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Wysłany: Czw 14:15, 19 Gru 2013
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Wysłany: Pią 22:53, 13 Gru 2013
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Wysłany: Czw 10:21, 12 Gru 2013
Temat postu: Who is the parent company of Jared and Kay Jeweler
Who is the parent company of Jared and Kay Jewelers
retail jewelry in a generation, the industry is watchful, wondering what Christmas will bring. jewelry retailers across the spectrum: specialty chains, luxury jewelers, department stores and bigbox discounters.
To understand what's happening at retail, you must first understand how fundamentally the market has changed. By the end of 2008, the world's population of highnetworth individuals (HNWIs) those having investable assets of $1 million or more, excluding primary residence, collectibles, consumables and consumer durables dropped to 8.6 million, a 14.9 percent drop from 2007, according to the 2009 World Wealth Report by Capgemini and Merrill Lynch Wealth Management. Furthermore, HNWIs' wealth plummeted 19.5 percent to $32.8 trillion. "The declines were unprecedented," the report said, "and wiped out two robust years of growth in 2006 and 2007."
The loss of the midtier and aspirational customer has also been devastating, as many jewelry companies depend on them. Finlay Enterprises, which ran licensed jewelry concessions in department stores and its own specialty jewelry stores, filed for Chapter 11 in August 2009. Howard Davidowitz, chairman of Davidowitz Associates Inc., a national retail consulting and investmentbanking firm, calls Finlay's demise "a barometer for what's going on in department stores right now."
Ultimately, large numbers of jewelry consumers are trading down. Bigbox chains and discounters appeal more than ever, especially as "recession chic" makes such shopping more socially acceptable. A lot of sales will be driven by "a whole bunch of basics that people can understand at the best possible price on the planet," notes Harry Friedman, founder and chief executive officer (CEO) of The Friedman Group, a retail consulting and training group.
These days, flat sales are a victory and a ready supply of cash is critical. Richemont posted a combined sales increase of 4 percent for the year by Cartier and its other jewelry house, Van Cleef Arpels. "High jewelry sales, which are made exclusively through Cartier's own boutique network of 172 stores, were particularly strong, together with sales of high jewelry watches and Ballon bleu," the annual report noted. "Sales of other products were broadly in line with the prior year."
More recent sales figures, however, told a different story. In September 2009, at Richemont's annual general meeting, Johann Rupert, the company's executive chairman, unveiled data on the first five months of fiscal 2010 through the end of August, and said, "The jewelry maisons and the specialist watchmakers experienced declines in sales of 14 percent and 18 percent, respectively." The continued sales decline through the first half of the company's current fiscal year will be reflected in the company's next annual report.
There was also action taken on the costs front. In May 2009, Cartier was forced to reduce work hours for 400 employees at its Neuchtel plant, following similar reductions at its Fribourg plant in February, which affected 200 people. These cuts were in production staff hours only, and are not expected to be permanent.
Certain brands, including Cartier, are finding that the customer base they are losing in Western markets is reappearing in emerging markets, according to Hana BenShabat, a partner in the retail and consumer products practice at A. T. Kearney, a global management consulting company. "There was a survey that was published recently that showed that Louis Vuitton and Cartier were top choices for Russian and Chinese consumers," she says. "Richemont is targeting the Gulf and Asia, and they're planning to open at least 60 stores in these markets because they're not getting the numbers in the main markets. But they were not specific about which brands these stores would carry."
Sterling Jewelers Inc., Akron, Ohio. subsidiary of Signet Jewelers, Ltd., incorporated in Bermuda. sales declined by 4 percent to $552.5 million from $575.6 million. Samuel,[url=http://nikefreetilbud.hcslnet.com]nike free tilbud[/url], Ernest Jones and Leslie Davis. sales declined by 4 percent to $552.5 million from $575.6 million. Sales for the half year were down by 2.4 percent, to $1.18 billion from $1.21 billion.
That isn't to say the company won't be focusing on product. "We continue to develop and test exclusive and differentiated merchandising programs, such as the Leo Diamond, the Peerless Diamond, Open Hearts by Jane Seymour," said David Bouffard, vice president of public relations at Sterling.
"The Jane Seymour heart was innovation, and keeping your product line fresh is clearly a part of managing the business," says Nicholas White, retail consultant and president of White Co. "I think everyone agrees with that." White also feels that because Sterling's parent company is so large, its affiliates may stand to benefit from the current industry shakeup. "Kay Jewelers is the beneficiary of everyone's problems, and so long as the collapse of the industry continues, Kay will pick up pieces," he says. "Kay is a public company, and these companies want to maximize return. So what they're doing is gaining market share as people around them are less successful. It's a good strategy."
Read further at:Signet Jewelers Ltd., the parent of Kay Jewelers and Jared chains, said Thursday its sales at stores open more than a year declined 1.9 percent for the 13 weeks ended Oct. 1.
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