Last week, both Kanye West and Rihanna announced their individual forays into the jewellery industry. While style bloggers, news outlets, and consumers everywhere are buzzing about these launches, the industry is left to wonder: are these celebrity collaborations good for sales?
West’s 12-piece Yeezy jewellery line, launched in collaboration with Jacob Arabo of Jacob & Co., is comprised of necklaces and rings. Each piece is inspired by classic Italian art, featuring engravings of Florentine sculptures and portraits. Pricing runs from $1530 to $13000.
Concurrently, Rihanna announced her new partnership with Chopard, which will be launched at the Cannes Film Festival in May. Her collection, which features both opulent and minimalist pieces, starts at $1460 and will be available for purchase in June.
With the Millennial obsession around celebrity culture, these lines may resonate very well with the younger demographic. However, with their high price points, they may not be practical for this group, collectively: according to a report from CIO, Millennials are extremely price sensitive, with this having the greatest influence on the group’s spending pattern.
Because of this, brands and retailers considering celebrity collaborations—especially with Hollywood’s younger elite—should absolutely pay attention to price. This will help to drive sales with price-conscious Millennials, who may not be apt to cash in on expensive brand endorsements.
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
