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Jewelry retailing is highly fragmented and competitive. We compete against other specialty jewelers, as well as other retailers that sell jewelry.
Jewelry retailing is highly fragmented and competitive. We compete against other specialty jewelers, as well as other retailers that sell jewelry, including department stores, mass merchandisers, discount stores, apparel and accessory fashion stores, brand retailers, online retail and auction sites, shopping clubs, home shopping television channels and direct home sellers.
The jewelry category competes for customers’ share-of-wallet with other consumer sectors such as
electronics, clothing and furniture, as well as travel and restaurants. This competition for consumers’ discretionary spending is particularly relevant to gift giving.
We believe that Signet’s competitive strengths include: strong store banner recognition, outstanding customer experience, branded differentiated and exclusive merchandise sector-leading marketing and advertising, diversified real estate portfolio, supply chain leadership, and a full spectrum of services including financing and lease purchase options, extended service plans, repair and customer design, and piercing.
Operating segments
The business is currently managed as three reportable segments: the North America segment ( 90.3% of sales and 81.2% of operating loss), the International segment ( 9.2% of sales and (1.7)% of operating loss) and the Other segment.
The Other reportable segment consists of all non-reportable segments, including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones and unallocated corporate administrative functions.
All segments are managed by an executive committee, which is chaired by Signet’s Chief Executive Officer, who reports to the Board of Directors of Signet (the “Board”). The executive committee is responsible for operating decisions within parameters established by the Board.
Trademarks and trade names
Signet is not dependent on any material patents or licenses in any of its segments. Signet has several well-established trademarks and trade names which are significant in maintaining its reputation and competitive position in the jewelry retailing industry.
Some of these registered trademarks and trade names include the following:
- Kay Jewelers ® ; Kay Jewelers Outlet ® ; Jared The Galleria Of Jewelry ® ; Jared Vault ® ; Jared Jewelry Boutique ® ; JB Robinson ® Jewelers; Marks & Morgan Jewelers ® ; Every kiss begins with Kay ® ; Jared Eternity ™ ; Celebrate Life. Express Love. ® ; the Leo ® Diamond; Hearts Desire ® ; Open Hearts by Jane Seymour ® ; Radiant Reflections ® ; Chosen by Jared ® ; Now and Forever ® ; Ever Us ® ; James Allen ® ; Tolkowsky ® ; Long Live Love ™ ; Dare to be Devoted ™ ; Love + Be Loved ™ ; and Brilliant Moments ® .
- Zales ® ; Zales Jewelers ™ ; Zales the Diamond Store ® ; Zales Outlet ® ; Gordon’s Jewelers ® ; Peoples Jewellers ® ; Peoples the Diamond Store ® ; Peoples Outlet the Diamond Store ® ; Mappins ® ; Piercing Pagoda ® ; Arctic Brilliance Canadian Diamonds ® ; Brilliant Buy ® ; Brilliant Value ® ; Celebration Diamond ® ; Expressionist ® ; From This Moment ® ; Let Love Shine ® ; The Celebration Diamond Collection ® ; Unstoppable Love ® ; and Endless Brilliance ® .
- H.Samuel ® ; Ernest Jones ® ; Ernest Jones Outlet Collection ™ ; Commitment ® ; Forever Diamonds ® ; Kiss Collection ® ; Princessa Collection ® ; Radiance ® ; Secrets of the Sea ® ; Shades of Gold ® ; Viva Colour ® ; and Helps You Say It Better ™ .
Store locations
Signet operates retail jewelry stores in a variety of real estate formats including mall-based, free-standing, strip center and outlet store locations. As of February 2, 2019 , Signet operated 2,760 stores and 574 kiosks across 4.7 million square feet of retail space in the US, UK and Canada. This represented a decrease of 6.2% and a decrease of 5.7% in locations and retail space, respectively, from Fiscal 2018.
Customer experience
We will strive at Signet to continue to be focused on driving an inspiring, full service, seamlessly connected customer experience, which is an essential element in the success of our business. Therefore, the ability to recruit, develop and retain qualified jewelry consultants is an important element in enhancing customer satisfaction.
We have comprehensive recruitment, training and incentive programs in place, including an annual flagship training conference in advance of the holiday season.
Signet continues to invest in technology to enhance the customer shopping experience to make it more personalized and journey specific. In Fiscal 2019, Signet implemented a multi-phase Voice of Customer program as a component of our Path to Brilliance and customer first strategies.
The first phase focused on setting up the technology, establishing stable measurements for key customer journeys (net promoter score) and discovering how to effectively operationalize customer feedback.