CEO J.K. Symancyk was appointed in November and has described plans to reorganise the company’s major brands, which include Blue Nile, James Allen, Zales, and Kay.
As reported by JCK Online, the brands will be refocused into four distinct customer categories: core milestone and romantic gifting, style and trend, inspired luxury, and digital ‘pure play’.
As part of a broader corporate strategy, an increased emphasis on fashion jewellery, a significant reduction of Signet’s senior leadership, and the closure of around 150 stores will be priorities, as well as a clearer distinction between natural and lab-created diamond products.
“The total bridal jewellery market in the US is around $USD10 billion, and we have a nearly 30 per cent dollar share. The US fashion jewellery market is over $USD50 billion, of which we have a mid-single-digit share,” Symancyk explained.
“At everyday jewellery, we have only a low-single-digit share. Put another way, growing our bridal share by one point is worth $USD100 million in revenue, while one point of fashion is more than five times the impact.”
He continued: “I believe we have the right to win here through both milestone gifting and self-purchase. Everyday jewellery is also the fastest-growing part of the industry, and we believe will continue to grow for the foreseeable future.”
Earlier this month, Rapaport News published a report detailing internal pressure on Signet, with calls from a prominent investor to explore strategic options amid perceived management failures.
Select Equity Group, which owns nearly 10 per cent of the company’s stock, wrote a letter to the board of directors. It stated that over the past decade, Signet had failed to capitalise on many advantages in the market, highlighting declines in same-store sales in every quarter for nearly three years.
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