CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
EditorsJul 20, 2017
Analysis: Light’s Out at Signet
Editor-in-Chief Michelle Graff breaks down the chain of events that led to the departure of Signet Jewelers CEO Mark Light.
Signet Jewelers Ltd. announced this week that longtime executive Mark Light, who has been CEO since 2014, would retire at the end of the month and be replaced by Virginia “Gina” C. Drosos, who has been on the company’s board for five years.
Shortly after Signet’s March earnings call, I was on the phone with an industry colleague who said he believed that Mark Light’s days at the helm of the nearly $6 billion jewelry store chain were numbered.
His evidence: board Chairman Todd Stitzer’s backing of Light during the call. A member of any board indicating that the CEO’s job is secure, my colleague rightly observed, is generally a sign that it’s not.
So it wasn’t a shock when the news broke Monday morning that the 55-year-old Light would be retiring at the end of the month due to “health reasons,” with a company spokesman telling National Jeweler via email on Wednesday that while Light’s condition is not life-threatening, he has been hospitalized and has had a couple of “surgical procedures.”
There’s a lot to unpack surrounding the departure of Light, who spent his entire career at Signet, following in the footsteps of his father, Nate.
First, let’s start with Signet’s recent financial performance.
The company has seen comps fall for the last four quarters, and its performance this past holiday season was described as “disappointing” by management, with same-store sales down 5 percent in November and December.
Signet’s struggle with in-store sales is understandable, for a couple of reasons.
Number one, the company’s target demographic, the American middle class, has seen its buying power diminish.
RELATED CONTENT: Middle class problemsNumber two, the majority of Signet’s stores are located in malls, which are struggling to survive, particularly those that cater to middle-income Americans. At the close of 2017, the company had a little over 2,800 Kay, Jared, Zales and Piercing Pagoda stores in the United States and Puerto Rico. Of those, 1,955, or about 70 percent, were located in malls.
But what was perhaps more concerning this past holiday season was online performance. At a time when online sales can be a bright spot for brick-and-mortar retailers, Signet’s e-commerce sales slid 3 percent because, the company said, it had technical problems with some of its websites.
So you have a retailer with an eroded customer base, a lot of stores in the wrong places and websites that don’t work very well in an age when e-commerce is important as ever.
Then, you throw in a couple of huge public relations messes and questions from investors about your credit program (which Signet is now going to outsource), and it’s not hard to see why this massive chain
Editors' Picks
Sponsored by
is going to have a new CEO in less than 30 days and has essentially replaced all its senior management this year.
The most recent of these messes was The Washington Post’s February story detailing 1,309 pages of sworn statements from former male and female employees who told of a culture where women were discriminated against and sexually harassed.
Here’s the background on this story.
The declarations were part of an ongoing class-action arbitration first filed in 2008 in which female employees accuse the company of pay and promotion discrimination. The arbitration is ongoing and set to go to trial in March 2018.
Now--and Signet has emphasized this point over and over again--there are no claims of sexual harassment in the arbitration.
But the documents the Post reported on earlier this year were filed as part of the case; they had just been under wraps for years.
One of the stipulations of their release was that the names of any specific individuals accused of harassing conduct be redacted because they were not parties to the litigation. Yet there was one name mentioned in Post story--Light’s.
The Post cited a 2013 memorandum filed by the attorneys who represent the women in the pay and promotion discrimination class-action arbitration in which Light, along with a few other executives, are accused of creating a culture were women feel devalued and compelled to acquiesce to sexual advances in order to succeed, and for having sex with female employees.
The story garnered more than 700 comments and was widely covered, not only by the trade but also the consumer media, outlets like USA Today and NBC Nightly News.
A little more than a week after the Post story ran, Signet had its fourth quarter results conference call and Stitzer took the reins from Light, something I can’t recall happening in the nearly 10 years I’ve been covering the company.
For the first 26 minutes of what turned out to be an hour-and-15-minute-long call, Stitzer was on clean-up duty. He ran down the list of issues currently confronting the company, starting with the bombshell Post story, then credit issues and the allegations of stone-swapping at Kay stores.
This is also the call where, as I mentioned above, he pledged the board’s support for Light and the executive management team.
But Stitzer also said this: “Our board is very focused on management’s performance. During the course of a very challenging year, the board and I have become much more actively involved with the business, and we’ll continue this enhanced level of involvement.”
So it’s not at all surprising that the individual picked to succeed Light, Virginia C. Drosos, is a member of the board and not from Signet’s current, and now very much changed, upper ranks.
