16 Oct 2021
DiamondWorld Directory
Home |
News
Home
Brilliant Earth has announced plans to become a public company on the Nasdaq stock exchange
Brilliant Earth, which specializes in selling ethically sourced diamonds and jewelry, has announced plans to become a public company on the Nasdaq stock exchange
By: Diamond World News Service
|
Sep 2 2021 9:55AM
|
Reference: 25826  

DecreaseIncrease

Brilliant Earth, which specializes in selling ethically sourced diamonds and jewelry, has announced plans to become a public company on the Nasdaq stock exchange.

“There is a massive growth opportunity ahead,” the online-focused US retailer said Monday in its initial public offering (IPO) filing. “We are less than 1% penetrated in the jewelry category today. With our purpose-driven brand, digitally driven omni-channel experience, award-winning products, and loyal customers, we believe we have significant opportunities to grow in both our existing and new markets.”

Cofounder Beth Gerstein got the idea for Brilliant Earth after searching for an engagement ring, as she found jewelers struggled to disclose the sources of the diamonds they stocked. Established in 2005 with a single showroom in San Francisco, California, the company has expanded into a nationwide business with more than 13 physical viewing locations.

Brilliant Earth’s net sales rose 25% to $251.8 million in 2020, and its net income amounted to $21.6 million, compared with a loss of $7.8 million in 2019, management reported. In the first half of 2021, sales leaped 78% year on year to $163 million, while net income reached $10.9 million, up from $200,000 in the same period of 2020.

The company listed the size of the IPO as $100 million, though a report on Bloomberg said this was a placeholder price that was likely to change. Gerstein and cofounder Eric Grossberg will retain more than half of the voting power for electing directors, the filing added.

The retailer also stated plans to increase its brand awareness, broaden its omni-channel presence by opening new showrooms, and expand beyond its US focus.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2021
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 29985
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 6367
GJEPC Chairman Interview
Views: 26273
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 36034
Promo for IJ Awards 2012 at NDTV Profit
Views: 50005
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 63246
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 20271
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 47938
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 47060
Member of:
Supporter of: