“Fine Jewelry's Era of New Modesty During the Coronavirus

“Fine Jewelry's Era of New Modesty During the Coronavirus – WWD - WWD” plus 1 more

Fine Jewelry's Era of New Modesty During the Coronavirus – WWD - WWD

Posted: 23 Nov 2020 12:00 AM PST

Welcome to the era of new modesty.

The current crisis has hit the jewelry industry with a double whammy. Ordinary economic downturns typically lead to a moment of shrewdness and minimalism in luxury shopping. But even then, people still go to dinners or parties. Now with hardly any formal galas, big weddings or other special occasions on the calendar due to the coronavirus, jewelry is rushing to adapt to unprecedented times — catering to those seeking high-end items for the stay-at-home lifestyle.

Retailers say that jewelry ranks high among purchases for women who remain employed — seen as a safe store of value and a bright spot to mark this difficult time. But there seem to be some unspoken guidelines women are now shopping by. The jewelry that's selling is discreet and wearable for every day — emotional, value-driven pieces that are not too glitzy or opulent and are transparently produced.

"We are seeing so many women buying for themselves, saying, 'I need something that makes me feel better, I need a special moment.' They don't want to wear something ostentatious, it's not right to present that on Zoom, they don't want to go around the house in big diamonds. There's this new appreciation for intimacy and naturalness in jewelry," said Twist co-owner Paul Schneider, whose company has seen an overall growth in sales for the year — primarily attributed to a spike in online orders.

"People aren't traveling and they're not dressing up and buying party clothes or amazing handbags. But for some reason, jewelry feels appropriate — it's personal," said Schneider.

The Pacific Northwest retailer, with physical stores in both Portland and Seattle as well as a robust online business, said that its ethos of selling independent jewelers with artful designs and an appreciation for handmade imperfections is why their business is excelling. "If we had been doing really blingy pieces, I know we would have trouble. I just don't know who is buying that right now. We aggressively increased our buy this year for that reason," Schneider said.

Twist has seen success with gold charms from labels like Foundrae, delicate pieces by Cathy Waterman and Pippa Small, artful necklaces by Judy Geib and fresh designs from emerging designers including Castro Smith and Marie Lichtenberg.

Some fashion trends that were ramping up before the pandemic appear to have accelerated during lockdown. An awareness toward transparently made and ethically produced jewelry was already becoming popular before the pandemic, but retailers said that shoppers now almost see this as a prerequisite.

Finematter, a multibrand jewelry e-commerce site based in Copenhagen that launches Tuesday, has based its assortment on what its founders consider a new kind of global modesty: Transparently produced products and a quality-over-quantity mentality.

"I think there is modesty in this change of philosophy toward conscious consumption," said Finematter cofounder Mie Ejdrup. "Consumers require a new kind of transparency from jewelry, considering where it's from, the whole provenance aspect — if the gold is recycled, where the stones come from and how it's produced," she said. This has also played a role in how Finematter has photographed pieces for its launch, with care toward not excessively Photoshopping models or product.

Waves of minimalism were already hitting the runways before COVID-19, seen in collections including Bottega Veneta and Prada. Moda Operandi cofounder and chief brand officer Lauren Santo Domingo said this has been top-of-mind for her team of buyers at the e-commerce site in the lead-up to the holiday season.

"We talk a lot internally about how, through fashion, we can predict trends in fine jewelry because it's further behind. Women were already wearing tone-on-tone, looser silhouettes, more masculine suiting and shirting —eventually jewelry follows suit. We are seeing jewelry simplify and become more modern. That fits this new way of dressing, but what was coming already in the pipeline has been accelerated. So if a woman was on the fence between a floral dress and men's wear-inspired shirting, this pandemic probably flipped her over the edge," said Santo Domingo.

She highlighted colorful enamel pieces by Eera and Bea Bongiasca, turquoise and coral designs from Irene Neuwirth and gold earrings set with small diamonds from Fernando Jorge as some of Moda's bestsellers — popular for their upbeat, whimsical nuances, but not too obvious in their use of precious materials. A fun bauble that's casual enough to wear to the grocery store, if you will.

