Signet’s stock climbed more than 6% after reporting its same store sales during the holiday season were up 5.6% compared to 2019. Most notably, the jeweler’s e-commerce sales rose nearly 61% year over year.
Path to Brilliance
The spike in sales for the season, spanning November 1, 2020 – January 2, 2021, may be attributable to an initiative designed to reach customers digitally. “Path to Brilliance” provided digital solutions for shoppers including virtual appointments, live experts, online events and multi channel approaches to stimulate sharing and interest.
According to Signet CEO Virgina Drosos:
Despite considerable macro hurdles, the Signet team delivered strong holiday performance – an achievement that demonstrates the power of our multi-year Path to Brilliance transformation strategy and the agility, innovation, and determination of our people.
Range and Diversity
The company credited differentiation in banner propositions for their ability to attract a broad range of customers.
Fashion growth was notably strong at Zales and Piercing Pagoda, brands that are often identified with fashion forward gifters and self-purchasers. Bridal strength at Kay marked customer desire for sentimentality and storytelling.
The importance of product assortment was also mentioned in the report, specifically the launch of new brands alongside long-standing existing lines.
Newer bridal lines such as Leo’s Ideal Cut and First Light at Kay, as well as Royal Asscher and Pnina Tornai at Jared bring new ways for customers to express a timeless emotion. Existing brands continue to convey emotions, through new and on-trend pieces, such as tenderness through the Center of Me at Kay and elegance through Vera Wang at Zales.
Signet supplemented their Path to Brilliance program with new, pandemic-centric capabilities such as product shipping, “BOPIS” (Buy Online Pickup In-Store), more effective customer care assistance and an improved website experience – reportedly improving conversion rates by permitting customers to easily shop whenever and from wherever they chose.
Our results were driven by new digital and fulfillment capabilities, increasingly personalized and insight-based marketing, banner portfolio differentiation, and a strong merchandising strategy that included competitive newness and a strengthened core assortment — all of which increased conversion, attracted new customers, and increased market share. Our sales momentum coupled with strong profit generation are reflective of our team’s excellent execution and new ways to help our customers Celebrate Life and Express Love whenever and however they desire to shop. – Virginia Drosos
The focus on digital service and delivery paid off, increasing fulfillment capacity by 500% and operating with distribution partners who successfully delivered >98% of North American customer orders on time.