Brilliant Earth Group, Inc. (BRLT): Business Model Canvas [Dec-2025 Updated]

You're digging into how Brilliant Earth Group, Inc. is actually making money in the modern jewelry market, and honestly, the numbers from Q3 2025 show their strategy is hitting the mark. As an analyst who's seen a few models come and go, I can tell you their asset-light, omnichannel approach-combining 42 U.S. showrooms with a strong e-commerce core-is definitely transforming the space, evidenced by that 45% year-over-year net sales jump to $110.3 million. They are proving you can scale luxury ethically and profitably. Below, we break down the nine building blocks of the Brilliant Earth Group, Inc. business model, showing exactly where the value is created and captured.

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Key Partnerships

You're looking at how Brilliant Earth Group, Inc. builds critical external relationships to drive its ethically-focused luxury brand. These partnerships are not just marketing fluff; they are concrete channels for sourcing, advocacy, and customer acquisition as of late 2025.

Dr. Jane Goodall for Co-Branded, Purpose-Driven Collections

The collaboration with conservationist Dr. Jane Goodall is a cornerstone for reinforcing the brand's values. The second limited-edition collection launched on September 23, 2025. This line features pieces crafted with 99% repurposed gold and innovative carbon capture lab-grown diamonds.

The commitment translates directly into financial support for conservation efforts. Specifically, 10% of all proceeds from the collection directly support The Jane Goodall Legacy Fund. This builds on the company's 2024 achievement of sourcing 99% repurposed gold, up 3% from 2023, with a goal to hit 100% repurposed or Fairmined gold and silver by the end of 2025.

The pricing strategy aims for accessibility for younger buyers, with items like olive branch medallion necklaces starting at $395 and statement pendants retailing for $995. This purpose-driven approach supports the overall business, which reported Q3 2025 net sales of $110.3 million.

Tennis Champion Madison Keys as First Athlete Brand Ambassador

Brilliant Earth Group, Inc. formalized a high-profile alliance with tennis champion Madison Keys on June 26, 2025. Keys, the 2025 Australian Open champion and World No. 6 player, brings alignment with younger consumers who prioritize sustainability.

The marketing plan centered on leveraging Keys' social reach, which includes over 1.2 million followers on Instagram, to amplify brand awareness. The strategy included launching limited-edition pieces, such as a medallion necklace, in August 2025 to drive momentum into the holiday season. This type of high-value partnership is intended to help the company achieve its full-year 2025 Adjusted EBITDA margin target of 3-4%.

Broad Network of Trusted, Diversified Global Suppliers

The operational backbone relies on a broad and deep network of longstanding, trusted supplier relationships. This network is managed to be highly diversified, actively reducing dependence on any single geography.

This supplier management is critical given external pressures. For instance, in Q3 2025, gold and platinum prices were up 40% year-over-year, and the company was navigating a 50% tariff on imports from India that took effect on August 27. Despite these input cost squeezes, the company maintained a Q3 2025 gross margin of 57.6%. The efficiency of the asset-light model is reflected in inventory turns hitting 4x, which is significantly higher than the industry average.

Technology Partners for AI/Machine Learning Optimization

Brilliant Earth Group, Inc. utilizes an agile, tech-enabled business model designed to continually adapt and improve its supply chain. While specific partner names aren't detailed here, the reliance on technology is clear in operational metrics.

The focus on technology supports the overall business velocity. In Q3 2025, total orders grew by 16.8% year-over-year to 49,900, and repeat orders increased by 16%. The company's full-year 2025 net sales guidance remains in the 3% to 4.5% growth range.

Here's a quick look at the Q3 2025 operational context supporting these partnerships:

The company is actively managing costs, with marketing expense at 23.7% of net sales, showing a 300 basis points improvement year-over-year in Q3 2025.

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Key Activities

You're looking at the core engine of Brilliant Earth Group, Inc. (BRLT) right now, late 2025. The key activities aren't just about selling jewelry; they're about maintaining the premium, transparent brand promise while scaling operations. Here's the breakdown of what they are actively doing, grounded in the latest numbers from their Q3 2025 report.

Pioneering ethical sourcing and supply chain transparency

This is the foundation of the brand's value proposition. Brilliant Earth Group, Inc. is actively managing a supply chain focused on verifiable responsibility. The commitment here is to maintain the high standard that resonates with their core demographic.

