HAMILTON, Bermuda, Oct. 19, 2020 /PRNewswire/ -- Signet Jewelers
Limited ("Signet") (NYSE:SIG), the world's largest retailer of
diamond jewelry, today announced it has reinvented the holiday
shopping experience for jewelry. During a global pandemic, being
able to emotionally connect and celebrate life and love is more
important than ever – and nothing does that quite like jewelry.
Signet's reimagined Omnichannel experience enables its expert staff
to serve customers using technology such as chat, video, social
media and virtual by-appointment private shopping consultations,
giving customers a variety of ways to start celebrating meaningful
moments in time for the holiday season.
"Jewelry today is so much about creating moments, and in a time
like this, celebrating those we love is of great importance. With a
global pandemic driving a rapid shift to online commerce, we have
responded quickly and accelerated our Path to Brilliance
transformation, pivoting to a digital first strategy that brings
the best of Signet and its brands to customers, anytime, anywhere
this holiday season," said Virginia C.
Drosos, Signet Jewelers CEO. "By optimizing an enhanced
digital platform and expanded Omnichannel capabilities we are
putting innovation into action and giving shoppers early access to
unique products from a diverse range of emerging designers all at a
great value."
Signet's mission of helping people Celebrate Life and Express
Love enables customers to embrace special moments and to feel close
even if they are physically apart. The Company's core values are
deeply rooted in doing what is right for all stakeholders,
prioritizing the health and safety of its customers and employees,
while continuing to offer a diverse array of high-quality jewelry
at a great value. For customers who prefer to shop in a store,
Signet developed its Love Takes Care™ safety program in
collaboration with medical experts, and in keeping with CDC
guidelines, ensuring it puts health and safety front and center.
Signet is also hiring concierge teams to help customers quickly get
their Buy Online Pick up in Store purchases and avoid frustrating
lines.
Leveraging its transformative Path to Brilliance plan, Signet
continues to put the customer first, delivering a fully integrated
shopping experience that brings the best of its stores online and
the best of its digital offering into stores. Here are some of the
ways that Signet is reinventing the shopping experience this
holiday season:
- New Jewelry Choices – This year, Signet is doing more than ever
with increased options to customize and personalize pieces across
the price spectrum. From Kay and Zales' launch of the "Everything
You Are" collection to Piercing Pagoda's Black Lives Matter charms
collection, the company is also recognizing customers'
sentiments.
- Enhanced Omnichannel Capabilities – Customers can now shop new
virtual offerings, such as livestreaming shows on social media
channels to connecting with a jewelry expert in real time. In
addition, the JamesAllen.com brand is now available in stores
across the U.S. and in select Jared locations with an entirely new
and bespoke experience called The Foundry, where an artisan can
help customers design jewelry from scratch.
- Expanded Outlet Inventory – Signet's Outlet customers are
treasure seekers and love finding special pieces of jewelry at
great values. All Kay Outlet, Zales Outlet and Jared Vault stores
have added new pieces at remarkable values to prepare for increased
foot-traffic due to their location in less-crowded, open air
centers.
- Flexible Payment Options – Signet has worked with financial
partners to roll out new, convenient payment options for ultimate
flexibility. These new payment options have been integrated into
Signet's digital platform, allowing customers to apply and buy with
just a few clicks online.
As the holiday season approaches, Signet is ready. In
addition to offering great value for high-quality jewelry, Signet
is also reimagining the way customers shop during this
unprecedented holiday season. Signet's ability to operate in this
new retail environment means it is prepared to meet customers'
needs both online and in-stores.
About Signet Jewelers Limited
Signet Jewelers Limited is the world's largest retailer of
diamond jewelry. Signet operates approximately 2,900 stores,
primarily under the name brands of Kay Jewelers, Zales, Jared,
H.Samuel, Ernest Jones, Peoples,
Piercing Pagoda, and JamesAllen.com. Further information on Signet
is available at www.signetjewelers.com. See also www.kay.com,
www.zales.com, www.jared.com, www.hsamuel.co.uk,
www.ernestjones.co.uk, www.peoplesjewellers.com, www.pagoda.com,
and www.jamesallen.com.
