Dive Brief:
- DTC jewelry company Rocksbox has dropped its subscription rental service and rebranded as an e-commerce site, according to details emailed to Retail Dive.
- Consumers can now purchase both new and pre-owned designer jewelry products shown on the company’s website. The rental subscription service will continue for members through August, per a company spokesperson.
- Rocksbox, which is owned by Signet Jewelers, said it found that a subscription rental model could be a barrier for customers who want to purchase products but are unable to commit to a monthly fee.
Dive Insight:
With its move to becoming an e-commerce jewelry retailer, Rocksbox said it is expanding its selection of styles, which features such brands as Kendra Scott, Kate Spade, Luv AJ and Zales Jewelers.
The decision to transform the retailer’s business model away from rental subscription to e-commerce was strengthened by a company survey from last year showing that 78% of customers are interested in purchasing previously owned jewelry in the next 12 months.
“Rocksbox has always been dedicated to jewelry discovery and shopping,” Allison Vigil, Rocksbox president, said in a statement. “As jewelry consumers continue to shop their values, we are building on our expertise in circular consumption by expanding our pre-owned and exclusive collections with designers we love and opening up our collection to even more jewelry lovers.”
Founded out of an apartment in 2012 by entrepreneur Meaghan Rose, Rocksbox raised over $11 million in funding over several years as it built a subscription business with a 40% conversion rate. The company through its subscription would charge members $21 a month to send three pieces of jewelry that they could rent, swap, purchase or return.
Signet Jewelers in 2021 acquired Rocksbox, and Rose in 2022 exited the company. The move expanded Signet’s business beyond its mostly mall-based retail outlets operating under the brands Kay Jewelers, Zales, Jared, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda and James Allen.
In 2023 Zales teamed up with Rocksbox for a rental program across 50 markets. The program has now been paused, according to a company spokesperson.
“We’ve increasingly seen customers interested in purchasing the jewelry outright and adding to their collection – especially styles that are pre-owned and from designers that represent their values,” Vigil said. “We’ve also seen that the subscription rental model could be a barrier to some customers who are interested in Rocksbox jewelry but not able to commit to a monthly subscription fee. By removing the rental subscription requirement to purchase, we’re making our expanding collection accessible to even more jewelry lovers.”
