The company says its success is due to concentrating on categories other jewelers don’t
Jewelry Television (JTV) announced 17 percent sales growth in the first quarter of 2016, with a 19 percent increase in the number of core customers.
President and CEO Tim Matthews tells JCK that the company has enjoyed strong sales growth for the past year.
“That is continuation of our preceding fiscal year where we grew at about an 18 percent clip,” he says. “Our double-digit sales growth is not news. We are just getting a little bit more public recognition for it.”
He attributes JTV’s success to its concentration on categories other jewelers don’t sell.
“The jewelry industry is full of people selling diamond products,” he says. “We are in colored gemstone jewelry, which is truly a position of leadership. We look for those areas where we have a lot of passion. Gemstones and diamond alternatives are both categories we have found the consumer wants.
“We focus on categories where we can win,” he continues. “Our competitors are so diversified. We think focus is important. We set out to become category leaders.”
The company also has what he calls an omnidigital strategy, where its televised sales pitch is merged with presentation online.
“We have a combination of channels to touch the customer,” he says. “We also are very different than a lot of people getting into digital. We don’t see e-commerce as an end onto itself. We don’t look at our business that way. We are trying to give the customer a great experience and let her decide how to shop us. If only 10 percent of our sales were on the internet, or 50 percent, it wouldn’t make a difference for us. What we want is a quality immersive environment that works together.”
While the company mulled opening a retail store in 2014, it ultimately decided not to.
Often when a private company starts talking about its results, that is a precursor to looking for new investors or possibly an IPO.
“We are a privately held company,” Matthews says. “We don’t discuss our strategies publicly. We don’t have a present plan to go public. Maybe that is something that is in our future, but we don’t have a present plan to do that.”