Mejuri is taking advantage of the rush to in-person jewelry shopping and plans to nearly triple its store count by the end of the year.
According to Sakkijha, in-store sales are already strong this year — despite macroeconomic challenges. “We are seeing tremendous performance in our retail stores, we are 179 percent over projections in the first quarter and we are not light with our projections. It has confirmed our need to double,” she said.
Mejuri’s store concept is unique in jewelry, as most of its products are displayed in the open — allowing shoppers to freely try on merchandise instead of having it fetched from behind a display case. Sakkijha feels this has been integral to the success of the brand’s stores and the concept is currently being fine-tuned for a 2.0 version.
Due to inflation and the ongoing war in Ukraine, the jewelry industry is\ at the whim of highly reactive gold prices. “We are, of course, impacted, more than another industry because we are a commodity-based business and the cost of gold and diamonds are up. When you add in inflationary pressure, with people’s purchasing power lessened, plus gas and oil prices impacting shipping costs — we are seeing it all,” Sakkijha said.
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