Prouds
| Company type | Private |
|---|---|
| Industry | Jewellery retail |
| Founded | 1903 |
| Founder | William James Proud |
| Headquarters | Sydney , Australia |
Area served | Australia |
| Products | Jewellery |
| Parent | James Pascoe Group |
Prouds the Jewellers—often referred to simply as Prouds—is a jewellery retailer originating in Australia, founded in 1903 by William James Proud on Pitt Street, Sydney.
History
The origins of Prouds trace back to 1903 when William James "Bill" Proud (1871–1931), a skilled clock and watchmaker, established the company. In 1971, ownership of Prouds' 72 outlets transferred to Hooker Corporation, which subsequently sold the enterprise to Goldmark Jewellers.
By 1996, after 93 years in operation and facing financial difficulties, Prouds was acquired by the James Pascoe Group. At that point, the company managed 67 stores; this number expanded significantly, exceeding 195 locations by 2013. Following the acquisition of Farmers, Prouds jewellery counters were introduced inside select Farmers stores across New Zealand as part of a store-within-a-store strategy. Nevertheless, after James Pascoe Group took over Angus & Coote, Prouds was phased out in New Zealand and replaced by Goldmark, ceasing its marketing presence there.
In 2008, the Australian Competition & Consumer Commission successfully challenged Prouds in Federal Court concerning deceptive 'was/now' pricing promotions featured in their Valentine's Day and Mother's Day catalogues.
For the fiscal year 2008–2009, Prouds reported revenues amounting to NZ$707.6 million. By 2012, it had become Australia's leading jewellery retailer by market share within an industry valued at approximately A$3.8 billion, generating around A$600 million in revenue.