Signet Group

From Wikipedia, the free encyclopedia

This article does not cite any references or sources. (December 2007)
Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed.

Signet Group plc is the world's largest speciality retail jeweller. The British based company is listed on the London Stock Exchange and the New York Stock Exchange. The group focuses on the middle mass jewellery market and has number one positions in both the US and UK speciality jewellery markets. Certain brands (Jared in the US and Ernest Jones/Leslie Davis in the UK) are also attracting the higher-end market.

Signet operated 1,953 speciality retail jewellery stores at 3 November 2007; these included 1,383 stores in the US 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 US stores of all brands are operated under the subsidiary company Sterling Jewelers Inc., which is wholly owned by Signet Group.

On 4 August 2007 Signet also operated 570 stores in the UK, where the Group trades as H. Samuel, Ernest Jones and Leslie Davis.

H. Samuel: The Jeweller is the number one speciality jeweller 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 3 February 2007 there were 375 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" jeweller 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 3 February 2007 there were 190 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 Armani, Christian Dior, and Burberry. As of 3 February 2007 there were 16 Leslie Davis locations.

[edit] Company background

The Group was founded in 1957 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 earings 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.