Auction houses like Sotheby's and Christie's have spent the pandemic ramping up their online auctions, and reaching a new, younger audience in the process. At Christie's, there has been a concerted effort toward offering classic designs for auction online — introducing the concept of bidding to a new generation of jewelry collectors, particularly as people seek out hobbies to enjoy from home.

"As we go into this Zoom world, we have noticed that the staple pieces are doing well. We had an icon sale in October that was a sale of commercially recognizable pieces — Cartier "Love" bracelets, Van Cleef Alhambra pieces, the things people recognize. That sale performed so well, people are in the market for staple pieces they can wear in a more casual setting, things that aren't dripping in diamonds and stones," said Caroline Ervin, associate vice president of jewelry for Christie's.

She added that Seventies gold pieces from Bulgari have been performing well and that, conversely, more glitzy designs are declining in value in the auction market. "In the past year there has been somewhat of decline for more ostentatious, diamond-heavy, platinum and white gold chandelier earrings or big necklaces that we would see at galas. Those aren't happening and I think those pieces aren't performing as well as we have seen historically," said Ervin.

Sterling silver, a fine metal with a certain casualness and lower price than gold, is finding new popularity with younger consumers. Sophie Buhai, an independent jeweler based in Los Angeles who specializes in sterling silver designs inspired by midcentury minimalism, said that her product is resonating. "Sterling is an interesting material because it is a precious metal but isn't as expensive as solid gold and it has a sophistication that I think can be a very elegant," she said.

"My jewelry is subdued and discreet, and I think people are wanting to wear jewelry at home. Our brand has always been one that whispers, and doesn't yell — I think that is more how people are adorning themselves right now," said Buhai.

She likened the appeal of shopping with a small brand such as her own to "the experience of going to a farmers' market versus going to the supermarket," nodding to the personal nature of buying small — a plus in times when people's social interactions remain at a minimum.

But concurrent with what other jewelers are seeing, storied American label Seaman Schepps said that clients are not so much sensitive to price as they are to the general aesthetic of what they are buying today.

Schepps president Anthony Hopenhajm said that wealthy consumers appear careful to not parade around in glitzy jewelry, given the ongoing pandemic and associated economic crisis. "I think people are sensitive today. Our clients are well-off, they are not worried about paying their rent but have to be sensitive to wear something that's elegant, tasteful and politically correct. Even in challenging times, people are buying — it helps to be a brand that's wearable," he said.

Fine Jewelry Sales Robust Despite Lockdown 2.0, Say Retailers - WWD

Posted: 23 Nov 2020 12:00 AM PST

LONDON — Women might have packed away their party dresses and heels in response to lockdown — but they're investing in more fine jewelry.

Global retailers have been seeing an uptick in jewelry sales throughout the year as customers become increasingly conscious of the need to make smarter investments or to gift meaningful items to loved ones whose birthdays, anniversaries or weddings they've had to miss.

Jewelry also plays well on Zoom, helping dress up casual looks that people are wearing while working from home.

So with the holiday season approaching, e-commerce and brick-and-mortar retailers alike are putting the accent on fine jewelry in their holiday campaigns, gift guides and virtual concierge services.

Although much of Europe might be in lockdown until at least the beginning of December, that hasn't dampened shoppers' appetites, according to retailers, who are getting used to selling high-value jewelry and watches on Zoom, WhatsApp or any other social platform their customers favor.

"We're confident that Christmas gifting and celebration will be front of mind when we open our doors once again. But many of our customers won't even need to wait that long as they have been shopping in full force through our virtual personal shopping service," said Beth Hannaway, head of fine jewelry and watches at Harrods.

The department store has placed increased focus on the fine jewelry experience since reopening its doors over the summer, and has opened dedicated, in-store pop-ups by the likes of Cartier.

Now, during the U.K.'s second, month-long lockdown, Harrods has been quick to pivot to virtual personal shopping services that allow customers to view the store's full stock from their screens, and even design bespoke pieces via Zoom.

"The interest in shopping online for watches and jewelry has accelerated significantly over the last few months, catching up with more mature digital categories like beauty," added Hannaway, pointing to a dedicated "World of Watches" online celebration, which is slated for later this month.

