In December, when the American jeweler David Yurman opens its new flagship boutique on New York's 57th Street, it will be with particular attention to men's jewelry.
Men's jewelry has become a bigger part of David Yurman's offering. In recent years, diamond and platinum jewelry are the major trends that have animated this category of the jeweler's offer. Jewellery for men is becoming more and more popular, both for gentlemen who indulge themselves, and for women who offer it to their partners. Following this success, David Yurman is paying more and more attention to this sector which has the wind in its sails.
Men's fashion, vector of growth
In general, men's fashion is a significant growth vector for brands from all walks of life. Driven by streetwear, menswear has recently overtaken womenswear in terms of growth, although the industry as a whole is less weighted. David Yurman, like others, is capitalizing on this renewed interest in menswear by devoting more retail space and marketing efforts to the male customer. In doing so, she finds an antidote to the slowdown in sales of the luxury sector as a whole.
His new store on 57th, which will open on December 5, will dedicate an entire floor (a third of the store's space) to men. Never has the brand had so many products to offer its male clientele. There will of course be jewellery and accessories, but also collections of objects that inspire men.
Luxury jewellery, a sector in difficulty
The luxury jewelry sector is in trouble. The Jeweler's Board of Trade reported that in 2018, no less than 825 traditional jewelry stores closed their doors. Growth in the sector is also the weakest in 18 years at 2.5%. In addition, new brands with a business model from producer to consumer, and therefore usually more affordable prices, make the competition even fiercer.
"The jewelry industry as a whole is losing momentum, especially at the high end, " said Jay Hakami, head of the market research firm specializing in skypad luxury. “The mid-range market is doing well, but the higher you go in price, the weaker the market. Opening up brands to men's jewelry is therefore an excellent way to circumvent the problem. Many shops are looking for new segments to sell their products, and the male clientele offers an important outlet. »
This strategy is paid. Since the launch of its menswear division in 2004, it has become the main driver of David Yurman's growth. Today, it represents 20% of the company's total turnover. In the last 5 years alone, sales of David Yurman's men's jewelry have grown by 68%.
Millennials and Generation Z behind the demand for men's jewelry
"Millennials and Gen Z are driving the majority of growth in the men's jewelery industry, " said David Naumann of enVista. “At a time when suits and formal wear are no longer essential in the professional world, the younger generations seem to be using the budget allocated to suits to clothing and jewelry from fashion brands. »
The popularity of men's jewelry is also due to women who offer their partner necklaces and bracelets. The blurring of gender lines also means jewelry is becoming more and more unisex. More and more brands do not distinguish between men's jewelry and women's jewelry.
“ I think this is purely a marketing issue,” Hakami said. “People buy what appeals to them, regardless of the men's or women's label. Brands have every interest in creating pieces that they like and positioning them as unisex jewellery. »