Brilliant Earth has completed an initial public offering or IPO in the Nasdaq Stock Market this month. The San Francisco, California-headquartered company is traded as “BRLT” in the stock exchange.
We are interested in sharing this US stock market-related news with our readers. We believe it can help them learn the latest firms going public and are open for investors.
According to the report posted online by Jeweller Magazine, a jewelry industry publication for consumers and business people, Brilliant Earth opened for business in 2005. Stanford Business School graduates Eric Grossberg and Beth Gerstein founded this firm that manufactures and sells customizable bridal jewelry.
Grossberg and Gerstein had criticized brick-and-mortar jewelers for impersonal shopping experiences they give their customers and their opaque sourcing practices. Brilliant Earth’s business model is based on simplifying the bridal jewelry shopping process.
Today, the jewelry company offers customizable engagement bands designed via a digital “Create Your Own” interface. Furthermore, Brilliant Earth’s offerings are set with diamonds sourced through a rigorously documented supply chain and held to a standard higher than the Kimberley Process.
The American company also gives a choice to utilize laboratory-created and recycled diamonds in bridal jewelry. Based on the information from financial publication Forbes, Brilliant Earth has served roughly 370,000 customers. It is largely an e-commerce enterprise operating 14 showrooms in the United States.
Although the newly listed jeweler’s brick-and-mortar presence is confined in the US Mainland, it presently offers international shipping to several territories, including Australia. After successfully launching its IPO on the Nasdaq recently, Brilliant Earth’s share price surged by 43 percent, from US$12 to US$17.16 on its first day of trading.
Besides, the jewelry firm had reduced its opening price range of US$14 to $16 per share to US$12 per share before its listing on the New York City-based stock exchange. It also halved the share number available from 16.7 million to 8.3 million.
Last year, Brilliant Earth recorded sales of US$251.8 million. This figure is an increase of 25 percent compared with 2019.
The firm also recorded profits of US$21.6 million and revenue doubling in the initial six months of this year, compared with the same period in 2020, reaching US$163 million. Gerstein remarked that 2020 was a genuine turning point for their group, and this year with the IPO, the situation carries on.
The Brilliant Earth co-founder also mentioned that “omnichannel” is a winning sales model for their business. Gerstein affirmed that clients prefer more than one method of interaction.
She relayed that some of their clients feel comfortable personally seeing their offerings, while others prefer shopping completely online. We want to congratulate Brilliant Earth’s founders and the business organization overall.
We believe that their listing in the Nasdaq Stock Market recently will tremendously help their operations. Additionally, we feel optimistic that Brilliant Earth can gain more customers with this latest milestone occasion.