This, combined with chain-wide inventory down 14% from last year while many independent retailers are sitting on unsold inventory, gives Signet a competitive advantage. “Once they reach full maturity, which takes a couple of years, we have about $15 million per door that is very significant.”Īcross all its banners, the company has leaned into newness that stimulates customers to come in, browse and buy, with sell-through of new SKUs up by 30% in the third quarter. “These are very valuable stores for us,” Drosos said. The chain was acquired in late 2021 with 22 stores Signet’s added seven stores since then to bring the total to 30 Diamonds Direct stores. Its DTC Blue Nile banner is inextricably linked to diamonds in consumers’ minds, and diamonds are the specialty of its Diamonds Direct big-box destination stores. The linchpin of Signet’s growth strategy is diamond jewelry, a market estimated by Statista to have totaled $47.7 billion in 2022, representing over half of the $81.8 billion consumers spent on jewelry last year.Īs the world’s largest diamond jewelry retailer and the jewelry industry’s largest advertiser, diamond jewelry fronts the advertising campaigns for Kay, Zales and Jared, putting those brands two-times ahead of competitors in brand awareness among jewelry consumers. The engagement moment is the beginning of lifetime value,” Drosos declared. After they’ve got the engagement ring, they come back for wedding bands, earrings for the bridesmaids, birthday, anniversary gifts and more. It begins a lifetime journey with our customers. “We’re focused on gaining market share in bridal. “The first time in two years that they’ve been above the previous year,” she noted.Īnd despite headlines that the younger generations are forgoing marriage, a survey among 900 unmarried Gen Z and Millennials currently in a relationship conducted by the Thriving Center of Psychology, found 80% expect to tie the knot at some point in their lives.Īnd once couples make that all-important engagement ring purchase, Signet can expect more purchases to follow, with its loyalty program now with four million members helping to move them along. Drosos reports that Google searches for “engagement rings” are up about 10% compared to last year. Since a couple takes about three years from starting to date to an eventual engagement, they are further along in the process this year than last.ĭespite expecting the bridal jewelry market’s recovery to extend over the next three years, Signet sees green shoots pointing to an even more rapid recovery. That’s up from 23 milestones in early 2022 and the percentage of couples moving to the engagement phase has improved by 5 points, a statistically significant movement over the last 18 months,” she explained. “The average dating couple has now reached 25 milestones that we track, like moving in together and traveling together.
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