Piercing Pagoda Has a New Name
Plus, Signet took the final step in the process of fully outsourcing its credit offerings.
The Signet Jewelers-owned chain of kiosk stores will now be called Banter by Piercing Pagoda.
The new name is a nod to the personal relationships between the retailer’s employees and its new and long-standing customers, said Signet.
The name change has already happened at around 100 of Piercing Pagoda’s more than 500 U.S. locations.
It’s being tested in New York, Chicago, Los Angeles, Seattle and other cities, and will gradually roll out to the full fleet.
“Our new Banter by Piercing Pagoda name is full of energy, invoking the excitement of playful conversation, like the adrenaline of a new piercing or piece of jewelry,” said Kecia Caffie, president of Banter by Piercing Pagoda, in a press release about the rebranding.
“Our customers are fiercely individual, creative people who inspire us to reject labels and celebrate our unique identities each day.”
The change comes as part of the jewelry giant’s “Inspiring Brilliance” growth strategy, which aims to bolster its omnichannel presence and technologic capabilities and evolve its product offerings.
The brand, marked by a gold script capital letter “B” logo, will stock gender-neutral chains, charms, necklaces, and earrings.
Long known for its ear piercing services, the brand branched out to nose and facial piercings to meet rising consumer demand during the pandemic, while, it said, still following health and COVID-related safety protocols.
“Banter by Piercing Pagoda combines stylish designs and approachable service at affordable price points with tech-enabled stores and warm, modern service,” said Signet.
Of Signet’s nine jewelry brands, Piercing Pagoda has consistently been a top performer.
The brand had its strongest quarter ever in the first quarter of fiscal 2022 and, in fiscal 2021, saw its sixth consecutive year of positive same-store sales growth amid stable merchandise margins, said Signet.
This year, more than 135 Piercing Pagoda locations are on track to post $1 million in sales.
Signet plans to open as many as 100 additional locations in fiscal 2022 in regional malls.
Some of these new locations will be traditional stores instead of kiosks, complete with a piercing lounge and, in select locations, smart mirrors for virtual jewelry try-ons.
The brand caters to “tech-savvy Gen Z and millennial customers,” said Signet, and will be improving upon its mobile experience.
In fiscal 2021, Piercing Pagoda saw 140 percent year-over-year e-commerce growth, with mobile playing a big role in that.
Enhanced virtual capabilities, including sales and search, and an updated website are part of the digital overhaul.
In addition to its new name, Banter by Piercing Pagoda is introducing a new marketing campaign featuring “bold, diverse models who epitomize self-expression and pride—a hallmark of the brand.”
The campaign launched Monday in select locations.
Also this week, Signet Jewelers announced it has renegotiated its $1.5 billion asset-based lending facility, extending it by nearly two years to July 2026 for greater financial flexibility.
Signet also entered into new, long-term receivable purchase agreements, which improved the terms of the agreement and removed the consumer credit risk from its balance sheet.
The new agreements mark the final step in Signet fully outsourcing its credit offerings.
Genesis remains its long-term third-party credit servicer and it also provides other payment options, including via Affirm and Progressive Leasing.
“These actions, as well as S&P’s recent upgrade of Signet’s issuer credit rating resulting from our enhanced financial profile, demonstrate the progress we are making with our Inspiring Brilliance growth strategy,” said Chief Financial and Strategy Officer Joan Hilson in a press release.
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