Sales Strategy
How 7879 Reported Impressive Sales Increase in First Year with Investment-Focused Jewelry March 02, 2023 (0 comments)
London, United Kingdom--7879, a jewelry brand that focuses on investment-grade pieces, has reported an impressive increase in sales, reaching £1.5m in revenue during its first year of operation.
[Image via Professional Jeweller]
The brand launched in Selfridges in April and Harrods in November, following a seed funding round of £5.5m led by Anglo American PLC in 2022. Founders Sach Kukadia and Ben Flowers created the brand to disrupt the gold business by offering investment-focused jewelry made of investment-grade bullion and ethically mined platinum.
A report states that the jewelry is transparently priced by weight in real-time based on the international bullion market, which has led to an increase in average order values to £500 and a higher volume of platinum sales than gold compared to the industry average. In addition, 7879 has attracted many repeat customers who contributed nearly 50% of revenue over the year.
The report notes that all 7879 products are unisex, and the brand has a 60:40 female-to-male customer ratio. The company name, 7879, is based on the atomic numbers for platinum and gold on the periodic table, reflecting the brand's use of 100% recycled 24k gold or ethically mined platinum.
The brand offers a sustainable circular ecosystem, allowing customers to track the precious metal value of their jewelry through a personalized online portfolio. Customers can sell their items back to the company for the prevailing price of platinum or gold, regardless of their condition. 7879 melts the items and repurposes the metal into new pieces, creating a sustainable business model.
"We had a brilliant first year and are set to take off in 2023," said the brand's CEO Sach Kukadia, as per the report. "Our jewelry will hold monetary value forever, and we believe jewellery should be viewed with the same investment thesis as property, wine, or fine art."
The brand plans to expand abroad in the first half of 2023 and has a monthly product launch planned, focusing on everyday wear.
Learn more in this report.