Yahoo Finance Online diamond jeweler sparkles on Cyber Monday
If you missed out on big discounts Thanksgiving weekend, you’re not out of luck—yet! Retailers are slashing prices on Cyber Monday, giving shoppers a chance to skip the lines at the mall.
Online diamond jeweler Blue Nile (NILE) is looking to lure shoppers with steep discounts on engagement rings, wedding rings and other fine jewelry. So far, it seems to be doing the trick. Harvey Kanter, Blue Nile CEO and president, told Yahoo Finance’s Seana Smith in the video above that the holiday season is off to a robust start.
“It started out strong, but like I always say, we never really know until we’re through week three,” said Kanter. “It’s a long road in front of us to get through this holiday season, and it’s a really important part of the year. [The next three weeks] mean everything for the quarter, and that’s why they call Black Friday the kickoff, because, in fact, most consumers will get engaged in the next couple of weeks, so it’s really critical for Blue Nile.”
According to Adobe Digital Insights, Cyber Monday is expected to be the biggest online shopping day in US history, with more than 122 million Americans estimated to spend a total of $3.36 billion. That’s up more than 9% from a year ago.
With the overall increase in online shopping and more people feeling comfortable buying fine jewelry online, Blue Nile is looking to build on its previous year’s successes. “We continue to look for growth in traffic and revenue, and we’re excited about the opportunity to overachieve the 500,000 consumers who have already bought an engagement ring from Blue Nile.”
Blue Nile reached a $500 million deal to be bought by private-equity firms Bain Capital and Bow Street in November. The transaction is expected to close in the first quarter of 2017.
