CRAINS DETROIT: New York-based jeweler to open its first store in Michigan
New York-based jeweler to open its first store in Michigan
By: Jay Davis
Credit: Monica Rich Kosann
Monica Rich Kosann will open its first standalone store outside New York City at Somerset Collection in Troy.
October 11, 2024, 01:00 PM
A New York-based fine jewelry brand is planting its flag in metro Detroit.
Monica Rich Kosann will open its first standalone store outside New York City on Tuesday at Somerset Collection in Troy. It has three boutiques in New York City and its products are available at numerous other jewelers around the country.
The 600-square-foot store is on the second level of Somerset Collection South, between clothing retailer Vince and Canadian sportswear brand Moose Knuckles.
10/15/24, 11:10 AM Jeweler Monica Rich Kosann to open shop at Somerset Collection | Crain’s Detroit Business
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Kosann, the namesake founder, designer and chief creative officer of the jeweler, is excited about the expansion.
“Like our other shops, we will be delivering a high touch, personalized experience to clients at the SomersetCollection,” Kosann said in a news release. “This will include our exclusive Locket Bar technology, where clients canshare photographs from their phones with our store team, and have them added to the Locket they choose from usin minutes.”
Why metro Detroit for its first store outside New York City?
“We are excited to be part of the Somerset Collection for our first store in the Midwest,” CEO Rod Kossan, Kossan’shusband, said in a statement to Crain’s. “It is one of the country’s leading luxury properties. We find the support ofthe Forbes Company teams to be exceptional in helping us to create a successful retail and brand experience forour clients.”
Founded in 2003, the family-owned business offers lockets, rings, necklaces, bracelets and earrings. TheSomerset store will feature expanded versions of the Kosann collections. The company commissioned painterDanielle Kosann — Kosann’s daughter — to create a custom art piece for the boutique that celebrates Detroit andMichigan.
The jewelry business can be a lucrative one.
The luxury jewelry market is projected to hit $84.6 billion this year, up from $66.8 billion in 2019, according toonline data gathering firm Statista. Monica Rich Kosann has annual revenues of around $5 million.
Somerset Collection General Manager Kate Millea said she’s happy to add the jewelry store to the mall’s roster.
“We are thrilled that Monica Rich Kosann has chosen Somerset Collection to place its third brick-and-mortarlocation nationally,” Millea said in the release. “We are looking forward to welcoming Monica Rich Kosann to the
10/15/24, 11:10 AM Jeweler Monica Rich Kosann to open shop at Somerset Collection | Crain’s Detroit Business https://www.crainsdetroit.com/retail/jeweler-monica-rich-kosann-open-shop-somerset-collection 2/8
Michigan market and offering our guests the opportunity to experience this exceptional brand.”
By Jay Davis
Jay Davis is a reporter covering restaurants, retail and small business issues for Crain’s Detroit Business.
Source: Crains Detroit