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Blue Nile CEO: 'We're Having the Best Cyber Monday Ever'

Monday, 30 Nov 2009 | 2:25 PM ET
Source: bluenile.com

It looks like the holidays will be happy at Blue Nile.

In an interview on CNBC, Blue Nile President and CEO Diane Irvine said the online jewlery retailer is having its "best post-Thanksgiving ever."

"Today looks to be our best Cyber Monday ever," Irvine said. "So we're setting records all of the days of the weekend. We've exceeded our expectations, and I think what you're seeing is that consumers are coming online and seeing the convenience and the value."

(To hear the full interview with Blue Nile CEO Diane Irvine, click here.)

In the days following Thanksgiving, Blue Nile saw an increase in transactions valued at more than $20,000, Irvine said. She added that the biggest single transaction was the purchase of a 5-carat diamond for just under $100,000.

Consumer Nation Holiday Central Edition
Consumer Nation Holiday Central Edition

According to Irvine, Blue Nile has been steadily building its business, and now accounts for 4.5 percent of the U.S. engagement ring category.

To be sure, the engagement ring market is highly fragmented and dominated by small mom-and-pop jewlery stores. However, the recent economic downturn has been particularly rough on jewelry retailers. Several chains, including Finlay Enterprises, the operator of Bailey Banks & Biddle, have filed for bankruptcy, and many others, including Zale have closed stores.

But Irvine expects that sales this holiday season to rise in the "double-digits."

Cyber Monday, the first Monday after Thanksgiving, has been used by retailers as marketing event, with numerous online retailers offering sales and promotions.

So far, reports have suggested traffic has been strong and trending above analyst estimates.

More from Consumer Nation:

Slideshow: The Cost of the 12 Days of Christmas

Questions? Comments? Email us at consumernation@cnbc.com

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