Before I start, an interesting anecdote … All the reporters here had to call retailers about Christmas sales. Of the six I called, two mentioned “Hearts on Fire” as their biggest seller. Interesting, I thought. Then, out of the 13 retailers my colleague Bacillio called, four mentioned “Hearts on Fire.” Wow. What is happening out there? Has the Monogamy campaign pushed it over the top? Anyway, good for HoF.
Now the news …
Zale will close 60 stores, “dozens” more by year’s end.
– My thoughts.
Rio Tinto won’t sell Argyle. (Also mentions rumors of new BHP bid.)
– Reuters: Gold price favors high end manufacturers.
C. Mahendra will challenge DTC suspension.
– Chaim: Brenig case could mean Antwerp’s end.
Diamdel has first auction.
Five Israeli Lazare Kaplan employees killed in Namibian plane crash. Our condolences to their families.
Activist investor increases Tiffany stake.
– $500 m. stock buyback.
Blue Nile 4Q sales rise 24%.
– Fails to help stock.
Canadian miner Tahera files for protection from creditors.
The psychology of luxury:
– It’s about “emotional experience.”
– High-priced products lead to happiness. (Via smartbrief.)
– My thoughts: The emphasis on ethics and social consciousness is most welcome, but there was not one mention of Supplier of Choice, and barely any mention of marketing. The big news is they seem to be planning more changes in pricing. They are also renaming the sales department “The Client Value Proposition Dept.,” as they are worried Charles Wyndham doesn’t have enough to make fun of.
Rap has new “discount” list. (First item)
DTC broker Nagel mentioned in stories about Hain fund.
– Calls the whole thing “rubbish.”
– Iowa newspaper: Retailers cope with gold prices.
– NY Times: Tiffany’s slowdown shows luxury woes.
– WWD: Gemesis making pinks.
– An anti-diamond article from a California college newspaper, which invents an industry organization.
From the blog:
Have a great weekend, and for all of us in the U.S., a nice Martin Luther King day …