The most recent of these messes was The Washington Post’s February story detailing 1,309 pages of sworn statements from former male and female employees who told of a culture where women were discriminated against and sexually harassed.
Here’s the background on this story.
The declarations were part of an ongoing class-action arbitration first filed in 2008 in which female employees accuse the company of pay and promotion discrimination. The arbitration is ongoing and set to go to trial in March 2018.
Now--and Signet has emphasized this point over and over again--there are no claims of sexual harassment in the arbitration.
But the documents the Post reported on earlier this year were filed as part of the case; they had just been under wraps for years.
One of the stipulations of their release was that the names of any specific individuals accused of harassing conduct be redacted because they were not parties to the litigation. Yet there was one name mentioned in Post story--Light’s.
The Post cited a 2013 memorandum filed by the attorneys who represent the women in the pay and promotion discrimination class-action arbitration in which Light, along with a few other executives, are accused of creating a culture were women feel devalued and compelled to acquiesce to sexual advances in order to succeed, and for having sex with female employees.
The story garnered more than 700 comments and was widely covered, not only by the trade but also the consumer media, outlets like USA Today and NBC Nightly News.
A little more than a week after the Post story ran, Signet had its fourth quarter results conference call and Stitzer took the reins from Light, something I can’t recall happening in the nearly 10 years I’ve been covering the company.
For the first 26 minutes of what turned out to be an hour-and-15-minute-long call, Stitzer was on clean-up duty. He ran down the list of issues currently confronting the company, starting with the bombshell Post story, then credit issues and the allegations of stone-swapping at Kay stores.
This is also the call where, as I mentioned above, he pledged the board’s support for Light and the executive management team.
But Stitzer also said this: “Our board is very focused on management’s performance. During the course of a very challenging year, the board and I have become much more actively involved with the business, and we’ll continue this enhanced level of involvement.”
So it’s not at all surprising that the individual picked to succeed Light, Virginia C. Drosos, is a member of the board and not from Signet’s current, and now very much changed, upper ranks.
More on Editors
The Latest
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
Weekly QuizJul 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
TrendsAug 03, 2026
Amanda’s Style File: Spinel vs. Peridot While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
SourcingJul 31, 2026
Gemfields’ H1 Revenue Jumps 72%The miner’s ruby and emerald auctions brought in a combined $102.9 million.
SourcingJul 30, 2026
De Beers Sale in ‘Final, Most Challenging’ Phase, Anglo CEO SaysThe goal is for the De Beers sale to be finished by the second half of 2026, with the subsequent approvals process expected to take a year.
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
SurveysJul 30, 2026
Consumer Confidence Slips in JulySurvey respondents were concerned about the rising prices of food and groceries as well as unemployment.
Events & AwardsJul 30, 2026
Vicenzaoro Releases 2026 Education LineupThe trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.
Events & AwardsJul 30, 2026
Hillsborough Show Moves to New Location for 2026The public shopping event featuring art, jewelry, watches, and rare collectibles, will take place in Santa Clara, California, this fall.
MajorsJul 29, 2026
Kevin Reilly Retires After 39 Years in the Jewelry Industry Reilly has been with PGI USA for the last 20 years, leading partnership development and professional education.
FinancialsJul 29, 2026
Kering’s H1 Jewelry Sales Up 14%Boucheron reached record sales while Pomellato found success in its signature collections.
Events & AwardsJul 29, 2026
Lauren Harwell Godfrey Designs a Flag for ArkansasShe was one of more than 120 American designers who created flags for the “United Flags of Fashion” project led by CFDA and Vogue.
ColumnistsJul 28, 2026
Peter Smith: Why Your Job Postings May Be Working Against You Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.
FinancialsJul 28, 2026
Tiffany & Co., Bulgari Lead the Way for LVMH in H1LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”
CollectionsJul 28, 2026
Lionheart’s New Collection Unites Spiritual Iconography“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
Events & AwardsJul 28, 2026
The Edge Funding 2 Scholarships Via 24 Karat Club SEUS The scholarships will go to early-career professionals looking to study gemology, bench work and jewelry design, or store operations.
SurveysJul 27, 2026
Jewelry Leads Luxury Market Amid Stabilization, Bain SaysBain & Company delved into the trends shaping the luxury market, the impact of AI, and more in its recent study.
SourcingJul 27, 2026
‘Rubies’ Goes on Display at Harvard MuseumThe exhibition reveals the gemology, geology, and cultural history of the iconic red gemstone.
