Beth Gerstein : And I think what I would add to that is, we feel really great about the customer experience that we’ve created, but we continue to realize that we need to evolve the overall experience and have a big focus internally just in terms of doubling down on such a strong fleet that we have already. In terms of how we think about multi-channel retailing, I mean, I would say that we have been thinking about an omni-channel approach from the beginning and really thinking about looking at multiple formats where the location and the metro market really dictate what type of format we have. I wouldn’t say that; the approach has necessarily changed there. I would just say that, we recognize that we’ve been opening a large number of showrooms.
At this point, we wanna just make sure that we are maximizing the productivity, that we’re enhancing the activity as we lay the foundation for additional acceleration of showroom expansion into 2025 and beyond. And then, I guess your second question, as it relates to the $10,000 plus, I would say that, it’s really a result of the engagement we’re seeing from our customers and some of the more brand-enhancing activities that we’re doing. We know that we are resonating with a higher price point, higher income customer. We also know that; the showrooms do end up driving a higher ASP. As we see success with the showrooms, I think that, that’s naturally one of the consequences.
Operator: One moment for our next question. Our next question will be coming from Ashley Owens of KeyBanc Capital Markets. Your line is open.
Ashley Owens: Great. Thanks. Just wanted to circle back really quickly on Fine. Just curious on your thoughts as to how large this portion of the business can become to seeing that 20% in December. Do you think there’s a scenario down the road where this grows rapidly and surpasses engagement? Or how are you thinking about your product mix and growth opportunities seeing the reception you have in Fine?
Beth Gerstein: I think that this is very much a massive opportunity for the company. If you look at most independents and other jewelers, you really see the mix of fine and bridal about 50-50. We have a ways to go before we get there. It’s definitely growing incredibly fast, and I think we are investing a lot in order to become that Fine Jewelry destination, but I see a huge potential for the company.
Operator: Thank you. One moment for the next question. And our next question is coming from Dana Telsey of Telsey Advisory Group. Your line is open.
Dana Telsey: Hi, everyone. As you think about 2024 compared to 2023, given the consumer and how your mix shift is adjusting? What should we be looking at, as we compare against anything to note on the cadence? And then Beth and sorry about my voice, I’ve lost my voice. And then Beth as you think about Fine Jewelry and engagement and overall average selling price points, what’s happening with raw materials and newness in the product offering and how you envision pricing in 2024 compared to 2023? Thank you.
Beth Gerstein: Yes. Maybe I’ll start with kind of the last question that you asked, Dana, and thanks for the question. Really, as we think about pricing, this is a very dynamic aspect that we manage the business very nimbly. The way what we think about it is, we provide a variety of different assortments within different price buckets. As we see enhanced productivity, we’re constantly introducing new products and shaping the assortment, based on how the customers are responding. We are also really thinking about how do we maximize margin while also considering that we are driving growth. I don’t know if I have a crystal ball for 2024 in pricing. Other than that, we continue to believe we have a real pricing advantage based on the brand and the differentiation that we have.
And we’ll continue to just continue to test and learn there. As it relates to some of the raw materials. I think one of the great things about our model is even in the face of increased metal costs, for example, we’ve still been able to maintain those high margins. And I think the fact that we’re inventory-light just allows us not to invest capital at higher costs. We’re able to be really nimble. So, I think we have a real advantage in the marketplace overall. As it relates from 2024 versus 2023, I think that a lot of the strategy remains the same in terms of investing in brands, investing in fine jewelry. We see a big opportunity with showrooms, but we really wanna make sure that we’re driving optimization, productivity, and just the best customer experience that we can in the current fleet, as we’re still being more selective in how we’re opening.
