Sunlight (jewelry company)
| Industry | Jewelry |
|---|---|
| Founded | 1995 |
| Founder | Sergey Gribnyakov, Mikhail Maslovsky |
| Headquarters | Moscow , Russia |
Number of locations | 350 (2020) |
Area served | Russia |
Key people |
|
| Brands | Sunlight, Sergey Gribnyakov |
| Revenue | 34 billion rubles (2020.) |
| 2.8 billion rubles (2020) | |
Number of employees | 2000 (2015) |
Sunlight is a Russian jewelry company.
History[edit]
In 1995, Novocherkassk entrepreneurs Sergey Gribnyakov and Mikhail Maslovsky (later joined by Alexey Konovalov) founded a distribution firm "Onyx". In mid-2005, the partners introduced their own brand Sunlight, which was offered in branded zones at other retailers.[1] In 2009, the first Sunlight store opened in Moscow. In the following years, the focus on the low-cost segment allowed the company to grow despite the 2007—2008 global financial crisis and the 2014 financial crisis in Russia.[2][3]
Through the company's wide distribution network, Sunlight jewelry was sold in roughly 1,000 jewelry stores nationwide. From 2011 to 2015, the company offered a low-cost and low-risk franchise without lump-sum fees and royalty payments.[4] It helped the company to expand its own chain: in 2014, 258 stores totaled 6 billion rubles in revenue, making it the 6th largest jewelry retailer in Russia.[2][5]
By 2020, the company operated 350 stores and an online marketplace that offered Sunlight along with other jewelry brands, such as Sokolov, Aethet, Bronnitsky Jeweller, and more.[3] In 2023 the company announced the launch of its dating service integrated into the retail chain's app.[6]
Company[edit]
Sunlight focuses on low-cost segment and produces compact (thus requiring a lower volume of precious metals) jewelry with small jewels or diamond chips instead of full diamonds to reduce price. The company's facilities are located in Kostroma, Novosibirsk, Ekaterinburg, Krasnoyarsk, Izhevsk, Moscow, and Saint Petersburg.[2][3][5][7]
The company is headed by Maksim Khivintsev as CEO and Sergey Gribnyakov as the chairman of the board. In 2020, the company reported 34 billion rubles in revenue and 2.8 billion rubles in net income.[5] According to Infoline Analytics, by mid-2022, the company had a market share of 13.7%.[6]
Controversy[edit]
Sunlight became widely known for aggressive marketing, including fake clearance sales "due to store closure", which even became an internet meme.[3][2] In 2019 and 2020, the company was fined by the Federal Antimonopoly Service for misleading ads.[8][5]
References[edit]
- ^ "How the Questionable Reputation Helped Sunlight to Prosper". Retailer. 10 April 2023. Retrieved 29 April 2023.
- ^ a b c d Ksenia Shamakina (23 January 2015). "Jewelers in crisis". RBC. Retrieved 29 April 2023.
- ^ a b c d Ksenia Demidkina (21 September 2020). "Endless Sale: How Sunlight Earned Billions Selling Cheap Diamonds and Became an Internet Meme". Forbes. Retrieved 29 April 2023.
- ^ "Wholesale and Retail: Case Study of Sunlight Brand Launch". Retail.ru. Retrieved 29 April 2023.
- ^ a b c d ""I Promise, I'll Close". Sunlight, the Meme Jewelry of Russia". Uvelir.info. 27 April 2021. Retrieved 29 April 2023.
- ^ a b Marina Tunaeva (22 February 2023). "Ювелирная сеть Sunlight разрабатывает свой аналог Tinder" [Sunlight Works on its Own Tinder] (in Russian). Vedomosti. Retrieved 29 April 2023.
- ^ "How is the Jewelry Manufactured? The case of Sunlight". Retail & Loyalty. 23 March 2021. Retrieved 29 April 2023.
- ^ "Sunlight Fined For False Ad Statements About Imminent Closure". Russian Newspaper. 25 September 2020. Retrieved 29 April 2023.