Signet Jewelers Ltd. has long billed itself as the place for men to buy engagement rings or other romantic gifts. Now, it wants to target another customer: women who get jewelry for themselves.
The parent of Kay Jewelers, Zales, Jared and other mall-based chains said it is wading into the jewelry rental business with the purchase of Rocksbox Inc., a company that runs a subscription service. Signet said it acquired the San Francisco company for an undisclosed price.
Signet’s customers skew older and male. Rocksbox’s customers tend to be younger, professional women who rent jewelry for themselves, much as they would a dress or handbag.
“Jewelry rental is complementary to our traditional offerings,” Virginia Drosos, Signet’s chief executive, said in an interview.
Signet derives almost half of its revenue from bridal jewelry. That is a category that tends to be purchased by men. Recall the “He went to Jared” tagline of that chain’s TV commercials. As people get married later in life, Signet’s customers have gotten older.