The 2025 goal for this activity is clear:

• Target for 100% of all gold and silver to be recycled or Fairmined-certified by the end of 2025.

To show you how much this matters to the customer base, historical data from 2023 showed a remarkable 92% of customers valued ethically sourced gemstones. This alignment is a major driver of brand affinity.

Managing and expanding the omnichannel retail footprint

Brilliant Earth Group, Inc. is balancing its digitally native roots with physical presence. They are actively managing and expanding their showrooms to enhance the customer experience, which is critical in the luxury space. This expansion is happening while the company still represents less than 1% of the global bridal market, showing plenty of room to grow this footprint.

Here are some key metrics reflecting this activity as of Q3 2025:

The AOV decline is partly due to the success in the fine jewelry segment, which carries a lower price point. Still, total orders grew 17% year-over-year in Q3 2025, hitting 49,900 total orders, which shows strong customer acquisition and retention efforts.

Data-driven product design and agile development cycle

Brilliant Earth Group, Inc. uses its tech-enabled model to drive product assortment. They are focused on creating distinctive, ownable collections that blend design with craftsmanship. This activity is showing clear results in specific product categories.

Look at the booking acceleration in Q3 2025:

• Fine jewelry bookings accelerated by 45% year-over-year.
• Engagement ring bookings returned to year-over-year growth.
• Wedding and anniversary band bookings achieved their highest-ever quarterly performance with double-digit growth.

The company is operating within the $350 billion global jewelry market, and these product-specific wins are key to gaining share.

Optimizing marketing spend using technology and AI

The company's digitally native structure allows it to optimize marketing spend, which is crucial given the gross margin compression seen in Q3 2025 to 57.6% (a 320 basis point decline Y/Y). They are using technology to drive velocity.

The effectiveness of their customer acquisition and retention is evidenced by the order growth:

• Total orders grew 17% year-over-year in Q3 2025.
• Repeat orders grew 16% year-over-year in Q3 2025.

This focus helped drive Adjusted EBITDA to $3.6 million in Q3 2025, with a margin of 3.2%, even with metal price and tariff headwinds.

Custom design and personalization at scale

A core part of the value proposition is the ability to offer personalization without long lead times. Brilliant Earth Group, Inc. maintains an in-house design team to support this. They offer a 'Design-Your-Own' model that is highly efficient.

The key metric here is speed for these personalized items:

• Delivery in 1-2 weeks for engagement, wedding, and anniversary rings created via the custom model.

For context on entry points, settings for custom rings start at $650, with diamonds starting at $1,110.

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Key Resources

The Key Resources for Brilliant Earth Group, Inc. center on its operational efficiency, intellectual property, and brand foundation.

Asset-light, inventory-light operating model

• Inventory turns at 4x as of Q3 2025.
• Inventory, net, was $49,132 thousand as of September 30, 2025.
• The model supports efficient capital utilization.

Proprietary product assortment and in-house design team

Brilliant Earth Group, Inc. relies on its exclusive designs and internal creative capabilities.

• Signature collections grew nearly 3x faster than the total engagement ring assortment in Q3 2025.
• Fine jewelry bookings increased by 45% year-over-year in Q3 2025.
• The company has an in-house, award-winning design team.

The following table details key performance indicators related to product momentum:

Technology platform for e-commerce and data analytics

The business model is described as agile and tech-enabled, using data for continuous improvement.

• Marketing leverage improved by approximately 300 basis points year-over-year in Q3 2025, driven by AI/ML optimization.
• The platform supports a Design Your Own make-to-order model.
• The platform facilitates a fast, data-driven development cycle for agile product creation.

Cash balance of approximately $73 million as of Q3 2025

Financial stability is supported by a strong cash position and zero debt.

Brand equity tied to mission-driven ethos

The brand equity is anchored in its commitment to ethical sourcing and sustainability.

• Mission established in 2005: create a more transparent, sustainable, and compassionate jewelry industry.
• The company has a partnership and collection tied to the Jane Goodall Foundation.
• Gross margin remained robust at 57.6% in Q3 2025 despite metal price and tariff impacts.

