Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Making sense of the holiday sales
As any retailer would tell you, it is difficult anymore to predict the ebbs and flows of the economy. This was as evident as ever on Tuesday, when three of the industry’s largest chains reported sales for the all-important months...
As any retailer would tell you, it is difficult anymore to predict the ebbs and flows of the economy. This was as evident as ever on Tuesday, when three of the industry’s largest chains reported sales for the all-important months of November and December.
News from Tiffany & Co. that “sales weakened markedly in the United States and Europe” over the holiday season surprised me. Tiffany has been one of the strongest performers in the market in recent years, seemingly one of the first jewelry chains to begin showing signs of economic recovery after the global meltdown.
Overall, same-store sales in the U.S. were up 2 percent for the chain. Sales declined 1 percent in the brand’s flagship store on Fifth Avenue in New York, with foreign tourists accounting for the bulk of the sales there. Same-store sales were up 3 percent in Tiffany’s branch stores.
Also interesting to note were the results from Zale Corp., where holiday comps were up 6 percent but there was a marked difference between the months of November and December. The chain’s comps climbed 10 percent in November but only 4 percent the next month.
While both Tiffany and Zale comped positive, their overall results have sparked concern among analysts that consumer spending is on the decline heading into the new year.
During a conference call Tuesday morning, analysts asked executives Sterling Jewelers about the results reported by Tiffany and Zale. They wanted to know if Sterling was concerned about Valentine’s Day given what seems to be a pattern of waning consumer spending. (Sterling executives said no.)
Zale’s December comps were less than half of what they were in November.
And Tiffany noted that sales weakened at the end of the year after three “very strong” quarters of better-than-expected sales and earnings growth. In this article, Forbes contrasted the results of Tiffany with that of high-end athletic apparel retailer Lululemon, which had a strong holiday season and raised its guidance. Forbes wonders if consumers are “reigning in their spending on jewelry.”
In reading all of this news over the past couple of days, it brought to mind something I reported early on in the holiday shopping season, during one of our many Black Friday wrap-up stories. In this story, one analyst noted that while consumers flooded stores right after Thanksgiving to take advantage of deals, they were less enthusiastic about
If consumers were “tapped out” in late November, how are they feeling now, as they sit amidst piles of bills that they accumulated buying holiday presents, throwing parties and traveling?
I think the answer is: Nobody really knows anymore.
The Latest
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.