Events & AwardsMay 26, 2026
CBG Brings Its Curated Designer Project to Las Vegas ShowThe Curated Designer Project has expanded to highlight eight independent jewelry designers during CBG’s Las Vegas show.
MajorsFeb 12, 2014
Signet gives CEO Barnes a long-term contract
Signet Jewelers Ltd., the largest specialty jeweler in the world, has given its CEO a long-term contract, a recent 8-K filing with the Securities and Exchange Commission shows.
Akron, Ohio--Signet Jewelers Ltd., the largest specialty jeweler in the world, has given its CEO a long-term contract, a recent 8-K filing with the Securities and Exchange Commission shows.
Mike Barnes’ initial employment agreement with Signet was for a fixed term of three years, and expired on Jan. 31. This new contract is “evergreen,” meaning it has no expiration date, and is effective as of Feb. 1.
Barnes will remain the CEO of Signet until either side decides it’s time for them to part ways.
“The Signet board felt the new contract should extend that period, as well as take a simpler approach going forward by making it essentially evergreen, subject to the normal termination clauses executable by either party seen in the agreement,” a company spokesman said.
The former president of Richardson, Texas-based accessories company Fossil, Barnes joined Signet as CEO-designate in December 2010 after 25 years with Fossil. He worked alongside outgoing CEO Terry Burman, officially becoming CEO on Jan. 30, 2011.
RELATED CONTENT: Signet taps Fossil exec as new CEO
According to the filing, Barnes’ annual base salary is $1.054 million. He is eligible for up to $2.7 million a year in bonuses, meaning he could make as much as $3.8 million a year.
Signet is the parent company of Akron-based Sterling Jewelers Inc., which operates Kay Jewelers, Jared the Galleria of Jewelry and a number of regional chains in the United States.
During Barnes’ time as CEO, sales have climbed, the company has completed one major acquisition and, in January, activist investor Corvex Management LP snapped up a nearly 8 percent stake in the jewelry company, calling its shares “undervalued” in an SEC filing.
In fiscal year 2012, Barnes’ first full year as CEO, Signet’s same-store and total sales were up 9 percent year-over-year to $3.75 billion. Same-store sales in the U.S. rose 11 percent while sales in the U.K. were up less than 1 percent.
The following year, Signet’s same-store sales were up 3 percent while total sales climbed 6 percent to $3.98 billion. U.S. same-store sales increased 4 percent while U.K. comps remained relatively weak, growing only 0.3 percent.
Signet acquired Ultra Stores Inc. in 2012 for $57 million in cash. Ultra operated Ultra Diamonds outlet stores and the licensed jewelry departments in Burlington Coat Factory stores. Upon acquiring the chain, Signet began the process of converting Ultra Diamonds into
Kay Outlet stores, stating that it wanted to be a larger player in the outlet store business.
RELATED CONTENT: Sterling completes $57M Ultra acquisition
The company is set to report its results for the current fiscal year on March 27.
More on Majors
The Latest
Events & AwardsMay 26, 2026
12 JCK Talks Sessions to Add to Your Las Vegas ScheduleThe trade show’s education series returns, with sessions on retail trends, AI, watches, marketing, corporate responsibility, and more.
TrendsMay 26, 2026
Amanda’s Style File: A Cooldown Is ComingBring a cool tone to your summer jewelry with these white metal pieces.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
ColumnistsMay 25, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMay 22, 2026
Instore Buys JA New York ShowThe deal closed this week, which means Instore will produce the JA NY show slated to take place this fall.
FinancialsMay 22, 2026
Richemont’s Jewelry Brands Lead the Charge in Q4The company’s jewelry sales were up in Q4 and the fiscal year, with Richemont raising prices in part because of the cost of gold.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
CollectionsMay 22, 2026
Leigh Maxwell Celebrates 5 Years at Couture With ‘Bauble’ CollectionThe “Bauble” capsule collection of colorful one-of-a-kinds includes our Piece of the Week, the “Bauble” earrings, featuring rose zircon.
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
SourcingMay 21, 2026
Botswana, Angola Join WFDBThe addition of the diamond-producing countries as nation affiliated members broadens the federation’s global representation, WFDB said.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
