Interested to learn more about Signet Jewelers? This article shares important insights into pretty much everything you need to know about Signet Jewelers. So, keep reading.
The brief introduction of Signet Jewelers
With a mission to impact lives more positively and deep believes about love and inspired by love, Signet Jewelers sets itself as one of the leading jewelry companies that focuses on giving all its customers the ability to love, to celebrate life, and to express love effortlessly.
Signet Jewelers Ltd has been around for decades, but it didn’t initially start off as Signet Jewelers. It was first Ratner Group between 1949 and 1993, where it was renamed the Signet Group PLC, a name that the company held on to unto 2008 when it was renamed to Signet Jewelers, becoming the world’s largest diamond retailer.
Signet Jewelers is domiciled in Bermuda, but it is headquartered in Ohio (Akron). This company has its shares listed in the NY Stock Exchange, although it was delisted from the London Stock Exchange as of 14th March 2016 following tenable reports which showed that not more than 1% of the company’s annual trading volume was conducted on the Signet Jewelers’ platform.
Today, however, this leading retailer boasts operations in leading middle-market jewelry segments, and it boasts several No—1 positions in different specialty markets in the US, UK, and Canada.
Signet is easily one of the world’s leading retailers of the best diamond jewelry, and they offer something for everyone. Interestingly, Signet is the brand under which jewelry retailers like Kay Jewelers, Zales, Jared, Piercing Pagoda, Rocksbox Jewelry, James Allen, Ernest Jones, H. Samuel, and Peoples are housed, which means that buying jewelry from any of these brands means that you are buying from Signet. What you should know about Signet Jewelers, however, is that all these brands target different clientele groups, which is why James Allen is a better brand if you need the best of diamonds, while Ernest Jones makes the best of engagement rings for the upper-middle-class market.
By positioning itself as the best diamond jewelry retailer, Signet Jewelers is an unstoppable force in the world of jewelry. Today, the brand boasts over 2,800 stores across the US, UK, and Canada, and all their operations, along with their supply chain relationships, span through India and Africa. Besides offering the best of diamonds, the company also is focused on fostering inclusiveness and equality, innovating some of the best ways to ensure the creation of unique jewelry while focusing on enhancing different personal experiences to encourage self-expression while ensuring that there is something for everyone. To do this, Signet Jewelers boasts over 20,000 team members who work towards the creation of a world filled with more love, acceptance, and respect.
Who owns signet jewelers?
This jewelry conglomerate is owned by multiple shareholders from several companies, but the biggest shareholder is Select Equities Group LP.
Who is the CEO of Signet Jewelers?
Signet Jewelers’ CEO and the director is Virginia C. Drosos, aged 58. She is also on the Board of the American Financial Group Inc, as well as the Children’s Hospital Medical Center, Akron. She was previously the chairman of the Cosmetic Executive Women Foundation, among other organizations.
Ms. Drosos received her MBA from the Wharton School of the University of Pennsylvania while she undertook her undergraduate degree from the Terry College of Business.
Is Signet Jewelers in trouble?
In addition to the plan to close down at least 100 of the company’s brick-and-mortar stores, as a result of the global pandemic, Signet Jewelers might have faced a number of litigations in the past.
In 2017, Sterling Jewelers, which is one of the company’s subsidiaries, had to settle a civil suit after it was accused of discriminating against its female employees. Jared, which is also known as the Galleria of Jewelry, was also sued by 44,000 of its female employees as well as former employees, and this class action went to trial in 2018. Then in 2019, Sterling Jewelers was again forced to settle several allegations by their clients who claimed that the company has signed their customers for credit cards without consulting them or getting their permission, and they were forced to pay up to $11 million to NY Attorney General’s office and the Consumer Financial Protection Bureau.
Back to the effects of the pandemic, and though the company’s financial issues predate the pandemic, the company’s total jewelry sales continued to fall, 5 years in a row in 2020, with one-fifth of their stores closed under the management of Ms. Drosos, even as they pushed for more ecommerce sales. However, with the positive attitude in most parts of the world, the sales of jewelry by the company are expected to soar this year. Most of these sales are attributed to the enhanced efforts around ecommerce and online marketing.
Does Signet own James Allen?
Yes. Signet now owns James Allen after they purchased this diamond retailer in 2017.
Signet Jewelers is one of the biggest retail jewelry companies in the world, thanks to their ownership of the leading jewelry stores operating across the US, UK, Canada, and the rest of the world. .This position was cemented by their recent purchase of James Allen, one of the world’s biggest diamond retail .