In an effort to stay ahead of the curve this holiday season, David Yurman will be taking a head-first leap into men's jewelry after the opening of its new flagship shop in December. The brand's new location will be in New York City's 57th Street and will feature an entire floor dedicated to men's products and collections of objects curated Evan Yurman that are meant to inspire.
Recently there has been a low tide in the realm of luxury jewelry, with 825 retail shops closing last year according to a report by The Jeweler’s Board of Trade. High-end jewelry has reached only a 2.5% growth in the last 18 years, with low and mid-tier brands becoming more fiercely competitive.
According to the president and CEO of luxury retail analytics company Skypad, Jay Hakami, “The jewelry business as a whole is down especially high-end jewelry. Mid-tier jewelry is OK, but the more expensive you go, the slower it’s been. So jewelry brands widening their audience beyond one gender is a great way to get around that. A lot of the retailers are looking for other channels and audiences to sell their products, and men’s is a big one.”
David Yurman's renewed focus on menswear began in 2004, eventually becoming 20% of the brand's business. The past half-decade has seen intense growth in annual sales from shoppers of men's jewelry (over 68%).
“Much of the growth in men’s jewelry is fueled by millennials and younger generations,” said the vice president of retail
Tiffany & Co. has become another luxury brand to follow David Yurman into menswear, revealing their first-ever men's collection of jewelry in the company's 200-year span. While the jewelry itself is targeted at male customers, oftentimes women will purchase pieces to wear themselves.
“I think it’s really a question of marketing,” Hakami added. “People will buy whatever they want, whether it’s men’s or women’s, and brands should design things how they want. What they should do is position their product as being for anyone, regardless of gender.”
Information originally sourced from Glossy.