our growth in services and reach new customers,” said Signet CEO Virginia C. Drosos in a statement. “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. 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.”
As part of the acceleration of its services business, Signet also plans to expand its current offerings such as repair, warranty services and piercings, and introduce new ones.