Events & Awards

In Las Vegas, Signet CEO Calls for Industry Innovation

Events & AwardsJun 05, 2018

In Las Vegas, Signet CEO Calls for Industry Innovation

In a keynote breakfast speech at the JCK Las Vegas jewelry trade show Friday, Gina Drosos said Signet and the trade all need to step it up.

2018_Gina-Drosos-NEW.jpg
Signet CEO Gina Drosos delivered the keynote speech at a breakfast held Friday in Las Vegas, prior to the opening of the JCK jewelry trade show. She talked about the industry’s need for innovation and disruption.

Las Vegas--As jewelry sales continue to lag other consumer goods categories and experiences, one industry executive called for companies big and small to evolve and innovate.

At a breakfast held Friday morning before the Las Vegas jewelry trade shows opened for the day, Signet Jewelers CEO Gina Drosos delivered the keynote speech following Reed Jewelry Group Senior Vice President Yancy Weinrich’s presentation on the 2018 JCK State of the Industry Jewelry Report.

Drosos was named CEO of Signet in July 2017, replacing longtime executive Mark Light. She joined the company with plenty of experience in consumer goods and driving brand and segment growth, experience she will apply to building Signet and the jewelry industry going forward, she said Friday.

At the start of the keynote, Drosos referred to former Intel CEO Andy Grove, addressing his business stance through the title of his book: “Only the Paranoid Survive,” which talks about how Intel had to reinvent itself to stay relevant in the market.

Drosos said while she learned about the importance of leading change and identifying and leveraging inflection points in business from the book, she prefers a slightly more positive spin on the theme.

“Rather than ‘only the paranoid survive,’ I’d assert that only the innovators thrive. Because sometimes the greatest successes aren’t driven by paranoia, but by seeing game-changing opportunities and grabbing them, even if things seem to be going relatively well.”

She added that the pace of change is accelerating, and that “business as usual is insufficient, and we together must lead disruptive innovation now.”

Drosos said she has visited hundreds of Signet stores since she started to witness firsthand the buying experience across all of the company’s brands. She said one thing has become clear to her: the ability to create and sustain innovative, meaningful and powerful connections with customers will determine who succeeds and who fails.

It is through this lens that she is approaching challenges and opportunities at Signet.

She has plenty of experience doing so, specifically in her role at Proctor & Gamble where she worked to rebrand Olay skincare and the Old Spice product line for men, which she said helped her realize that innovation in one brand lifts the overall market.

“Sometimes the greatest successes aren’t driven by paranoia, but by seeing game-changing opportunities and grabbing them, even if things seem to be going relatively well.” -- Gina Drosos, Signet CEO
Despite the
general retail woes and the industry’s challenges with online competition, the jewelry category hasn’t been affected to the same extent as books, electronics and household  supplies, Drosos contended.

Total jewelry sales in the U.S. topped $90 billion last year. And, as the 2018 JCK State of the Industry Jewelry Report shows, 88 percent of the industry is very or somewhat optimistic about business over next 12 months.

This robust position provides a window of opportunity, she said.

Half of the JCK report survey-takers cited online completion as the main struggle for their businesses, and Drosos said now is the time to get ahead of the challenges by disrupting the industry and how it responds to consumers’ meaningful life moments.

“For an industry that is rooted in marking such moments, how can we change our approach?”

While the industry is winning Valentine’s Day and Mother’s Day for gifting, there’s stiff competition for the rest of the year, she said, adding that jewelry is one of four top items people like to get as gifts but trails experiences such as dining out and trips, as well as clothing/shoes.

So, how does the industry make jewelry the top overall gifting category? First, stop expending all its energy fighting to win the holidays, Drosos said.

“If we’re laser-focused only on six weeks of the year, that means we’re not putting enough effort into the other 46,” she said. “That’s almost 90 percent of the available time.”

Also, for most of the year, companies depend on a “pretty low frequency” event, engagements and weddings, yet only about 25 percent of annual industry sales comes from engagement rings and wedding bands.

Expanding sales means winning more moments like birthdays and graduations, and getting to know customers personally so the industry is involved in their individual life events and remains relevant year-round.

