12/22/2023 0 Comments Intime watch![]() Stepansky went on to explain that he plans on integrating his pandemic recovery strategy for ItsHot with IcedTime. Both companies strive to improve in multiple directions-the key focus being the customer journey and experiences, followed by the collection of luxury brands from various segments. ![]() IcedTime will benefit from ItsHot’s wider recognition and its keen assessment.We strive to be the jewelry retailer that delivers that meaningful and romantic gift for the holiday season and any occasion. This will allow the company to diversify product offerings and increase market share, providing customers with an improved online shopping experience and greater flexibility. From IcedTime, ItsHot gains a new assortment of luxury watches to offer to its customers.ItsHot’s acquisition of IcedTime is expected to provide some of the following advantages: Stepansky explained that although IcedTime began as a pioneer of online diamond watch sales, they were unable to adapt to the rapidly growing demands of e-commerce. ![]() Since ItsHot has always closely monitored reports on the luxury market, we had already begun to align our business with the changing customer demands, such as personalized jewelry, unique and affordable engagement rings, and a diverse online shopping experience.” “The pandemic widened the rift between the companies who had begun to adapt to the new jewelry market trends and those who had procrastinated making the shift. However, when the COVID-19 pandemic hit NYC hard during the spring months of 2020, both IcedTime and ItsHot were among the many businesses to lose significant sales.Īccording to the June 2021 McKinsey reports, during the onset of the pandemic, “the fine jewelry and watches industries suffered revenue declines of 10 to 15 percent and 25 to 30 percent, respectively, putting further strain on slow-to-adapt players and crystalizing emerging trends in the market.” Although the pandemic inflicted lasting damage on many big-name jewelry retailers, ItsHot could recover quickly its sales have doubled since the beginning of the pandemic.Īccording to Denis Stepansky, owner and founder of ItsHot, the pandemic accelerated the need for a game-changer. This acquisition comes at a good time for ItsHot as it sets out to revamp its customer experience, especially during the holiday season.īoth stores are located in Manhattan’s Diamond District, which is typically advantageous for keeping up with the latest market trends in the world’s diamond trade. This opportunity allows ItsHot to expand its selection of name brand diamond watches from Rolex, Audemars Piguet, Gucci, Cartier, and others. 13, 2021 (GLOBE NEWSWIRE) - Leading diamond jewelry store has recently announced its acquisition of, a company that has pioneered women’s and men’s diamond watch sales online.
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