Daniel’s Jewelers, the 107-store California-based chain that primarily targets the Hispanic market, is opening its first stores on the East Coast.
The company plans to open three stores in Miami next year. Those will be followed by additional stores near Tampa, Fla., and around Atlanta.
Since 2015, the company has been slowly but surely expanding outside of its home base of California. Its first expansion was into Arizona, followed by Nevada, then Houston and New Mexico.
“After our expansion in Houston, we asked, ‘where’s the next big city for us?’ ” says CEO David Sherwood (pictured). “The geography and ethnic makeup of Florida was number one on that list.”
Sherwood says that his chain has been successful in targeting the Hispanic market because it has deep roots in the community.
“You think about all the things that go into being culturally attuned to the Hispanic market,” he says. “It starts with store design, that you design your aisles large enough for an entire family. It includes places for elderly people to sit down. It’s understanding the differences between a cross and a crucifix, and Mother’s Day and Mexican Mother’s Day.
“There are subtle differences up and down the line that are hard for the standard mainstream chain to take into account. The majority of our store associates are bilingual and from the communities we serve. We have really tried to listen to our customer. That’s in the DNA of the company from top to bottom.”
Daniel’s has been owned by Palladium Equity Partners, a private equity firm, since 2014.
Given private equity’s standard time frame, “at some point, they will be looking to sell the business and someone else will likely own the business,” Sherwood says.
Currently, the company’s biggest sellers are lab-grown diamonds, which now comprise about half its diamond sales; Cuban chains; and heavy link chains.
Recently, Daniel’s has been enjoying the same boost that most other jewelry businesses have.
“2021 was a banner year in so many different ways,” Sherwood says. “2022 is not as good as 2021. But the company is still performing far in excess of where it was pre-pandemic. In years to come, we will look at 2021 as just this incredible year.”
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