Luxury Shopping Trends and How Ritani is Changing the High-End Jewelry Landscape
Luxury consumer spending trends on Black Friday and Cyber Monday are expected to be strong for Holiday 2014. Brian Watkins, President of Ritani tells TheStreet’s Jill Malandrino while holiday sales are on track to be very strong, peak buying is starting to dwindle as a trend, as consumers have access to the shopping experience at all hours remotely. Over 50% of U.S. consumers expect a seamless transition between the online and in-store experience and retailers are adjusting their sales offerings accordingly. While large retailers like Apple and Nordstrom are enhancing their online experience, we are also seeing online sellers like Bonobos and Warby Parker establish brick and mortar locations. Ritani, one of the world’s largest diamond distributors, has successfully leveraged the 'clicks and bricks' integrated model. Its vertically integrated business allows them to position around the millennial consumer. Watkins explains customers can create a custom engagement ring from start to finish, and with no obligation at all, and how the business model works.