Majors

Major Jewelers (Mostly) Optimistic About the Holiday Season

MajorsDec 18, 2023

Major Jewelers (Mostly) Optimistic About the Holiday Season

From Signet Jewelers to Macy’s, here’s how the biggest jewelry sellers are feeling about the most wonderful time of the year.

Rocksbox holiday jewelry
A selection of holiday jewels from Signet Jewelers-owned banner Rocksbox. See how Signet Jewelers, Brilliant Earth, and other major jewelry sellers are feeling about the holiday season ahead.
New York—The holiday season began on a high note for retailers, with consumers hitting the stores in record numbers over Thanksgiving weekend.

From Thanksgiving through Cyber Monday, 200.4 million consumers went shopping, according to the National Retail Federation, exceeding the organization’s expectation of 182 million and surpassing last year’s total of 196.7 million shoppers.

Still, economic pressures and geopolitical tensions could make for a not-so-merry season.

Here’s how a few of the major jewelry sellers are feeling about the holidays.

Signet Jewelers: Confident about brighter days ahead

Signet Jewelers posted double-digit declines in its recent third quarter as engagement ring sales slowed.

On an earnings call, CEO Virginia Drosos said fine jewelry is “experiencing its second COVID,” referencing the industry’s initial struggles during the early days of the pandemic, but remains confident a rebound is ahead.

The jewelry giant noted an uptick in the number of engagement rings sold through Black Friday weekend.

Over Black Friday weekend, jewelry under $1,000 was popular, with the Banter by Piercing Pagoda banner doing particularly well.

Brilliant Earth: Planning on a profitable quarter

Brilliant Earth posted muted sales growth in its third quarter, also noting a decline in bridal sales.

The retailer lowered its fiscal outlook to “reflect the current normalizing jewelry industry conditions.”

Still, CEO Beth Gerstein ended its recent earnings call on a positive note.

“The bulk of the season lies ahead and we believe that we are well-positioned to deliver another profitable fourth quarter with the largest quarterly sales in our history,” she said.

Movado: Cautious amid uncertainties

Movado Group also had a rough third quarter, seeing a double-digit drop in sales as it continued to struggle in its largest markets, the United States and Europe.

In light of the “uncertain” retail environment, the company lowered its fiscal-year guidance.

On a recent earnings call, Movado CEO Efraim Grinberg noted that while the company has seen trends improve in recent weeks, due in part to its new Movado marketing initiatives, it is still facing a challenging market in the U.S. and Europe.

“As we proceed through the important holiday quarter, we are taking a cautious view while supporting important marketing initiatives to ensure that our brands get stronger while we navigate the uncertain retail climate and steer clear of the excessive promotional environment,” he said.

The company will also be airing new television commercials on cable networks and YouTube TV.

 Related stories will be right here … 

Macy’s: Still a ‘gift-giving destination’

Macy’s posted declining revenue in its recent third quarter, noting a drop in both brick-and-mortar and online sales.

The storied retailer has been struggling in the face of online competition and reportedly has received a $5.8 billion buyout offer.

Macy’s took the No. 7 spot on National Jeweler’s 2022 “$100 Millon Supersellers” list, with an estimated $1.7 billion in jewelry and watch sales.

In a press release about its results, CEO Jeff Gennette touted Macy’s “better-than-expected top- and bottom-line third quarter results” and said the retailer was “entering the holiday period in a healthy inventory position.”

“Our portfolio of nameplates are leading gift-giving destinations across the value spectrum offering exclusive products. We have refined our gift assortment, simplified our promotions, and improved our shopping experience,” he said.

Target: Catering to price-conscious shoppers

Target posted a 5 percent dip in comparable sales in its third quarter with discretionary categories driving the decline.

The company sits at No. 11 on National Jeweler’s 2022 $100 Million Supersellers list, with jewelry and watch sales of $617 million.

On an earnings call, CEO Brian Cornell highlighted the pressures being faced by consumers, noting that while inflation rates have moderated prices in key categories are still up significantly compared with 2020.

Food prices for families have increased 25 to 30 percent, while baby food and formula is up 30 percent. Energy prices are also up.

“As a result, this holiday season, we’re focusing on highlighting the amazing value we’ve always provided in our end caps, promotions, and the price points we feature in our marketing. As we built our plans for this holiday season, we maintained our cautious inventory positioning in markdown-sensitive categories,” said Cornell.

While Target is “cautious” in its near-term outlook, it’s “playing the long game,” by investing in its stores, supply chain, team, digital capabilities, and its assortment to “provide the newness, value and convenience our guests want for this holiday season and beyond.”

“At the heart of it all is our focus on being our guests’ happy place and delivering the joyful shopping experience that makes Target, Target.”

The Latest

Indian actress Saiyami Kher celebration sapphires
SourcingFeb 27, 2024
Fura’s New Sapphire Jewelry Is Traceable to the Source

The gemstone mining company’s “Celebration Sapphires” collection has launched in India.

National Jeweler columnist Lilian Raji
ColumnistsFeb 27, 2024
The PR Adviser: Leveraging Those Early Victories

Lilian Raji offers advice to a “small brand with big dreams” that is unsure of what its next step should be.

Sotheby’s MoonSwatch Suitcase auction
AuctionsFeb 27, 2024
Sotheby’s MoonSwatch Suitcases Sell for Over $600K

The auction house sold all 11 “MoonSwatch Moonshine Gold” suitcases, donating the proceeds to eye care nonprofit Orbis International.

