Jewelry retailer Signet Jewelers Limited has recently acquired online jewelry rental service, Rocksbox, as part of its strategy to expand its digital presence and diversify its offerings. While Signet has predominantly focused on repair, warranty services, and piercings, the acquisition of Rocksbox will allow the company to tap into the growing rental market.

Rocksbox, founded in 2012 by CEO Meaghan Rose, is an online platform that offers monthly subscribers the opportunity to rent and exchange designer jewelry pieces. Similar to rental platforms for luxury apparel and accessories like Rent the Runway and Le Tote, Rocksbox emphasizes accessibility and circularity as its main selling points.

The acquisition of Rocksbox will provide Signet Jewelers with an additional entry point for self-purchasing women customers, a segment that the company currently has limited presence in. Signet Jewelers is well-known for its popular jewelry brands such as Kay, Zales, and Jared in the U.S., and H. Samuel and Ernest Jones in the UK. The company has also ventured into digital-first jewelry with the acquisition of James Allen.

Signet CEO Virginia C. Drosos expressed her enthusiasm for the acquisition and believes it will generate exciting opportunities for growth and reaching new customers. Drosos highlighted Rocksbox’s strengths in personalized, data-driven customer experiences and its potential to introduce customers to Signet’s other brands.

This acquisition aligns with Signet’s Inspiring Brilliance growth strategy, which aims to accelerate services revenue and enhance digital commerce. Signet is also prioritizing corporate responsibility, and Rocksbox’s rental model, which promotes the circular economy, supports Signet’s commitment to sustainability.

In the fiscal year ending in January 2021, Signet reported a 14.8% decline in net sales due to the impact of the COVID-19 pandemic. However, the company saw a significant increase of 57.9% in annual e-commerce sales. Despite the challenges, Signet remains a major player in the jewelry industry, operating approximately 2,800 stores in the U.S., Canada, and the UK.

The acquisition of Rocksbox expands Signet’s services and positions the company to tap into the growing trend of rental services in the fashion industry. With its established jewelry brands and renewed focus on digital growth, Signet Jewelers is well-positioned to make a significant impact in the rental market.