Signet Group
Encyclopedia
Signet Jewelers Limited (Signet Group plc prior to September 2008, ) is the world's largest specialty retail jeweller. 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 segment 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.
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, The company lost over 500 million pounds off its share price 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 perceived 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
.
, which is wholly owned by Signet Jewelers.
At that date Signet also operated 554 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 January 2, 2010 there were 348 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 one of the UK's leading watch specialists, 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 January 2, 2010 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. 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 9 June 2011, there are 15 Leslie Davis locations.
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
-domiciled
Domicile (law)
In law, domicile is the status or attribution of being a permanent resident in a particular jurisdiction. A person can remain domiciled in a jurisdiction even after they have left it, if they have maintained sufficient links with that jurisdiction or have not displayed an intention to leave...
, British headquartered company is listed on both the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. The group focuses on the middle mass jewelry segment 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
Gerald Ratner
Gerald Irving Ratner , is a British businessman. He was formerly chief executive of the major British jewellery company Ratners Group...
, 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, The company lost over 500 million pounds off its share price 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 perceived lack of judgement and contempt for the customer gave rise to the expression "doing a Ratner".
The company moved its primary stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...
listing from the London
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
to the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
on September 11, 2008, changing its name to Signet Jewelers Limited in the process. The firm also moved its country of domicile
Domicile (law)
In law, domicile is the status or attribution of being a permanent resident in a particular jurisdiction. A person can remain domiciled in a jurisdiction even after they have left it, if they have maintained sufficient links with that jurisdiction or have not displayed an intention to leave...
from the United Kingdom to Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
on the same day, although it retains operational headquarters in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
.
Operations
Signet operated 1,933 specialty retail jewelry stores at January 2, 2010; these included 1,379 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 is 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.Sterling Jewelers
Sterling Jewelers, Inc. is a specialty jewelry company headquartered in Akron, Ohio, United States. The company was first founded in 1906 by Henry Shaw , from LeRoy's Jewelers in Lorain, Ohio...
, which is wholly owned by Signet Jewelers.
At that date Signet also operated 554 stores in the UK, where the group trades as H. Samuel
H. Samuel
H. Samuel is a mass-market jewellery chain, operating in the United Kingdom and the Republic of Ireland. It is the number one middle mass-market jewellery store in the United Kingdom. There are 375 stores as at 23rd Feb 2008. An increasing number of the chain's stores trade in a new format known...
, 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 January 2, 2010 there were 348 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 one of the UK's leading watch specialists, Ernest Jones has many luxury upscale Swiss watches, such as TAG Heuer
TAG Heuer
TAG Heuer is a Swiss luxury watchmaker known for its sports watches and chronographs. It is a division of luxury goods company LVMH Moët Hennessy • Louis Vuitton. The company motto is "Swiss Avant-Garde Since 1860"...
, RADO Switzerland, Gucci
Gucci
The House of Gucci, better known simply as Gucci , is an Italian fashion and leather goods label, part of the Gucci Group, which is owned by French company PPR...
, Longines
Longines
Longines is a Swiss luxury watchmaker based in Saint-Imier, Switzerland. The company was originally founded by Auguste Agassiz in 1832 and it currently holds the oldest registered logo for a watch company . Longines is currently owned by the Swatch Group.Longines is known for its 'Aviators' watches...
, and Omega, with select stores carrying Rolex
Rolex
Rolex SA is a Swiss watchmaking manufacturer of high-quality, luxury wristwatches. Rolex watches are popularly regarded as status symbols and BusinessWeek magazine ranks Rolex No.71 on its 2007 annual list of the 100 most valuable global brands...
. As of January 2, 2010 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. Along with watch brands like Omega and TAG Heuer
TAG Heuer
TAG Heuer is a Swiss luxury watchmaker known for its sports watches and chronographs. It is a division of luxury goods company LVMH Moët Hennessy • Louis Vuitton. The company motto is "Swiss Avant-Garde Since 1860"...
, many of their watches are by upscale clothing designers, such as Gucci, Armani, Christian Dior, and Burberry
Burberry
Burberry Group plc is a British luxury fashion house, manufacturing clothing, fragrance, and fashion accessories. Its distinctive tartan pattern has become one of its most widely copied trademarks. Burberry is most famous for its iconic trench coat, which was invented by founder Thomas Burberry...
. As of 9 June 2011, there are 15 Leslie Davis locations.