Dive Brief:
- Coinciding with its 20th anniversary, Kendra Scott entered a new category with the launch of its first engagement ring collection on Monday.
- Priced between $1,350 and $8,150, the 11-piece collection features rings with lab-grown diamonds ranging from 0.5 to 2 carats. Available in 14-karat white gold, rose gold or yellow gold, the rings are custom-made for each client and delivered in about three weeks, according to the press release.
- The collection is launching in 12 stores, including locations in Tampa, Pittsburgh, Nashville, New York, Las Vegas, Houston, Dallas and Austin. Online customers can also access the collection via virtual appointments.
Dive Insight:
Kendra Scott is entering into the engagement ring category with an emphasis on customization.
Shoppers will be able to book a 45-minute, one-on-one appointment to consult with an in-house diamond expert who will help them select all aspects of their ring, including carat weight, pavé additions, metal selections and personalized engraving.
“For twenty years, our customers have invited us to be a part of their wedding journeys. The launch of the Engagement Collection by Kendra Scott will allow us to be the wedding destination from proposal to happily ever after,” Kendra Scott, founder, designer & executive chairwoman of the brand, said in a statement. “When creating this collection, we challenged ourselves to consider every detail. Fundamental to our design process, each ring can be customized and curated to match every couple's unique love story.”
Kendra Scott has continued to add more product categories to its assortment over the past year. The debut of the engagement ring collection follows its launch of watches and watch bands in April. In May 2021, the company released its first men's bracelet collection.
But as Kendra Scott enters new product categories, the jewelry brand faces stiff competition from veteran brands and startups that are focusing on men and seeking new capital. Last May, Tiffany & Co. released its first collection of men's engagement rings, which are made of either platinum or titanium and emerald-cut diamonds up to 5 carats. A few months later, Brilliant Earth made its NASDAQ debut at $12 per share under the ticker symbol "BRLT," a slightly lower price than the initial $14 to $16 target. Last October, Signet Jewelers bought Diamonds Direct for $490 million.
