I think Google will give a slight edge to big brands, as Eric Schmidt of Google famously stated that the internet was a cesspool and needed brands.
That being said, I think there is room to disrupt the market with a lot of hard work. If you look at the third result, Tejani, they have less than 200 root domains propelling them to that position. A closer look at their link profile shows a link from glamour.com referencing the bride's earrings.
Dillards and Nordstrom have thousands, and thousands of links, but with less than 200 root domain links, they got up there. It can be done, just won't be easy 
Also, just my PPC OCD but I would run a PPC campaign for that keyword first to determine how profitable it is first before undertaking any SEO. How that helps!