RAPAPORT… Sales at Mene, an online retailer that prices its precious-metal jewelry based on weight, soared more than 60% last year as the up-and-coming company ramped up its operations.
Revenue jumped 64% to CAD 21.4 million ($16.8 million) in 2020, the Toronto, Canada-based jeweler reported Monday in a preliminary trading update. The average order value rose 63% to CAD 1,530 ($1,201), outweighing a 6% drop in total unit sales to 25,967 items.
Mene, which began selling to the public in January 2018, manufactures jewelry using 24-karat gold and platinum, offering the products to consumers on its website. Prices change frequently as the per-gram value of gold fluctuates. It also allows customers to sell or exchange their pieces at prevailing market prices.
“We have experienced stronger-than-usual demand in 2020 as our brand reputation and appeal grew mostly organically,” a Mene spokesperson told Rapaport News. “Increased number of customer orders [in the fourth quarter] combined with rising average order value translated to stronger revenue growth despite unusual market conditions.”
Image: Gold jewelry. (Mene)
Online Gold Jeweler Mene Sees Sales Jump
The Bottom Line
- Mene's revenue rose 64% to CAD 21.4 million ($16.8 million) in 2020, driven by higher average order values.
- Average order value increased 63% to CAD 1,530 ($1,201), while total unit sales declined 6% to 25,967 items.
- The company sells 24-karat gold and platinum jewelry online, pricing pieces based on fluctuating per-gram metal values.
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