One of the fastest growing parts of the retail sector is the aspirational lifestyle brand category, which appeals to the middle class and parts of the upper middle class.
Aspirational brands are brands that a customer base strives – or aspires – to own as it appeals to a particular lifestyle, aesthetic, or echelon of society that buyers want to experience.
Related: Walmart launches 2 popular new brands customers will love
Unlike luxury brands, aspirational brands tend to be slightly more attainable to a larger cohort of a consumer base and are therefore an entry point to what may have once been considered out of reach. Aspirational brands tend to be higher margin, since they charge a premium for their brand appeal but remain just attainable enough for a consumer's purchasing power, even if it requires a little saving.
Aspirational brands might feature things like leather goods, large branding and logos, metal hardware that looks like finer metals, or upscale tech. But brand recognition is king. An aspirational brand targets consumers who might stretch their budget to attain a certain brand or look, and most of that power comes from branding and values.
Some aspirational brands might include labels like lululemon (LULU) , Nike (NKE) , Peloton (PTON) , Coach, Starbucks (SBUX) , and Tesla (TSLA) . These brands aren't completely out of reach from the majority of shoppers, as Chanel, Ferrari, or Hermes might be, but they're certainly pricier than budget items and carry a strong brand association with them.
Popular brand adds a new luxurious line
Some brands thread the needle between aspirational and luxury, like jewelry companies. Tiffany (TIF) and David Yurman, for example, offer some more affordable pieces that make great gifts, while some of their more upscale items would quickly price out a majority of buyers.
Enter Kendra Scott, then, a billion dollar jewelry company started by a new mom in 2002 with about $500. Scott, who ran the company as CEO until 2021 but remains executive chairwoman, now has a robust e-commerce presence and sells her jewelry out of over standalone 100 stores and high street retailers, including Nordstrom, Selfridges, Neiman Marcus, and Bloomingdales.
Some of Kendra Scott's bestsellers include a brightly colored gold and pink pendant necklace, which sells for $65, a gold heart necklace, $50, and gold and multicolored crystal hoop earnings, which retail for $60. Most pieces sell for between $50-$200.
Kendra Scott expands fine jewelry collection
But Kendra Scott has been expanding its fine jewelry collection, offering a wedding collection and pieces made with both 14 and 18 karat gold. And on Monday, the jewelry company announced it would launch a lab grown diamond collection as a part of its growing category.
The line is billed as sustainable and "thoughtfully designed in Austin, TX."
Some of the pieces in the line include:
- Lab-grown white diamond and 14k gold earrings: $750
- Lab-grown white diamond and 14k gold necklace: $1,150
- Lab-grown white diamond Marilyn band ring: $1,500
- Floating lab-grown white diamond and 14k gold linear earrings: $1,950
There are 19 pieces in the line, which will be available at approximately 50 Kendra Scott stores.
“Fine jewelry is as much a staple for your everyday as it is for life milestones and we wanted to offer our customer who may be more accustomed to shopping with us at a lower price point an opportunity to expand their Kendra Scott collection into more high-end styles without a high-end spend,” Kendra Scott CEO Tom Nolan said of the line.
