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Signet to Expand James Allen In-Store Format
Sep 8, 2020 5:48 AM
By Rapaport News
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RAPAPORT... Signet Jewelers plans to have James Allen e-commerce displays in 80 of its Jared locations this holiday season following a successful trial of the store-in-store concept.
“Given positive sales results and strong traffic gains, we plan to expand this new format to over 80 locations, or one-third of our jewelry fleet, prior to holiday,” Signet CEO Gina Drosos said Thursday in an earnings call transcribed by Seeking Alpha. “This is a terrific way to create a curated physical presence for James Allen, while maximizing our existing off-mall space and staffing in Jared.”
James Allen, which Signet acquired in 2017 for $328 million, was the group’s only division to see sales gains during the second fiscal quarter ending August 1, with revenue rising 20% year on year to $64.3 million. Group revenue fell 35% to $888 million, though the decline eased compared with the previous quarter.
In June, Drosos said Signet was testing “reimagined uses” of its physical store space, such as combined Jared and James Allen locations, as well as outlet stores housing multiple banners.
Image: A James Allen diamond ring. (James Allen/Instagram)
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Tags:
e-commerce, Gina Drosos, James Allen, Jared, Jewelry, Omni-channel, online retail, online sales, Rapaport News, retail, Signet, Signet Jewelers
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