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Value Propositions

Ethically sourced and transparent fine jewelry

Brilliant Earth Group, Inc. commits to sourcing materials with a focus on responsibility. As of the latest reports, the Company confirmed 99% of its gold as repurposed, an increase from 2023 by 3%. The goal set was for 100% of gold and silver to be repurposed or Fairmined by 2025. In Q3 2025, 65% of buyers cited sustainability as their primary purchasing driver, aligning with the brand's traceability efforts, which include blockchain technology for lab-grown diamonds.

Seamless, personalized omnichannel shopping experience

The Company blends digital presence with physical locations to serve its customer base. Brilliant Earth Group, Inc. operated 41 showrooms across the United States as of Q1 2025. This network supports a growing customer base, with total orders increasing 16.8% year-over-year to 49,900 in Q3 2025. Repeat orders also showed strength, growing 16% in the same quarter. The company has served customers in over 50 countries worldwide.

Design-Your-Own model with 1-2 week bridal delivery

While specific delivery timelines for custom bridal pieces aren't quantified here, the focus on personalized design drives specific financial metrics. The Average Order Value (AOV) for Q3 2025 settled at $2,209. This compares to the Q1 2025 AOV of $2,062.

Purpose-driven luxury with social impact (e.g., 10% to Jane Goodall Fund)

Social impact is integrated through specific collections and the Brilliant Earth Foundation. For every purchase from The Jane Goodall Collection, Brilliant Earth Group, Inc. pledges to donate 10% of net proceeds to the Jane Goodall Legacy Foundation Fund. The Company contributed over $130K to this specific work. Furthermore, the Brilliant Earth Foundation committed over $443,000 to global nonprofit partners in 2024, and since its start in 2021, the Foundation has donated $2 million to causes.

Unique, award-winning proprietary jewelry designs

The curated and proprietary assortment is a key driver of sales growth, especially outside of core engagement rings. Fine jewelry bookings saw an impressive 45% year-over-year increase in Q3 2025. Wedding and anniversary band bookings achieved their highest-ever quarterly performance in Q3 2025.

Here's a quick look at some key operational and financial metrics supporting these value propositions as of late 2025:

The Company's commitment to purpose is also reflected in its environmental targets, such as aiming to reduce Scopes 1 and 2 GHG emissions by 54.6% from a 2023 base year by 2030.

• Fine Jewelry Bookings Growth (Q3 2025 vs Q3 2024): 45%
• Brilliant Earth Foundation Total Donation Since 2021: $2 million
• 2024 Brilliant Earth Foundation Commitments: Over $443,000
• 2025 Full-Year Net Sales Growth Guidance: 3% to 4.5%

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Customer Relationships

You're looking at how Brilliant Earth Group, Inc. keeps its customers coming back and spending. It's all about blending the digital experience with the physical showroom touchpoints, which is key for high-consideration purchases like engagement rings.

The company emphasizes a personalized service approach across its digital and physical channels. This omnichannel strategy supports customers wherever they are in their journey. To give you a sense of scale, Brilliant Earth Group, Inc. has served customers in over 50 countries worldwide, showing a broad digital reach that complements its domestic showroom footprint.

Retention is clearly working, as evidenced by the latest figures. High repeat order growth is a major indicator of customer satisfaction. For the third quarter of 2025, repeat orders were up by a solid 16% year-over-year. This is happening while the overall order volume is also climbing.

Here's a quick look at the order metrics from Q3 2025 that back up this relationship strength:

The focus on custom creation is a significant relationship driver, especially for unique milestones. Brilliant Earth Group, Inc. features a custom design studio capability, often referred to as the 'Design-Your-Own' model. This allows for personalization at scale. For engagement, wedding, and anniversary rings, this custom work is delivered in as little as 1-2 weeks, which is a concrete metric showing responsiveness in the bespoke segment.

Also, note the success in specific categories, which suggests strong relationship building around key life events. Wedding and anniversary band bookings hit their highest-ever quarterly performance with double-digit growth, and fine jewelry bookings surged by 45% year-over-year in Q3 2025. These aren't just transactions; they are relationship milestones being captured.

For those high-value purchases, like engagement rings where the Average Selling Price (ASP) saw quarter-over-quarter growth, the expectation is for dedicated support. The company's premium brand positioning inherently suggests a higher-touch service model for these significant investments, which is essential for building the trust required for repeat business.

• The company achieved its highest-ever quarterly performance in wedding and anniversary band bookings.
• Fine jewelry bookings grew by 45% year-over-year in Q3 2025.
• The company has achieved its 17th consecutive quarter of positive Adjusted EBITDA, signaling operational stability that supports customer service investment.

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Channels

The Channels block for Brilliant Earth Group, Inc. centers on a seamless omnichannel approach, blending its digital origins with a growing physical footprint to meet the customer where they are.

E-commerce platform (digitally native core)

The core of Brilliant Earth Group, Inc.'s distribution remains its digital presence, facilitating the initial discovery and purchase journey for many customers.

• Q3 2025 Net Sales reached $110.3 million.
• Total orders in Q3 2025 grew by 16.8% year-over-year to 49,900.
• Repeat orders increased by 16% in Q3 2025.
• Fine jewelry bookings surged by 45% year-over-year in Q3 2025.
• For the nine-month period ending September 30, 2025, net sales were $313.1 million.

Retail Showrooms (42 locations and expanding across the U.S.)

The physical showrooms serve as crucial touchpoints for experiencing the product, especially for high-value bridal items, complementing the digital experience.

• Brilliant Earth Group, Inc. had 42 showrooms and counting across the United States as of October 2025.
• The company ended 2024 with 40 locations.
• The company planned to open two or three more showrooms in 2025.
• The retail footprint expansion strategy is evident, with the company having 41 showrooms as of Q1 2025 results.

Direct-to-consumer model (DTC)

Brilliant Earth Group, Inc. operates directly with the end consumer, which supports its asset-light model and allows for control over the brand experience and margin structure.

Here's a quick look at the performance metrics that reflect the DTC effectiveness through Q3 2025:

Earned media and influencer marketing channels

Brand awareness and credibility are built through media presence and partnerships, which drive traffic to both the e-commerce site and the physical showrooms.

• For the fiscal year 2024, the company achieved 100 basis points of leverage in marketing expense as a percentage of Net Sales compared to the prior year period.
• In the fourth quarter of 2024, the company delivered 340 basis points of leverage in marketing expense as a percentage of Net Sales.
• The Jane Goodall Collection was noted as the most successful fine jewelry launch to date, giving 10% of its proceeds to the Jane Goodall Legacy Foundation Fund.

Finance: draft 13-week cash view by Friday.

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Customer Segments

Brilliant Earth Group, Inc. serves distinct customer groups, primarily centered around major life events and value-driven purchasing decisions in the jewelry space.

The core segments are:

• Bridal customers (engagement, wedding, and anniversary rings)
• Fine jewelry buyers (driving AOV decline to $2,209 in Q3 2025)
• Socially conscious and millennial/Gen Z consumers
• Customers seeking high-quality jewelry under $5,000

Bridal customers remain central, with engagement rings showing a return to year-over-year bookings growth in Q3 2025. Furthermore, wedding and anniversary band bookings achieved their highest-ever quarterly performance with double-digit growth in Q3 2025.

The fine jewelry segment is a significant growth driver, representing 14% of total bookings in Q1 2025, and seeing fine jewelry bookings surge by 45% year-over-year in Q3 2025. This category, which carries a comparatively lower price point, is a primary factor influencing the Average Order Value (AOV).

The AOV trend shows a complex dynamic. While the average spend per order decreased year-over-year, it improved sequentially, reflecting both the lower-priced fine jewelry mix and increases in engagement ring Average Selling Prices (ASPs) within the bridal segment.

Socially conscious consumers, particularly Millennials and Gen Z, are a key target. These generations resonate strongly with Brilliant Earth Group, Inc.'s emphasis on ethically sourced materials and sustainability. For instance, 72% of Gen Z participants in one survey preferred lab-grown diamonds for perceived eco-friendliness and ethical sourcing. This demographic is also driving demand for what is termed 'affordable luxury' within the $350 billion global jewelry market.

The focus on lower-priced items is evident across the business. Management specifically noted significant demand for engagement rings priced under $5,000 in Q1 2025. This trend, coupled with the success of the fine jewelry assortment, suggests a strong segment of customers prioritizing value and conscious consumption over the highest price points, even as the company holds less than 1% of the global bridal market.

Millennials show a willingness to invest in brand alignment, with about 55% stating they are willing to pay a premium for brands offering innovative designs and customization options. This group values authenticity and transparency regarding diamond sourcing.

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Cost Structure

You're looking at the major drains on Brilliant Earth Group, Inc.'s revenue, the costs that define their margin profile in late 2025. It's a business balancing high-touch retail presence with digital efficiency, and that shows up clearly in the numbers.

