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

Cast Issa Rae
MajorsJul 01, 2025
Cast Closes Business, Plans for Relaunch

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

Elie Hannoush
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

Claire’s store
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report Says

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Mindi Mond Spike Earrings
TrendsJul 01, 2025
Amanda’s Style File: Red Hot Rubies

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

Weekly QuizJun 26, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
The Story of Everything Campaign, Toadstool Mushroom and Cosmic Egg
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

Smart Age Solutions CEO Emmanuel Raheb
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry Sales

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The Jewelry Book
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry

“The Jewelry Book” comes out this September.

Gemist
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech Platform

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Jeff Preolo, David Stout, Levi Higgs, David Benavides
IndependentsJun 27, 2025
David Webb Announces New Hires, Promotions

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

Blake Graham and Jessica Kohoutek
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner

AGS also named the recipient of its “Women in Leadership” scholarship.

Buddha Mama Monstera Ring
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap Ring

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Cashier handing Rocksbox bag to customer
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers Downsizes

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

Penny Ruston
IndependentsJun 26, 2025
Penny Ruston Dies at 80

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

Stock image of woman shopping
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

Sorellina Playlist: Electric Dreams Campaign
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired Jewels

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The Jewelry Symposium event
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 Event

The event is set for May 16-19 in Detroit, Michigan.

Exterior of Marissa Collections’ new store in Nantucket, Massachusetts
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight Continues

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef Jewelry

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

Karine Choudhrie Big Splash Circus Starfish and Lantern Fish
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus Performers

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

Jewelers of America
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund Recipients

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

John Dyer Montana Sun Sapphire
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for Entries

The organization has also announced this year’s slate of judges.

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

“Marvel | Citizen Zenshin” watch for the new The Fantastic Four movie
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

XO Tacori diamond ring
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry Collection

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

×

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