The upcoming holiday period is expected to see an even further spike in sales as shoppers are placing more emphasis on purchasing meaningful gifts for loved ones: "In 2020, we have witnessed a shift towards celebrating love and gifting for others, rather than focusing on self-gifting, which had been the growing trend until now," noted Hannaway.

A Suzanne Kalan ring designed exclusively for Harrods. Courtesy of Suzanne Kalan

Los Angeles-based jeweler Suzanne Kalan, who opened her first boutique in Harrods a few weeks before London went into its second lockdown, also noticed a smooth transition between offline and online sales.

"The boutique is the pinnacle of my six-year relationship with Harrods, so nothing was going to stop me. Of course, it's a very nerve-wracking time for everyone, in every industry, but jewelry has definitely kept its desirability," said the designer.

"I do feel that the demand in the U.K. for my rainbow fireworks pieces has continued, and we were pleasantly surprised to see such great sales as soon as we launched the boutique. These have continued as strongly, even with the temporary closing of the store," said Kalan.

Joyful pieces have indeed been a priority among shoppers, as much as investment-worthy, heirloom pieces.

Net-a-porter's fine watches and jewelry campaign. Courtesy of Net-a-Porter

"During the first lockdown, and as the Zoom effect took hold, it was clear customers were looking for timeless, investment pieces they could buy now and wear forever — and we saw no resistance to price. They were buying both fun, 'feel-good' fine jewelry, such as Carolina Bucci's colorful beads and Yvonne Leon's quirky pieces, as well as classic investment items, like tennis necklaces from Anita Ko and Suzanne Kalan, and high price-point watches, such as Cartier's Baignoire and Audemars Piguet's Royal Oak," said Libby Page, Net-a-porter's senior fashion market editor.

Page sees those same buying habits continuing throughout the holiday period, which is why Net has just debuted a dedicated watches and fine jewelry campaign to coincide with the holiday season. The campaign highlights many of the household names the retailer has been working hard to bring onboard throughout the years, including Cartier, Hermès, Piaget, IWC and Jaeger-LeCoultre.

The jewelry customer is also becoming increasingly interested in learning about the provenance of gemstones and diamonds and making more considered investments in high-quality materials.

"Customers are spending more on jewelry and investing in diamonds and pearls. They're wanting more information on the quality of the materials and looking to learn more about each piece prior to purchase. We are also seeing more customers slowly start to learn more about unusual techniques, rare gemstones and invest in niche designer-makers, which I find the most exciting," said Min Lee, Farfetch's jewelry specialist, who is currently working on creating edits and gift guides that will help the Farfetch audience navigate the site's 260 fine jewelry brands.

Farfetch, which launched fine jewelry in 2018, has already seen traction across its hard luxury sector this year: Lee pointed to a launch of customized Cartier fine rings and bracelets, which prompted an immediate demand for more information and high sell-throughs. She also flagged popular product launches by the likes of De Beers, Chopard, Boucheron, Pomellato and Tasaki.

"Jewelry is so easy to layer, and the shift to casual dressing has underscored just how essential and adaptable it is in any wardrobe," said Lee of the increased interest in jewelry, particularly Zoom-friendly earrings, chain necklaces and diamond pieces that can be worn for years.

At Mytheresa, fashion buying director Tiffany Hsu pointed to an increased appetite for quality diamond and gold pieces that feel like "timeless investments," but added that forward-thinking designs by new names like Eéra were just as popular.

Eéra, spring 2021 Courtesy of Eéra

"We launched Eéra a year ago and it's been incredibly successful for us. It has a really fresh, and very fashion-forward, approach to fine jewelry. We definitely see demand among our clients for less conventional fine jewelry brands," added Hsu.

More dedicated jewelry e-commerce platforms are also cropping up to cater to consumers' increased appetite for fine jewelry.

This summer, Copenhagen-based site dubbed Finematter bowed with the ambition to become the Farfetch of fine jewelry, while this month another specialized retail platform, Once, launched to market with a selection of brands such as Messika, Amrapali, Boodles, Ileana Makri, Loquet London and more.

"As a new technology platform, Once bridges the gap between fine-jewelry buyers and sellers and makes the industry more efficient and transparent while offering a simplified visitor experience," said the platform's chief executive officer Shezan Amiji.