After 108 years of serving the jewelry industry, Modern Jeweler is suspending publication. We’d like to thank all the people who worked hard over the years to make every issue worth reading. We’d also like to thank the retailers and manufacturers who shared their time and expertise with our readers each month. We hope to find a buyer who believes in the future of the jewelry industry as much as we do. But even if we don’t and the August issue of Modern Jeweler is truly the last, we are sure that the jewelry industry’s strong community and generosity of spirit will ensure its recovery is swift and its future is bright. We’ll certainly miss being there to cover it.
Interview: Agostino Magni of Rebecca
In Vegas this year, Modern Jeweler had the chance to talk to Agostino Magni, the president of Testi USA Inc, the company behind the red-hot Rebecca brand. Rebecca is relatively new to the U.S. market but is growing fast. Magni says sales were up 325% from 2007 to 2008, and doubled again in the first quarter of 2009. Most of the collection is in bronze with an 18k gold overlay but, unlike most bridge brands, Rebecca is targeting fine jewelry stores, not department stores.
“Our philosophy is that we want to be the first price points in the best jewelry stores,” Magni says. He says Rebecca offers those stores something new and fresh. “First of all, we attract new customers, customers who might be scared to be in a store where they sell Patek. And there are customers who will buy Rebecca at $400 who will buy more expensive items also. Everyone is considering price-points now. Men today will decide not to buy a new suit but they will buy a new tie. Then Rebecca also offers the opportunity for multiple sales. Everything is in sets for add-on sales.”
Magni says that Rebecca’s marketing strategy is innovative too. None of the brand’s significant marketing budget is allocated for national consumer advertising. “America is a big market,” he explains. “In Vogue or Harper’s Bazaar you can’t compete with David Yurman. Aside from trade advertising, we invest all our marketing budget in our retail partners’ marketing programs.”
Rebecca is known for its special events. “We are aggressive and like to play out of the box,” Magni says. “We’ll empty a store and bring 600 or 700 pieces in, partner with a salon and a restaurant. We’ll sell 127 pieces in a night.”
“Our best sales reps are our accounts,” Magni says. “At this price-point, in the kind of stores we are in, we need to turn six times a year. And we do.”