Marketing expenses are a significant, yet managed, cost. For the third quarter of 2025, marketing expense was reported at 23.7% of net sales. That represents a 300 basis point year-over-year leverage improvement for Q3 2025, showing a focus on efficiency, especially with celebrity placements and digital optimization driving over 13 billion impressions. The company has stated a medium-term goal of decreasing marketing expenses as a percentage of net sales. For context, in the first quarter of 2025, marketing was slightly higher at 24.5% of sales.

The Cost of Goods Sold (COGS) for gold, platinum, and diamonds is the largest component of cost, directly impacting the gross margin. For Q3 2025, the gross margin was 57.6%, meaning COGS represented 42.4% of net sales ($110.3 million in Q3 2025 net sales). This margin compression, down 320 basis points from 60.8% in Q3 2024, is heavily influenced by input costs. Management noted that gold and platinum prices were up about 40% year-over-year as of the Q3 2025 earnings call, which puts direct pressure on the cost of core materials.

Here's a look at the cost structure components impacting the gross margin:

Operating expenses capture the costs of the omnichannel model, including physical presence and digital infrastructure. You see these costs reflected in the adjusted operating expense ratio, which was 57.6% of net sales in Q1 2025, up from 54.7% in Q1 2024. The specific drivers for these operating costs include:

• Showroom expansion and operating costs: Includes rent and increasing employee costs like showroom staffing.
• Fulfillment and occupancy expenses: Cited as a factor contributing to gross margin headwinds in Q1 2025.
• Technology and platform development costs: Investments in AI and machine learning optimization are part of the rising adjusted operating expenses.

The company ended Q3 2025 with approximately $73 million in cash and had repaid its term loan, leaving zero debt on the balance sheet, which mitigates interest expense risk.

Brilliant Earth Group, Inc. (BRLT) - Canvas Business Model: Revenue Streams

You're looking at how Brilliant Earth Group, Inc. translates its value proposition into actual money coming in the door. For a company focused on ethically sourced fine jewelry, the revenue streams are pretty straightforward, centered on product sales, but the growth rates tell a more interesting story about where consumer demand is shifting.

The primary revenue stream for Brilliant Earth Group, Inc. is the sale of its jewelry, which is segmented into engagement/bridal and fine jewelry categories. The top-line performance in the third quarter of 2025 showed a definite acceleration in sales momentum.

Here are the key financial metrics defining the revenue streams as of the Q3 2025 reporting period:

The growth in total customer activity was strong in the third quarter. Total orders, which represent the volume of transactions across the business, grew by 17% year-over-year in Q3 2025. This volume growth is a key indicator of demand feeding the revenue pipeline.

Within the product mix, the performance of the non-bridal categories was particularly noteworthy. Net Sales from Fine Jewelry bookings saw a significant surge, growing 45% year-over-year in Q3 2025. This suggests that Brilliant Earth Group, Inc.'s efforts to expand its offering beyond engagement rings are paying off in terms of revenue contribution.

When you look at the core bridal business, there was a positive shift as well. The company reported a return to year-over-year bookings growth in engagement rings. Also, wedding and anniversary band bookings achieved their highest-ever quarterly performance with double-digit year-over-year bookings growth. This is the bread and butter, so seeing it return to growth is defintely important.

Looking forward, the company's updated outlook for the full fiscal year 2025 reflects confidence based on this Q3 momentum, but also acknowledges external pressures like metal costs and tariffs. The Full-year 2025 Net Sales Guidance was raised to a 3% to 4.5% growth year-over-year.

The revenue streams are supported by operational efficiency that helps maintain profitability even as input costs fluctuate. You can see this in the gross margin, which was 57.6% in Q3 2025, consistent with their medium-term target. The company is using data analytics and AI to optimize marketing spend, which resulted in approximately 300 basis points of year-over-year marketing leverage.

Here's a quick look at the key volume and value drivers impacting the revenue streams:

• Total Orders in Q3 2025: Grew 17% year-over-year.
• Repeat Orders in Q3 2025: Increased 16% year-over-year.
• Average Order Value (AOV) in Q3 2025: Stood at $2,209.
• Inventory at Q3-end: Increased approximately 28% year-over-year due to strategic procurement.

Finance: draft 13-week cash view by Friday.