Jewellery brand 7879 sees surging sales
Fledgling jewellery brand 7879 had another big number to deliver Wednesday. The UK “pioneering” business reported a massive 977% increase in 2022 sales to £1.5 million, with revenue numbers expected to double to £3 million in 2023.
The leap in annual sales followed launches at Harrods and Selfridges, following £5.5 million in seed funding, led by Anglo American, in 2022.
“The growth and scale at 7879 have been led by customers seeking a fresh approach to collecting jewellery”, it said. Average order values for the year increased to £500 and continue to grow, while repeat customers contributed almost 50% of revenue numbers over the year “with some buying up to 19 times within a few months”.
Founded 12 months ago by SecretSales.com founder Sach Kukadia and former BCG executive Ben Flowers, 7879 (the atomic numbers for platinum and gold on the periodic table) produces "wearable" jewellery. All items are made from 100% recycled 24k gold or responsibly-mined platinum while the company adopts a transparent pricing policy, based on weight.
Meanwhile, 7879 also plans to expand abroad in the first half of 2023, driven by demand from brand partners and retailers in the US, Europe and the Middle East. New product launches are planned every month with a focus on everyday wear, it added.
Kukadia said: “We had a brilliant first year and are set to take off in 2023. Consumer behaviour post pandemic has shifted towards smart purchases that may offer reduced risk. Our jewellery will hold monetary value forever and we believe jewellery should be viewed with the same investment thesis as property, wine or fine art.”
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