Jewelry

Another online retailer has made the jump to the physical space.   Brilliant Earth announced plans to open three new locations, in San Diego, California; Washington, D.C.; and Denver, during the spring and summer. The new showrooms will join the retailer’s five other existing locations in San Francisco, Los Angeles, Boston and Chicago.  

Pandora UK is embarking on a new strategy to engage with shoppers post-purchase.   The jewelry retailer is partnering with Ecrebo to provide shoppers with digital receipts that are emailed to shoppers following their in-store transaction. When the receipt arrives in their inbox, shoppers have the option to opt-in to receive regular newsletters, and share feedback about their in-store experience.   

Saks Fifth Avenue is adding to its store fleet up north.   On Thursday, March 9, Saks Fifth Avenue Off 5th will open two new locations in the greater Toronto area,      “This month marks our one year anniversary of entering the Canadian market, and we’re excited to continue our Canadian expansion with two new stores in the GTA,” said Jonathan Greller, president, Saks Off 5th and Gilt.   

Store closures, layoffs and shifting consumer preferences weighed down Macy’s bottom line, negatively impacting its fourth quarter earnings. And the retailer doesn’t see its slump ending in the near future.    Macy's net income fell to $475 million in the quarter ended Jan. 28, compared with $544 million in the year-ago period. Adjusted earnings per share came to $2.02, better than analysts had expected. Analysts had expected $1.95 per share for the quarter, according to FactSet.  

The $500 million sale of online diamond and jewelry retailer Blue Nile has been completed.   The company was acquired by an investor group comprised of Bain Capital Private Equity, Bow Street and Adama Partners for $40.75 per share in cash. The transaction, first announced on Nov. 7, 2016, was approved by shareholders on Feb.2, 2017.  

On the heels of disappointing financial results, Tiffany & Co. said that Frederic Cumenal has stepped down as CEO, effective immediately.    Cumenal, who had run the company since April 2015, is being succeeded on an interim basis by chairman and former CEO Michael Kowalski, while the company searches for a permanent replacement.    

In addition to promoting three key executives and adding a new board member, Signet Jewelers is announcing the retirement of two company leaders.    The appointments include the following:  

In its newest partnership, Target has joined up with BaubleBar, the online fast-fashion jewelry brand.   The two companies have come together for a new collection, called Sugarfix by BaubleBar, that will feature original designs and pieces inspired by the brand's most popular styles. The line will be available exclusively on Target.com and in some 900 Target stores beginning Jan. 31.  

Luxury Brand Holdings, parent company of Ross-Simons and Sidney Thomas, has appointed James M. Speltz as president.    Speltz will join the company’s board and oversee all business activities. Most recently, he was COO for Teikametrics, a software and service provider to Amazon.com third-party merchants.  

Tiffany & Co has appointed Reed Krakoff to the newly created position of chief artistic officer.   Krakoff, who previous worked with Tiffany on the re-launch of its gifts, home and accessories collections, will join the company on Feb. 1. He will direct design for Tiffany & Co. brand jewelry and luxury accessories, and also lead the brand’s artistic and design vision with respect to stores, e-commerce, marketing and advertising.