Forward Looking Statements
This release contains statements which are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements, based upon management's
beliefs and expectations as well as on assumptions made by and data
currently available to management, appear in a number of places
throughout this document and include statements regarding, among
other things, Signet's results of operation, financial condition,
liquidity, prospects, growth, strategies and the industry in which
Signet operates. The use of the words "expects," "intends,"
"anticipates," "estimates," "predicts," "believes," "should,"
"potential," "may," "forecast," "objective," "plan," or "target,"
and other similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to a number of
risks and uncertainties which could cause the actual results to not
be realized, including, but not limited to: the negative
impacts that the COVID-19 pandemic has had, and will continue to
have, on Signet's business, financial condition, profitability and
cash flows; the effect of steps we take in response to the
pandemic; the severity and duration of the pandemic, including
whether there is a "second wave" and whether it is necessary to
temporarily reclose our stores, distribution centers and corporate
facilities or for our suppliers and vendors to temporarily reclose
their facilities; the pace of recovery when the pandemic subsides
and the heightened impact it has on many of the risks described
herein, including without limitation risks relating to disruptions
in our supply chain, consumer behaviors such as spending and
willingness to congregate in shopping centers and the impact on
demand of our products, our level of indebtedness and covenant
compliance, availability of adequate capital, our ability to
execute our business plans, our lease obligations and relationships
with our landlords, and asset impairments; general economic or
market conditions; financial market risks; our ability to optimize
Signet's transformation initiative; a decline in consumer spending
or deterioration in consumer financial position; changes to
regulations relating to customer credit; disruption in the
availability of credit for customers and customer inability to meet
credit payment obligations; our ability to achieve the benefits
related to the outsourcing of the credit portfolio sale due to
technology disruptions, future financial results and operating
results and/or disruptions arising from changes to or termination
of the non-prime outsourcing agreement requiring transition to
alternative arrangements through other providers or alternative
payment options; deterioration in the performance of individual
businesses or of the Company's market value relative to its book
value, resulting in impairments of long-lived assets or intangible
assets or other adverse financial consequences; the volatility of
our stock price; the impact of financial covenants, credit ratings
or interest volatility on our ability to borrow; our ability to
maintain adequate levels of liquidity for our cash needs, including
debt obligations, payment of dividends, and capital expenditures as
well as the ability of our customers, suppliers and lenders to
access sources of liquidity to provide for their own cash needs;
changes in our credit rating; potential regulatory changes, global
economic conditions or other developments related to the
United Kingdom's exit from the
European Union; exchange rate fluctuations; the cost, availability
of and demand for diamonds, gold and other precious metals;
stakeholder reactions to disclosure regarding the source and use of
certain minerals; seasonality of Signet's business; the
merchandising, pricing and inventory policies followed by Signet
and failure to manage inventory levels; Signet's relationships with
suppliers and ability to obtain merchandise that customers wish to
purchase; the failure to adequately address the impact of existing
tariffs and/or the imposition of additional duties, tariffs, taxes
and other charges or other barriers to trade or impacts from trade
relations; the level of competition and promotional activity in the
jewelry sector; the development and maintenance of Signet's
OmniChannel retailing and ability to increase digital sales;
changes in consumer attitudes regarding jewelry and failure to
anticipate and keep pace with changing fashion trends; changes in
the supply and consumer acceptance of and demand for gem quality
lab created diamonds and adequate identification of the use of
substitute products in our jewelry; ability to execute successful
marketing programs and manage social media; the ability to optimize
Signet's real estate footprint; the ability to satisfy the
accounting requirements for "hedge accounting," or the default or
insolvency of a counterparty to a hedging contract; the performance
of and ability to recruit, train, motivate and retain qualified
sales associates; management of social, ethical and environmental
risks; the reputation of Signet and its banners; inadequacy in and
disruptions to internal controls and systems, including related to
the migration to a new financial reporting information technology
system; security breaches and other disruptions to Signet's
information technology infrastructure and databases; an adverse
development in legal or regulatory proceedings or tax matters,
including any new claims or litigation brought by employees,
suppliers, consumers or shareholders, regulatory initiatives or
investigations, and ongoing compliance with regulations and any
consent orders or other legal or regulatory decisions; failure to
comply with labor regulations; collective bargaining activity;
changes in taxation laws, rules or practices in the US and
jurisdictions in which Signet's subsidiaries are incorporated,
including developments related to the tax treatment of companies
engaged in Internet commerce; risks related to international laws
and Signet being a Bermuda
corporation; difficulty or delay in executing or integrating an
acquisition, business combination, major business or strategic
initiative; risks relating to the outcome of pending litigation,
including risks related to satisfaction of the conditions precedent
for our pending securities class action settlement; our ability to
protect our intellectual property or physical assets; changes in
assumptions used in making accounting estimates relating to items
such as extended service plans and pensions; the success of recent
changes in Signet's executive management team; or the impact of
weather-related incidents, natural disasters, strikes, protests,
riots or terrorism, acts of war or another public health
crisis or disease outbreak, epidemic or pandemic on Signet's
business.
For a discussion of these and other risks and uncertainties
which could cause actual results to differ materially from those
expressed in any forward looking statement, see the "Risk Factors"
and "Forward-Looking Statements" sections of Signet's Fiscal 2020
Annual Report on Form 10-K filed with the SEC on March 26,
2020 and quarterly reports on Form 10-Q and the "Safe Harbor
Statements" in current reports on Form 8-K filed with the SEC.
Signet undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events or
circumstances, except as required by law.
Investors:
|
Media:
|
Vinnie
Sinisi
|
David
Bouffard
|
SVP Investor
Relations
|
VP Corporate
Affairs
|
+1-330-665-6530
|
+1-330-668-5369
|
vincent.sinisi@signetjewelers.com
|
david.bouffard@signetjewelers.com
|
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SOURCE Signet Jewelers Ltd.