Signet is increasingly targeting the lower-priced fashion jewelry market and may buy a company active in that space, CEO Gina Drosos (pictured) told The Wall Street Journal.
“We have the biggest opportunity to grow our market share in lower-priced fashion jewelry and self-purchases in and out of malls,” she said in an interview with the newspaper. “Think about women buying jewelry under $500 for themselves. We would be looking at both M&A and/or organic growth to expand our presence in that category.”
Moving into lower price points would likely grow Signet’s e-tail business, Drosos said. Online sales, which have risen from 5% of Signet’s overall sales in 2017 to about 23% currently, could eventually increase to 40%, she said, “though it’s hard for me to estimate when.”
One thing Drosos did predict is a general shift away from malls.
“Three years from now, it is likely we will have even fewer mall stores and more off-mall stores,” she said. “Over the last several years, we saw that off-mall stores are more efficient, have higher sales per square foot, and are more profitable than in-mall ones.”
(Photo courtesy of Signet)
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