Charles & Colvard to Sell its Moissanite Fine Jewelry in 50 Macy’s Stores

9/10/20

By Meredith Dockery, NC Biz News

Charles & Colvard, a maker of moissanite, a popular alternative to diamonds, said on Thursday that it expanded its retail partnership with Macy’s.

The gemstone company said Macy’s will sell its moissanite fine jewelry in 50 Macy’s stores, including the retailer’s flagship stores in Herald Square in New York City, the largest department store in the U.S., Union Square in San Francisco and State Street in Chicago.

“Expanding into selected retail stores is a part of our long-term omnichannel strategy,” Charles & Colvard CEO Don O’Connell said in the release.

Charles & Clovard originally partnered with Macy’s in October 2018 to sell its lab-created moissanite jewelry online.

“We’re excited to build upon the success of our online assortment available on Macys.com through this in-store expansion in major markets. We now offer multiple destinations for shoppers to discover the fire and brilliance of moissanite set in responsibly sourced precious metals, all at an accessible price,” O’Connell said in the release.

While the COVID-19 pandemic and stay-at-home orders hit the jewelry business, Charles & Colvard’s e-commerce was a bright spot during the fiscal fourth quarter, with online sales accounting for 68 percent of net sales.

As part of the expanded relationship with Macy’s, the select department stores will now carry bridal and fashion rings, necklaces and earrings starting at $275.

Shares of Charles & Colvard, Ltd. (CTHR) rose more than 3 percent to trade near 68 cents midday on Thursday.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.