Rocksbox is discontinuing its rental subscription

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Brief description of the dive:

DTC jewelry company Rocksbox has discontinued its subscription rental service and rebranded itself as an e-commerce site, according to information emailed to Retail Dive.
Consumers can now purchase both new and used designer jewelry items featured on the company’s website. The subscription rental service will continue for members through August, according to a company spokesperson.
Rocksbox, owned by Signet Jewelers, said its subscription rental model could be a barrier for customers who want to purchase products but can’t afford to pay a monthly fee.

Diving Insight:

Rocksbox, as it transforms into an online jewelry retailer, announced that it is expanding its offering to include brands such as Kendra Scott, Kate Spade, Luv AJ and Zales Jewelers.

The decision to pivot the retailer’s business model from rental to subscription to e-commerce was bolstered by research the company conducted last year that found 78% of customers were interested in purchasing used jewelry in the next 12 months.

“Rock box has always been dedicated to discovering and buying jewelry,” Allison Vigil, president of Rocksbox, said in a statement. “As jewelry consumers continue to shop for what matters, we’re building our expertise in circular consumption, expanding our pre-loved and exclusive collections with designers we love and opening up our collection to even more jewelry lovers.”

Founded in 2012 in an apartment by entrepreneur Meaghan RoseRocksbox raised over $11 million in funding over the course of several years, building a subscription business with a 40% conversion rate. The company, through its subscription, charged members $21 per month to send three pieces of jewelry that they could rent, exchange, buy, or return.

Signet Jewelers acquired Rocksbox in 2021, and Rose left the company in 2022. The move expanded Signet’s operations beyond its primarily mall-based retail stores, operating under the Kay Jewelers, Zales, Jared, H. Samuel, Ernest Jones, Peoples, Piercing Pagoda and James Allen.

In 2023 Zales has teamed up with Rocksbox for a rental program in 50 markets. The program has been suspended, according to a company spokesman.

“We’re increasingly seeing customers interested in purchasing jewelry to add to their collection—especially pre-owned styles from designers who represent their values,” Vigil said. “We’ve also noticed that the subscription rental model can be a barrier for some customers who are interested in Rocksbox jewelry but aren’t able to commit to a monthly subscription fee. By removing the requirement for a rental subscription to purchase, we’re making our growing collection available to even more jewelry lovers.”