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Aurate Teams Up with Macy’s and Helzberg Diamonds Following Series B Boost August 07, 2023 (0 comments)
New York, NY-- With almost ten years in the industry, Aurate has set sights on a new chapter.
[Image via Aurate]
According to a WWD news report, the boutique fine jewelry label has recently clinched its Series B funding. Although specific terms remain under wraps, the brand confirms amassing investments amounting to $25 million thus far.
A milestone month awaits Aurate as it inaugurates dual retail alliances, each featuring exclusive sister brands. 'Audrey by Aurate' is set to grace Macy's shelves this Saturday, while 'Laure by Aurate' will debut at Helzberg Diamonds next Tuesday.
"We always wanted to democratize real gold. That's still the mission of the brand," said Sophie Kahn, chief executive officer, cofounder and jewelry designer at Aurate, in the news report. "Part of the beauty of Aurate is that it's for all types of women. Of course, online you can gather a lot [of customers], but at some point there's going to be a limit. Then the question is the in-person experience. So, you essentially have a couple of options. You can open a bunch of stores, but that takes a lot of capital, or you can partner with these kinds of legendary people in the market that know how to do this, aka, wholesalers and retailers."
The brand's current strategy follows a brief stint in the retail sector. Before the pandemic, Aurate operated multiple storefronts across New York and California. The closures came after a realization: a day's online sales outpaced what physical stores achieved in a month. With the upkeep being almost comparable, the digital avenue provided a more fruitful yield.
Kahn hinted in the report at a potential flagship store in the future, but for now, their energy is channeled towards thriving retail collaborations.
Aurate's newly minted collections carry unique aesthetics while revering the brand's trademark designs. 'Audrey by Aurate' tailors to Macy's clientele with bolder pieces, while 'Laure by Aurate' at Helzberg Diamonds leans towards conventional designs, echoing Aurate's classic finesse. Both collections amplify Aurate's sustainable pledge, incorporating recycled gold and ethically acquired gemstones.
Further differentiating the two, 'Audrey by Aurate' will spotlight 144 designs spanning a spectrum of jewelry with a median tag of $500, available in 167 Macy's locations and online. In contrast, 'Laure by Aurate' will showcase 111 designs with a price range between $100 and $1,300, accessible at 30 Helzberg Diamond outlets and online.
As for their Series B proceeds, Kahn outlined a multipronged utilization strategy. The report explained that funds would fuel team expansion, steer marketing drives, and solidify ongoing retail affiliations. Notably, Aurate's preceding investment round in 2019 saw them secure $13 million in series A financing.
Learn more in the entire WWD report.