GIA id100
Brought to you by
Full Disclosure at Your Fingertips

Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.

Matteo Farsura Italian Exhibition Group
Events & AwardsFeb 27, 2024
IEG Names New Exhibition Manager for Jewelry, Fashion Division

Matteo Farsura, former exhibition manager of Vicenzaoro, will oversee the Italian Exhibition Group’s various jewelry and fashion shows.

Weekly QuizFeb 22, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Lightbox lab grown diamond pendant in yellow gold
Lab-GrownFeb 26, 2024
Lightbox ‘Significantly’ Lowered Its Prices in Q4

The De Beers-owned lab-grown diamond company dropped the price on its standard offerings from $800/carat to $600/carat.

JA New York signs
Events & AwardsFeb 26, 2024
JA New York to Bring the Diamond District to Spring Show

The upcoming show will have an immersive “47th Street Experience” for attendees.

flashforge pic.png
Brought to you by
WaxJet: Revolution in Jewelry Manufacturing

The WaxJet 400, recognized as the world's fastest wax printer, is bringing in a new era of precision and efficiency to industry.

GIA Dubai laboratory
GradingFeb 26, 2024
GIA Opens Lab in Dubai

The new DMCC Laboratory at Uptown Tower will initially serve clients in Dubai free trade zones.

Rolex Oyster Perpetual Day-Date 36 with affirmations
WatchesFeb 23, 2024
Rolex to Open New Watchmaking School in Dallas

The Rolex Watchmaking Training Center will welcome its first class this fall.

Guzema Freedom heart pendant for Ukraine
CollectionsFeb 23, 2024
Piece of the Week: Guzema’s ‘Freedom’ for Ukraine Pendant

Ukrainian jewelry designer Valeriya Guzema’s charitable “Freedom” collection is inspired by hope for the country’s future.

Elton John’s leopard print Rolex Daytona watch
AuctionsFeb 22, 2024
Elton John’s Leopard-Print Rolex Roars at Auction

Two Cartier watches also topped their estimates at Christie’s “The Collection of Sir Elton John: Goodbye Peachtree Road” evening sale.

Buccellati header
TrendsFeb 22, 2024
Buccellati to Open ‘Prince of Goldsmiths’ Exhibition

Set to be held in Venice, it’s a look through the maison’s history.

813-carat “Constellation” diamond in rough form
SourcingFeb 22, 2024
Lucara, HB Group Partnership Revived

It is another 10-year sales agreement in which all the larger rough recovered from the Karowe mine will go to HB Group for manufacturing.

Sebastian Clarke and Katherine van Dell of Heritage Auctions
AuctionsFeb 22, 2024
Heritage Auctions Adds 2 New Hires to West Palm Beach Office

Sebastian Clarke and Katherine van Dell, frequent appraisers on “Antiques Roadshow,” will join the new office.

National Jeweler columnist Sherry Smith
ColumnistsFeb 21, 2024
On Data: January Was a ‘Mixed Bag’ for Independent Jewelers

Sherry Smith dishes on the month’s highs and lows and the two categories consumers were loving ahead of Valentine’s Day.

Stock image of diamonds
GradingFeb 21, 2024
GIA’s Same-Day Service Now Available Everywhere

The new service, introduced to stem fraud related to lab-grown diamonds, will be offered at no cost for the time being.

Jam + Rico Claire’s jewelry
CollectionsFeb 21, 2024
Jam + Rico Debuts Second Claire’s Collection

Founder Lisette Scott was inspired by the intricacy, colors, and symbolism of African art and architecture.

Rapaport logo
SourcingFeb 21, 2024
Rapaport to Hold Another Natural Pearl Auction

Viewings start this week in New York and bidding will close on March 8.

National Jeweler columnist Peter Smith
ColumnistsFeb 20, 2024
Squirrel Spotting: Life After Rolex

Peter Smith shares advice from independent jewelers who used losing this cornerstone brand as a catalyst for reinvention.

Neile Adams McQueen and Steve McQueen
AuctionsFeb 20, 2024
Jewels from Neile Adams McQueen Shine at Bonhams

All 13 lots belonging to the actress and first wife of Steve McQueen sold at the recent “California Jewels” sale.

Stuller bench jeweler
Events & AwardsFeb 20, 2024
Stuller to Host Bench Jeweler Workshop in March

Registration is also open for its “Battle of the Benches” challenge.

Mary Ball Gorman of Henry B. Ball Jewelers
IndependentsFeb 16, 2024
Mary Ball Gorman of Henry B. Ball Jewelers Dies at 99

Gorman was an industry trailblazer, serving as the first female treasurer of Jewelers of America.

Jade Ruzzo gold and diamond Tennessee Torque necklace
CollectionsFeb 16, 2024
Piece of the Week: Jade Ruzzo’s Tribute to Tennessee

The movement of the 18-karat gold and diamond “Tennessee Torque” necklace is subtle.

De Beers Venetia diamond mine
SourcingFeb 15, 2024
De Beers’ Production Down 8% in 2023

The company recovered 31.9 million carats of diamonds in 2023, compared with 34.6 million in 2022.

Gina D’Onofrio Heritage Auctions
AuctionsFeb 15, 2024
Heritage Auctions Names New Co-Director of Fine Jewelry

Industry veteran Gina D’Onofrio has rejoined the auction house.

Indian Diamond and Colorstone Association (IDCA) awards
Events & AwardsFeb 15, 2024
IDCA Hands Out Awards in Tucson

The association also celebrated its 40th anniversary.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy