Digital-first jewelry startup Brilliant Earth debuted on Nasdaq at $12 per share under the ticker BRLT following a downsized initial public offering (IPO), according to media reports.
On its first day of trading on Thursday (Sept. 23), the share price for the mission-driven jewelry brand went up 40%, peaking at $18 and closed at a little over $17 per share, having sold 8 million shares. By 12 p.m. on Friday, shares were trading at roughly $16 per share.
Prior to its debut, Brilliant Earth dropped its original $14 to $16 per share price range to $12, and then dropped its offering to 8.3 million from 16.7 million.
“We’re experiencing a milestone for the company to be able to go public, preparing for this day for a really long time,” co-founder and CEO Beth Gerstein told Business Journal. “We’re not concerned on the day-to-day movements on the stock.”
Founded in 2005 and headquartered in Silicon Valley, Gerstein said that the startup is “the next-generation jeweler for today’s consumers.” Its customer base is 87% millennials and Generation Z, according to Similarweb data.
In the first six months of 2021, Brilliant Earth saw sales soar to $163 million. Its 80% year-over-year growth is faster than Signet Jewelers’ — owner of Kay Jewelers and Jared brands — 57% eCommerce expansion during the same period.
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The company offers jewelry that is “ethically” sourced from suppliers that refrain from sub-standard labor practices, and dont use destructive mining techniques. The startup also donates 5% of net profits to communities worldwide where it has operations, according to its website.
Brilliant Earth is looking at new growth opportunities for boosting brand awareness and a flagship showroom and headquarters was recently opened in the Union Square section of San Francisco. The company now has 19 locations and international expansion is also being explored.