Signet Weighing More Acquisitions, Exec Says

There are a few “interesting avenues” for future possible Signet acquisitions, the company’s chief financial officer Michele Santana told a Goldman Sachs investment conference on Sept. 9.

“When we think about acquisitions, it needs to be something that fits inside our Vision 2020 [strategy],” she said. “If you go back and think about the Zale acquisition, [it lined up perfectly] with our strategic vision, sticking with our core [strategy of] maximizing the mid-market. It would be compelling initiatives that fit well with our strategic vision.” 

She said a “brand acquisition” was possible and also hinted at overseas opportunities, adding, “We would also look at the English-speaking countries first, before we would start even entertaining [going into] China and other international locations.” 

At the conference, CEO Mark Light said the company’s greatest opportunities may lay in its U.S. home base. He estimated the company’s current market share at under 10 percent, as the market is still dominated by independents. But in other retail sectors, the biggest names claim a far greater market share.

The company is also redesigning some Zales stores, with a new “lighter” look with more tech elements and “side-by-side selling,” he said.

Side-by-side selling is “not a big deal outside the jewelry world,” Light continued. “In our world we usually sell across the counter. In the fashion part of the business, the non-bridal side of the business, if you can sell side-by-side it’s a very successful interaction.”

Light also told Investor’s Business Daily that Signet wants to stock its first wearable in 2016. 

“We’re hoping there’s something in stores in the first half of next year,” he told the publication. “When it comes to jewelry, our hopes are that we’re going to try to be one of the first people out there.”

 

JCK News Director