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Signet Jewelers Anticipates A Resurgence in Weddings April 24, 2023 (0 comments)


Dallas, TX--Signet Jewelers Ltd. has set its sights on annual sales of $9-$10 billion within the next three to five years. This target surpasses Wall Street's expectations, driven by an anticipated boost in US wedding engagements and sustained high-end jewelry demand.

A report on The Dallas Morning News states that Signet's CEO Gina Drosos is confident in the company's growth potential, based on an expected rise in engagements starting from November. Between 2024 and 2026, Drosos predicts an additional 500,000 engagements will take place, with Signet benefiting significantly as engagement and bridal jewelry make up half of its annual sales.

The parent company of Kay Jewelers and Zales' growth strategy also involves expanding its accessible luxury segment, which includes items priced between $1,000 and $3,000. The company expects sales in this segment to surge to nearly $3.5 billion, up from $2.5 billion. Brands such as Jared, Diamonds Direct, James Allen, and Blue Nile have already contributed to a revenue increase in the accessible luxury segment, which grew from 22% to 30% of sales in the most recent fiscal year.

Additionally, Signet plans to enhance its services segment, including repairs, custom jewelry, and loyalty program benefits. The company expects these improvements to add $500 million to sales, raising its services segment to a $1.2 billion revenue business. Improved digital and data capabilities, like personalized marketing, are predicted to contribute another $450 million.

The company aims to increase its share of the US jewelry market to 11% or 12% within the next five years, up from the current 9.7%.

For more details, read the report by The Dallas Morning News.

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