She said Signet, as the category leader, “is committed to taking bold, innovative, transformational steps that will not only bring Signet forward but will bring all forward to put jewelry at the forefront of our customers’ minds for many more occasions.”
“If we’re laser-focused only on six weeks of the year, that means we’re not putting enough effort into the other 46. That’s almost 90 percent of the available time.”  -- Gina Drosos, Signet CEO
Part of increasing growing business and consumer trust in jewelers is also understanding the changing demographics and adapting to them to create new opportunities, Drosos said.

The U.S. Census predicts that by 2045, the percentage of white Americans will dip below 50 percent of the population for the first time. Hispanics will make up almost 25 percent, African- Americans will represent 13 percent and Asian-Americans will grow to 8 percent.

People of Hispanic ethnicities have driven about half of U.S. population growth since the beginning of the 21st century, have $1.7 trillion in purchasing power, buy fine jewelry more often than the average customer and are more likely to have purchased jewelry without a specific occasion or reward in mind.

“What are we doing as an industry to ensure our stores, our products and our people genuinely reflect Hispanic culture and language?” Drosos asked.

What comprises a “traditional” family also is changing; to wit, 40 percent of engaged couples engaged already have children, and same-sex couples are getting married in greater numbers and their buying power is reaching $1 trillion, rivaling the disposable income of other American minority groups.

But even as some consumer habits are changing, some remain the same, Drosos said.

While 40 percent of consumers start their buying process online, 90 percent of engagement ring purchases are still made in store, and Drosos said she feels confident  physical stores will remain important in the future.

As retailers put more focus on the experience, social media is a big part of that, as the JCK industry report showed that almost half of survey-takers indicated the medium was a key strategy in fighting online competition.

Signet is looking at ways to bring technology into the store to “create store experiences that people will line up for outside our doors,” Drosos said.

They’re creating a digital vault of inventory photographed in 360 degrees at 40 times magnification. The company also acquired R2Net, the owner of online retailer JamesAllen.com, in the fall, and is exploring bringing augmented reality and virtual reality into the purchasing process.

In a brief question-and-answer session at the end of the speech, Drosos mentioned Signet’s “Path to Brilliance” turnaround plan, which she said focuses on streamlining the omnichannel experience. She also mentioned the retailer would be launching online appointment booking.

She wrapped up the keynote by making a pledge that she will lead Signet on a path of “groundbreaking transformation and disruptive category-building innovation” and asked the crowd to do one thing: “Take a few minutes and think about what your ideal state is for our industry, and how you can innovate and help to take us there.”
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (1).jpg
Supplier BulletinApr 24, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Wolf CEO Simon Wolf
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. Expansion

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

Iowa jeweler Herman Ginsberg
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

gia1d100 btyb.jpg
Brought to you by
Protect Your Customers and Your Business

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

Charles & Colvard moissanite ring
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to Noncompliance

The company failed to file its quarterly reports in a timely manner.

Weekly QuizApr 24, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Young Diamantaires
SourcingApr 24, 2025
Young Diamantaires Transition to Nonprofit

The organization also announced its board of directors.

Mined + Found "Hope" Matchbox Locket
TrendsApr 24, 2025
Amanda’s Style File: So Charming

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

gia-topimage 0325.jpg
Brought to you by
A Brilliant Future Is Here

Get online education from GIA experts.

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

National Jeweler columnist Lilian Raji
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of Mouth

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

Bill and Birdie Levine of Van Cott Jewelers
IndependentsApr 21, 2025
New York Jeweler to Close After 111 Years

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

IJO Director Samantha Larson
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise Strategy

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host Convention

The two organizations will hold the educational event together this fall in Mississippi.

Daymond John
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Dukachi Easter Bread Pendant
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ Pendant

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

Bremer Jewelry
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated Store

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

Tiffany & Co. Strong Like Mom campaign
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day Campaign

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Athena Calderone x John Hardy Collection
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired Collection

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

Movado Connect 2.0 watches
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs Impact

During a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.

Natural Diamond Council Diamond Learning Center Graphic
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning Center

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

Jewelers of America logo
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from Members

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.

×

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