Signet Jewelers
| Company type | Public |
|---|---|
| Industry | Retail (Jewellery) |
| Predecessor | Ratner Group (1949–1993), Signet Group plc (1993–2008) |
| Founded | 1949 |
| Headquarters | Fairlawn, Ohio , United States |
Area served | United States, Canada, United Kingdom, Republic of Ireland, Channel Islands |
Key people | Virginia Drosos (CEO), Joan Hilson (CFO) |
| Products | Diamond jewellery, jewellery retail |
Number of employees | Not specified |
| Website | www |
Overview
Signet Jewelers Ltd.—previously known as Ratner Group from 1949 until 1993 and subsequently as Signet Group plc until September 2008—is recognized as the world's foremost retailer specializing in diamond jewellery as of 2015. The corporation is legally registered in Bermuda and maintains its main offices in Akron, Ohio, specifically within the suburb of Fairlawn, Ohio. It is publicly traded on the New York Stock Exchange. Signet operates primarily within the mid-tier jewellery market, leading the specialty jewellery sectors across the United States, Canada, and the United Kingdom. Some of its brands, including Jared in the US and H. Samuel, Ernest Jones, and Leslie Davis in the UK, cater to the upper middle market segment.
The company’s portfolio encompasses a variety of well-known retail names such as Blue Nile, Zales, Kay Jewelers, Jared, JamesAllen.com, among others. These brands collectively reinforce Signet’s dominant presence in the jewellery retail industry across multiple regions.
History
Established in 1949, the company initially experienced steady organic growth before accelerating its expansion through numerous acquisitions during the late 1980s and early 1990s. It was originally known as the Ratner Group.
Under the leadership of former CEO Gerald Ratner, who expanded the business from 130 to 2,500 stores, the company faced a significant setback due to a notorious misstep in British corporate history. At a prominent business conference, Ratner described one of his products as "total crap" to explain its low price and further compared some of the company's earrings unfavorably to a 99p prawn sandwich. These comments were widely publicized by the media, leading to a dramatic loss exceeding £500 million in market value. Consumer backlash caused nearly 300 Ratner stores to close between January 1992 and May 1994 amid financial restructuring efforts. Ratner stepped down from his position in November 1992, and in September 1993, the organization rebranded itself as Signet Group plc.
This incident, viewed as a demonstration of poor judgment and customer disregard, gave rise to the phrase "doing a Ratner".
On September 11, 2008, the company shifted its primary stock exchange listing from London to the New York Stock Exchange and simultaneously adopted the name Signet Jewelers Limited. On that same day, it relocated its legal domicile from the United Kingdom to Bermuda while maintaining its headquarters in Akron, Ohio. In 2012, Signet acquired ULTRA Diamonds and subsequently transitioned most ULTRA locations into Jared Vault and Kay Jewelers Outlet stores.
In February 2014, Signet Jewelers Ltd. announced an agreement to purchase Zale Corporation for $1.4 billion in cash, offering Zale shareholders $21 per share. This acquisition resulted in the formation of a combined entity valued at $6.2 billion.
Virginia Drosos was appointed CEO in July 2017, succeeding Mark Light who had held the role since October 2014. The following month, Signet Jewelers Ltd. agreed to acquire R2Net—the parent company of online jeweler James Allen—for $328 million. That same year, Signet sold its revolving credit portfolio to Alliance Data Systems and Genesis Financial Solutions.
Amid the 2020 COVID-19 pandemic in the United Kingdom, Signet announced it would permanently close 80 UK stores following pandemic-related shutdowns. In the United States, despite temporary store closures during the pandemic, online sales surged by 58 percent to $1.2 billion for the fiscal year ending January 30, 2021; however, total sales declined by 15 percent to $5.2 billion. To improve operational efficiency, CFO Joan Hilson outlined plans to reduce store hours outside malls and adjust staffing based on customer traffic while cutting costs within the supply chain. The company also aimed to shutter approximately 100 physical stores in 2021 as part of a broader strategy to decrease reliance on mall locations and enhance its online presence.
Operations
By February 2018, Signet managed a network of 2,958 retail locations across the United States, United Kingdom, Canada, the Republic of Ireland, and the Channel Islands.
Litigation
In May 2017, Sterling Jewelers, a subsidiary of Signet, resolved a federal civil lawsuit filed by the US Equal Employment Opportunity Commission that accused the company of gender discrimination against female staff members. Additionally, Signet faced multiple class action lawsuits through Sterling Jewelers and Jared—the Galleria of Jewelry. One such lawsuit involved claims from 44,000 current and former female employees alleging discriminatory practices. This case, initiated in 2008, proceeded to trial in 2018.
In January 2019, Sterling Jewelers agreed to a settlement regarding accusations that it enrolled customers in credit card programs without their consent. The resolution included an $11 million payment to both the Consumer Financial Protection Bureau and the office of the New York Attorney General.
References
External links
- Jewellery retailers of the United Kingdom
- Offshore companies of Bermuda
- British companies established in 1949
- Retail companies established in 1949
- Jewelry retailers of the United States
- Jewellery retailers of Canada
- Companies based in Akron, Ohio
- Companies based in Ohio
- Retail companies based in Ohio
- 1949 establishments in England
- Companies listed on the New York Stock Exchange