James Allen, which Signet bought for more than $USD300 million, will become a collection within Blue Nile, while Rocksbox will be offered under Kay Jewellers.
Chief operating and financial officer Joan Hilson stated that the company will now focus on four core brands: Kay, Zales, Jared, and Blue Nile, reduced from eight previously supported businesses.
“We are evolving Blue Nile to achieve an elevated luxury position anchored in the enduring value of natural diamonds. This allows Blue Nile to distinguish itself at the highest end of the Signet portfolio,” she said.
“We also see additional opportunity for other brands within the portfolio to utilise the custom capabilities and technology of James Allen. “
Signet CEO J.K. Symancyk said that lab-created diamond fashion sales continue to increase.
“Diamonds are less penetrated in the fashion category,” he said.
“We have talked about the centre-stone-based diamond and engagement business. In fashion, there’s not a lot of centre stone presence, period, let alone a diamond. The opportunity for growth there we continue to see as outsized relative to the rest of diamond jewellery. And it’s because it’s stretching a category.”
Signet’s full-year sales reached $USD6.81 billion ($AUD 9.77 billion), up 1.3 per cent from the previous year, marking its first annual increase since 2022. Kay, Jared, and Zales each improved by three per cent.
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Sales improve at major retailer amid strategic shift
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