Australian luxury retailer Kennedy has struck an exclusive deal with high-end Japanese pearl jeweller Mikimoto.
The watch and jeweller brand will sell a collection of Mikimoto's studs, strands and pendants across online and in-store from January 2023. It will be the first Australian brand to do so.
This will add to Kennedy's four new brands it introduced this year, including Suzanne Kalan, Ippolita, Pomellato and Roberto Coin.
As well as the new Mikimoto deal, Kennedy holds exclusive distribution contracts with Ippolita and Graff Diamonds.
Kennedy CEO Aaron Faraguna welcomed the new deal.
“We've got two very important groups within our family; one being our clients, and the other being our brand partners,” Faraguna said. “Both are saying the Kennedy brand and organization represents and sells the best of the world's luxury brands, and we've got the opportunity to do that.
“In the case of Mikimoto, it's an amazing brand, well renowned - we've been able to partner with them directly. They trust the Kennedy business and the Kennedy brand to represent them well in this market.”
Faraguna also noted that the brand is expanding its category selection with accessories, fine fragrances, pens and gifting. Its accessories brands include products such as watch cases, jewellery boxes, watch winders and safes. Current brands include Buben and Zorweg, Scatola del Tempo, and Wolf, with prices ranging from $200 to $200,000.
Kennedy’s accessories selection is reportedly doing well in the current pre-christmas period as gift options, in line with its jewellery, with many of its existing male clientele purchasing jewellery for gifting.
Faraguna said the brand is also looking into launching its first selection of luxury connected watches (smartwatches) next year. He said this will be part of its new store concept which the brand is preparing to launch in late 2023.
“Certainly our clients definitely talk to us about it, and there are a couple of brands that we're speaking to about coming onto the Kennedy platform in the future,” he said.
“Our challenge really is finding the appropriate retail space to bring all these things together.”
He also noted that a majority of its sales originate via a digital channel.
“Online is a small portion of our sales, but 80% of our sales start with a customer either opening an EDM, going to the website, having a digital clienteling session, or coming into the store and registering an expression of interest.
“eCommerce is still relatively small for us in terms of watches. For jewellery, at the moment, it could be anywhere up to 30% of our sales for eCommerce.”