Signet Has Made Another Acquisition
The move is part of the retailer’s plan to grow its services segment into a $1 billion business.
On a call with National Jeweler Wednesday afternoon, Chief Financial, Strategy and Services Officer Joan Hilson said the company has acquired the assets of the Service Jewelry Repair National Repair Center, or SJR.
The price of the acquisition was not disclosed, though Signet confirmed it will retain SJR’s employees, who will become Signet employees and remain in their current location.
Located in Brentwood, Tennessee, a suburb of Nashville, SJR is a full-service jeweler, watch repair center, and retailer.
Formerly owned by now-closed Service Merchandise, the company opened its first location in Madison, Tennessee, in 2002.
According to its website, it expanded in 2003, opening a national repair center in Brentwood that currently services more than 4,000 stores across the country.
The acquisition, “unlocks new capabilities for us with the ability to perform our own in-house watch repairs as SJR is certified to work on all major watch brands,” noted Hilson.
She also said the jeweler has plans for the recently closed Blue Nile fulfillment center in Seattle, which it will transition into a central repair center that will service all Signet’s banners.
“The capabilities that SJR and the Blue Nile center bring will complement the capabilities of our existing team of 1,800 jewelers and further positions Signet as the most prominent service provider in the industry today,” said Hilson.
Signet has been bulking up its services segment in recent quarters.
Its services portfolio includes Rocksbox, the jewelry subscription business it acquired in 2021, as well as appraisals at select Kay Jewelers stores; a new insurance program at Jared, Kay and Zales; and the continued rollout of its Vault Rewards customer loyalty program.
The company wants to grow its services from a $500 million business into a $1.2 billion business, Hilson said Wednesday.
The acquisitions and new programs are “an example of our Inspiring Brilliance strategy in action as we continue to leverage the strength of our balance sheet to reinvest back into our business,” she said.
The locations of the service centers, one near the East and West coasts, will improve turnaround time while supporting the Jared Foundry locations, a custom jewelry design experience within select Jared locations.
Signet believes customization has the potential to become a $700 million business for it over time, said Hilson.
“It will also help us establish a B2B business, as well as a mail-in [repairs] business that will open up sizable growth,” she said.
“We’re excited about the advantages that it can bring for Signet’s growth strategy but also [it will] bring confidence to our customers that they’re building a relationship with a jeweler that can support not only new purchases but any repair and service needs that they have.”
Signet Jewelers sits atop National Jeweler’s $100 Million Supersellers and Top 50 Specialty Jewelers lists, with more than $7 billion in sales last year and more than 2,800 stores across North America.
The former teacher, described as “a pioneer for women-owned businesses,” opened her own jewelry store in 1980.
Awareness is essential to proactive protection. Learn how to promote and maintain safety and security awareness in your business.
Police say Douglas Wayne Gamble also swapped natural diamonds for synthetic stones and failed to return customers’ repairs.
Do you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.
The designer just launched a new bridal range at Kay Jewelers.
The company has filed complaints against Royal Chain and Samuel B.
The lab confirmed it did not send the message.
Reginald Brack has worked at StockX and Christie’s.
The second installment of “To Treasure Now and Forever” is intended to emphasize diamonds’ versatility.
Economic slowdowns, geopolitical tensions, and the rising popularity of lab-grown diamonds are clouding the outlook for mined diamonds.
Some Indian manufacturers think the potential in this young, evolving market outweighs current price concerns.
The massive space spans 7.1 million square feet with more than 4,000 offices and 131 elevators.
GIA is among the supporters of a new school building for children with special needs.
From holiday spending to inflation’s impact, here’s what analysts are forecasting for the season.
The 17.61-carat stone leads Christie’s “Magnificent Jewels” sale in Geneva this November.
The suspect used bear spray to subdue employees and bystanders then stole $800,000 worth of jewelry.