We are delighted to announce that we have made an £8m reinvestment in award-winning British demi-fine luxury jewellery brand Monica Vinader, as the brand continues to build on its success both in the UK and worldwide.
This coincides with the majority sale of Monica Vinader to Bridgepoint Development Capital in which we realised our earlier investment made in 2016. This new investment is the second from our seventh fund.
Since our first investment, overall sales quadrupled to almost £100m. Direct to consumer sales increased from 35% to 65% of the business and US revenues jumped from less than 5% to more than 20% of total sales.
We are excited about joining the brand on the next leg of its journey to become a true brand legend in a large and fast-growing global market. The demi-fine jewellery segment is worth £1.2bn in the UK, of which £720m is D2C. In the US, the demi-fine segment accounts for c.£9.9bn. demi-fine digitally-native brands are projected to be the fastest growing part of the market with a 9-16% CAGR 22-26.
Within this market, Monica Vinader still has huge scope for growth with UK brand awareness currently at just 14% and USA awareness at 7%. The brand’s classic aesthetic appeals globally and across age groups.
Beyond the market, the brand sits perfectly within the prevailing consumer trends – innovative personalised gifting; experiential retail experiences; and collectable and sustainable pieces that never go out of style.
The brand’s success has been based on empowering women. The rise in women’s financial independence and incomes has underpinned women being able to spend more on themselves, with self-gifting a key buying occasion for customers. Of those who shop for branded jewellery, 44% gift themselves and 35% gift themselves and others.
Women are also key drivers in the rise of conscious purchasing. Monica Vinader is renowned for its reputation as the leading sustainable jewellery brand by using 100% recycled silver and gold, having a recycling scheme and lifetime repairs, and a sustainability roadmap aligned with the high standards of the UN Global Compact. They are also the only British jewellery brand to provide blockchain traceability and currently have over 50 of their pieces now traceable to source and publicly on their website.
These are just some of the reasons for partnering again with Monica Vinader, a brand we are exceptionally proud of. Chris Curry, our Managing Partner, said,
‘We’re delighted to be continuing our relationship with Monica and Gaby. Monica Vinader has become the leading jewellery brand at this affordable luxury price point. We believe there are multiple opportunities for growth across the UK, US and APAC region that build on the company’s excellent business model driven by strong repeat purchase. There is now an outstanding team to take it to the next level and we look forward to helping them achieve even greater results in the years to come.’