LOS ANGELES, CA , April 03, 2018 (GLOBE NEWSWIRE) -- Reign Sapphire Corp. (OTCQB: RGNP) ("Reign" or the "Company"), a direct-to-consumer, custom and branded jewelry company, is pleased to provide a shareholder update in conjunction with filing our Form 10-K for the year ended December 31, 2017.
Overview
In 2017, management focused primarily on integrating its internal fulfillment, customer service and marketing system and on streamlining operations. While revenue declined as a result of consolidation and reduction in wholesale revenue, gross margin increased from 47.5% to 60.1%.
2017 Accomplishments
Much of our efforts in 2017 focused on integrating our brands into our centralized operations to achieve scale and supply chain efficiencies and allow greater ROI on marketing and advertising, key drivers, due to our direct-to-consumer model.
A key factor in our sales success is the growth of our social media following which is now over 200,000 Facebook and Instagram followers across our brands.
Strategic Marketing Optimization
In 2017, we began refining our marketing strategies to accelerate sales growth and restructure our sales strategy to improve profitability. Thus far in 2018, revenues are starting to resume growth and gross margins continue to improve year-over-year. We believe this is an indication of traction from the modifications we have made to our marketing strategy as well as new sales initiatives.
Summary
Initiatives in January, February, and March of 2018, whilst primarily operational in nature, are starting to take effect, as demonstrated by a number of improving sales and marketing metrics.
Due to the effects of these and other planned initiatives, we anticipate continued improvement in sales and profitability in 2018.
We welcome inquiries from shareholders and members of the investment community. Info@ReignSC.com or (213) 457-3772.
About Reign Sapphire Corp.
Reign Brands operates through four key divisions: Reign Sapphires, which offers ethically produced, millennial-targeted sapphire jewelry; Coordinates Collection, a provider of custom jewelry inscribed with location coordinates to commemorate life’s special moments; and Le Bloc, which offers classic customized jewelry and the athleisure jewelry brand, ION Collection by Jen Selter.
For more information visit www.ReignSC.com
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Reign Sapphire Corporation ("Reign" or the "Company"). Forward-looking statements are based on the expectations, estimates, or projections of the Company's management as of the date of this press release. Although Reign's management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company's actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Reign's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" sections in the Company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2017, which is available for viewing on the SEC's EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, Reign specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.