Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
Signet Sees Same-Store Sales Rise 2% in First Quarter
Despite a “choppy” retail environment, the company saw comps and total sales increase on the strength of its Ever Us collection, diamond fashion jewelry and select branded bridal.
Hamilton, Bermuda--Signet saw positive growth in its first quarter of the fiscal year, with comps and total sales both increasing, due in large part to the success of its Ever Us two-stone line, diamond fashion jewelry and select branded bridal.
Same-store sales in the three-month period ended April 30 grew by 2 percent, while total sales were up 3 percent to $1.58 billion (a 4 percent increase on a constant-exchange-rate basis).
In a conference call Thursday morning, CEO Mark Light said that the company is testing a number of extensions to its successful Ever Us line, including new diamond ring styles as well as bracelets and necklaces, in time for the holiday season.
The company also is testing a collection of Vera Wang fashion diamond jewelry and pearl jewelry, joining the trend of jewelry companies collaborating with established fashion brands on designs.
Additionally, Signet is “resetting” its Pandora presentation, Light said, with new shop-in-shops. The company will release a television advertising campaign behind the brand in the fourth quarter.
Signet also is rolling out its Chosen Diamond program, which kicked off last fall and allows customers to trace the journey of their diamond from mine to market, to all stores, and will bring new technology to its stores that will allow “clienteling,” as Light referred to it, for employees to establish relationships and engage customers based on their previous purchase history and profile.
By division, Sterling’s same-store sales in Q1 were up 2 percent on the strength of select branded bridal jewelry as well as fashion jewelry, Charmed Memories and lower-priced promotional items that drove transactions. Total sales for Sterling in the three-month period rose 4 percent to $980.4 million.
The Zale Division also saw comps increase nearly 3 percent on diamond fashion jewelry and branded bridal as well as lower-priced promotional items, while sales hit $450.4 million, a 3 percent increase compared with the year-earlier period. Total sales for Zale’s U.S. jewelry division rose 4 percent to $330 million.
The company said that Sunday (May 29) marks the two-year anniversary since the close of the acquisition of Zale, and notes that the “integration continues to go extremely well across all aspects of our business.”
Meanwhile, e-commerce sales for Signet in the first quarter were $80.1 million, making up 5 percent of total sales. This is a $3.2 million increase compared with the prior-year period.
The
The Latest
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.