Luxury Retailer Expands Precious Metals Offerings with Exclusive Online Deal
In a move to further diversify its product lineup, a prominent wholesale retailer has introduced platinum bars to its online catalog, joining its existing gold bars and silver coins. The one-ounce platinum bars are priced at $1,089.99 and are available exclusively to loyalty members through the company’s website. However, due to certain restrictions, these items cannot be shipped to Louisiana, Nevada, or Puerto Rico.
This development comes on the heels of the retailer’s remarkable success in the precious metals market. In April, it was reported that the company was generating a staggering $200 million monthly revenue from gold bar sales alone. The gold bars, initially priced at $2,000 each, were introduced in September of last year. Shortly after, the retailer began offering one-ounce silver coins in packs of 25 for $675.
The company’s recent quarterly earnings report revealed a significant boost in e-commerce sales, driven primarily by strong performances in categories such as appliances, home furnishings, gift cards, and precious metals. During a recent earnings call, the company’s chief financial officer emphasized its commitment to maintaining low prices on essential items, including food staples and gourmet products.
Despite this commitment, the retailer has recently implemented a membership fee increase, the first in seven years. As of September 1, individual memberships now cost $65, up from $60, while executive memberships have risen to $130 from $120. The CFO attributed the timing of the fee hike to the company’s deliberate strategy, citing the impact of the pandemic and rising inflation as contributing factors.
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