New Signet CEO Announces Plans to Overhaul Company

By Rob Bates | March 19, 2025

Signet Jewelers plans a “relentless focus” on its “big three brands”—Kay, Zales, and Jared—CEO J.K. Symancyk told analysts on an earnings call today.

It’s all part of a new corporate strategy, “Grow Brand Love”—a top-to-bottom overhaul that will involve greater emphasis on fashion jewelry, trimming Signet’s senior leadership by around 30%, the closure of up to 150 stores and refurbishment of 200, moving more stores to off-mall locations, and a clearer delineation of the roles of natural and lab-grown diamonds.

Signet will be reorganized into “four distinct customer families” of brands, Symancyk said: “core milestone and romantic gifting” (Kay and Canadian chain Peoples); “style and trend” (Zales and Banter); “inspired luxury” (Jared and Diamonds Direct); and “digital pure play” (Blue Nile, James Allen, and Rocksbox.) He didn’t mention the chains in Signet’s international division, U.K.-based H. Samuel and Ernest Jones.

Symancyk, who’s been on the job since November, said that while the largest brands will get an “outsized focus,” Signet is “evaluating the rest of our portfolio.” He added that going forward, Signet’s divisions will be called “brands,” not “banners.”

“Brands build loyalty with customers through emotional and engaging connections, while banners are transactional, literally a static nameplate on the door,” he said, according to the SeekingAlpha transcript of the earnings call. “However, growth has been elusive [at Kay, Zales, and Jared] in recent years.… We’re creating a clearer distinction between brands to attract new and loyal consumers that see themselves reflected in the DNA of each brand.”

The revamped Signet will also increase its focus on fashion.

“The total bridal jewelry market in the U.S. is around $10 billion, and we have a nearly 30% dollar share,” said Symancyk. “The U.S. fashion jewelry market is over $50 billion, of which we have a mid-single-digit share. At everyday jewelry, we have only a low-single-digit share. Put another way, growing our bridal share by one point is worth $100 million in revenue, while one point of fashion is more than five times the impact.

“I believe we have the right to win here through both milestone gifting and self-purchase…. Everyday jewelry is also the fastest-growing part of the industry, and we believe will continue to grow for the foreseeable future.”

Symancyk said that stocking more fashion will attract a “new customer,” who often shops online.

He also hopes to carve out more distinct roles for natural and lab-grown diamonds.

“It’s about [recognizing] what the consumer is telling us: There’s a place for both in their life,” Symancyk said. “We will work to protect the allure and value of natural stones in engagement rings while pursuing the significant opportunity lab diamonds provide to grow fashion, particularly within self-purchase and gifting.”

With natural diamonds, “we need to have a sharper point of view on the role in which natural [diamonds] play in that mix,” he said. “In natural, we are seeing a return to growth there in engagement.… Signet intends to collaborate with De Beers and other industry leaders on more effective marketing, enhanced traceability, and delivering more dynamic consumer education this year.”

But lab-grown will remain important, Symancyk noted. “Lab-grown diamond fashion sales are up 60% in our big three brands.…. We expect this trend to continue, bolstering [average unit retail] and margin, while providing customers new styles and trends, encouraging our customers to trade up from gold jewelry, melee natural diamonds, and cubic zirconium pieces.”

He added that Signet will reorganize “store operations teams to [the new] brand-specific structure.” However, administrative functions—like media buying, basic merchandising and sourcing, services, and IT and digital—will become centralized. The company is searching for a new chief marketing officer.

Symancyk made the remarks following the release of Signet’s earnings for the fourth quarter of fiscal 2025 (ended Feb. 1). Sales for the quarter totaled $2.4 billion, down $145 million from the same period last year. Comps fell 1.1%, slightly worse than the preceding quarter.

Operating income in the fourth quarter was $152.6 million, down from $416.3 million last year. That number reflects a non-cash impairment charge of $200.7 million, substantially related to Signet’s digital brands.

(Photo courtesy of Signet)