Millennial direct-to-consumer jeweler Brilliant Earth opened on the market Thursday with stock rising 40 percent past its original listing price.
Speaking with WWD, Gerstein said: “It’s a really special day, not just for me but for the entire team. Thinking back to starting this company with my cofounder in my apartment 16 years ago to where we are now is amazing. We celebrated with a proposal right in front of the Nasdaq building with a real-life couple.”
Brilliant Earth says it has so far served more than 370,000 customers. In its filing, the company said revenue over the 12-month period ending June 30 hit $323 million, representing a 56 percent increase over the same period last year. The company’s gross margins are around 45 percent, with an average order value of $3,152. Around 87 percent of Brilliant Earth’s “active” consumer base is either Millennials or Gen Z shoppers.
On the sustainability front, she added: “I think it’s a continued focus for us. Our blockchain effort that we initiated a few years ago [will go further] and we will think of new and innovative ways to drive traceability and sustainability, which are core to our company.”
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