Signet Jewelers Limited ( Signet Group plc prior to September 2008, NYSE: SIG, LSE: SIG) is the world's largest specialty retail jeweler. The Bermuda-domiciled, British headquartered company is listed on both the New York Stock Exchange and the London Stock Exchange. The group focuses on the middle mass jewelry market and has number one positions in both the U.S. and UK specialty jewelry markets. Certain brands (Jared in the U.S. and Ernest Jones/Leslie Davis in the UK) are targeted at the upper middle market.
History
The group was founded in 1949 and grew organically before expanding rapidly through a series of acquisitions in the late 1980s and early 1990s, and was formerly known as the Ratner Group.
Gerald Ratner, a previous CEO, made possibly the most famous gaffe in twentieth century British business when he explained to a major business conference that the reason why one of his products was so cheap was that it was "total crap". He then went on to unfavourably compare some of the Company's earrings with a 99p prawn sandwich. His remarks were gleefully reported by the media, and consumers subsequently avoided the Ratner branded stores, nearly 300 of which were closed between January 1992 and May 1994 as the group went through a financial restructuring. Ratner resigned in November 1992 and the group changed its name to Signet Group plc in September 1993.
This lack of judgement and contempt for the customer gave rise to the expression "doing a Ratner".
The company moved its primary stock market listing from the London to the New York Stock Exchange on September 11, 2008, changing its name to Signet Jewelers Limited in the process. The firm also moved its country of domicile from the United Kingdom to Bermuda on the same day, although it retains operational headquarters in London.
Operations
Signet operated 1,957 specialty retail jewelry stores at May 2, 2009; these included 1,400 stores in the U.S. where the group trades as Kay Jewelers, Jared The Galleria Of Jewelry and under the following regional names: JB Robinson Jewelers, Marks & Morgan Jewelers, Belden Jewelers, Osterman Jewelers, Shaw's Jewelers, Weisfield Jewelers, LeRoy's Jewelers, Rogers Jewelers, Goodman Jewelers, and Friedlander's Jewelers. Kay Jewelers in the national flagship mall store brand and Jared is the national off-mall superstore brand. The regional stores are all mall-based. All of the U.S. stores of all brands are operated under the subsidiary company Sterling Jewelers Inc., which is wholly owned by Signet Jewelers.
At that date Signet also operated 557 stores in the UK, where the group trades as H. Samuel, Ernest Jones and Leslie Davis.
H.Samuel: The Jeweller is the number one specialty jeweler in the United Kingdom. Stores carry many exclusive collections such as their certified "Forever Diamonds" with a special 73-facet cut that shows more sparkle and brilliance versus a standard diamond. Their current advertising slogan is "H. Samuel helps you say it better". As of May 2, 2009 there were 351 H.Samuel stores.
Ernest Jones is known as "The Diamond and Watch Specialist", as well as carrying the distinction of being the number one "upper middle market" jeweler in the UK. The brand appeals to a more upscale customer than H.Samuel. As a diamond specialist, they carry many exclusive diamond collections, and (along with sister store Leslie Davis) are the exclusive UK jeweler for the Leo Diamond. As the UK's leading watch specialist, Ernest Jones has many luxury upscale Swiss watches, such as TAG Heuer, RADO Switzerland, Gucci, Longines, and Omega, with select stores carrying Rolex. As of May 2, 2009 there were 191 Ernest Jones locations.
Leslie Davis stores are branded as "Jewelers of Distinction". The selection is slightly more fashion-forward than Ernest Jones, with more of a focus on fashionable watch brands. Along with watch brands like Omega and TAG Heuer, many of their watches are by upscale clothing designers, such as Gucci, Armani, Christian Dior, and Burberry. As of May 2, 2009 there were 15 Leslie Davis locations.
References
- ^ a b c d "Annual Report 2007". Signet Jewelers . http://www.signetjewelers.com/788 . Retrieved 2008-09-14 .
- ^ Baertlein, Lisa (11 September 2008). "Signet Jewelers shares rise in NYSE debut". Reuters . http://uk.reuters.com/article/hotStocksNews/idUKN119768920080911 . Retrieved 2008-09-14 .
- ^ "Signet says court approves move of listing to NYSE, change of domicile". AFX News (Forbes). 8 September 2008 . http://www.forbes.com/afxnewslimited/feeds/afx/2008/09/08/afx5398612.html . Retrieved 2008-09-14 .
External links
- Official site
- Yahoo profile
- Sterling Jewelers Inc.
- Kay Jewelers
- Jared:
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