Rocksbox is changing its business model.
The jewellery platform, owned by Signet Jewelers Inc., will shut down its rental service this month and transition to a fully e-commerce platform selling second-hand and new fashion, demi-fine and fine jewellery.
Loxbox president Allison Vigil said the change is designed to help the company reach a wider customer base and reflects changing customer behavior.
“[Rocksbox] “We founded it in 2012 as a subscription model, and at the time it was a really innovative way to bring new trends, new styles, and new designers to our customers,” says Vigil. “We love the experience of bringing that to our customers. We really enjoy hearing stories of people discovering new styles, expressing themselves in new ways, and getting that special piece. We want to always be at the forefront of bringing that emotion and experience to our customers, and we feel times are slowly changing with subscriptions. [model] Now it feels like a barrier to access rather than a fresh way to discover.”
Rocksbox's subscription model was structured as a service that provided subscribers with three pieces of jewelry for $21 per month. Users could trade in or purchase the three pieces as many times as they wanted.
Vigil said the new business model will also allow Loxbox to expand its jewelry selection. He declined to reveal names of brands, but said Loxbox plans to add new jewelry brands later this summer.
Rocksbox Jewelry Styles.
Courtesy of Rocksbox
“We really see an opportunity to bring our unique perspective on curation to the market and see our curation as an opportunity to really collaborate with people who respect the same values as us,” she said.[We are] We're looking at designers who share our passion for sustainability and circularity in different ways, so our curation will reflect that.”
Rocksbox carries fashion jewelry brands such as Kate Spade, Kendra Scott and Lele Sadoughi, as well as its own demi fine jewelry and pre-owned fine jewelry styles from Signet's other brands, including Kay Jewelers, Zales and Jared.
The company recently expanded its assortment of demi-fine style jewelry made from sterling silver and 18k gold plating in 2021, which was Loxbox's first initiative following its acquisition by Signet.
Price-wise, Vigil said Loxbox's fashion jewelry selection ranges from $35 to $250, with demi-fine and fine jewelry selections ranging up to $800.
Overall, Vigil said the aim of the Loxbox rebrand is to give more customers the opportunity to experiment with self-expression through jewelry.
“What we found was [what]”Customers seem to have a desire to find something unique and to find it at a great price,” she says. “Secondhand jewelry is a great way to do that. Some customers like maintaining circularity and circulation as opposed to producing new jewelry, but we've found that it ultimately comes down to finding something really unique at a great price.”
