News
February 22, 2008
Jewelery Retailer Zale Sees 31% Drop In Q2 Earnings
Zale Corp.’s second quarter earnings dropped 31% to $60.8 million after a challenging holiday season. The U.S. jeweler said same-store sales fell 7.3% and overall sales declined 5.4% to $1.21 billion.
Excess inventory is part of the problem, according to the company. Zale said it wants to reduce its excess inventory by $100 million to free up cash flow.
Posted by Blacks on 10:18 AM | Comments (0)
February 11, 2008
De Beers 2007 Sales, Profit Loses Some Sparkle
Diamond giant De Beers experienced a 2.8% drop in sales last year to $7 billion while profits slid 7.1% to $486 million. The company said that production levels were flat with 2006 at 51.1 million carats.
There was little increase in demand for diamonds in the U.S, although independent high-end jewelry stores performed better than most, the company said. De Beers saw a greater increase in demand in China, the Middle East and India.
Posted by Blacks on 09:17 AM | Comments (0)
December 21, 2007
Zale Appoints Goldberg As New CEO
Zale Corp. named Neal Goldberg its new president and CEO, replacing Betsy Burton. Goldberg has had experience at Victoria’s Secret, Macy’s and Gap. His most recent position was as president of The Children’s Place.
Zale has been struggling to put some permanent leadership in place, while its financial picture has flagged. The $2.5 billion jewelry retailer reported a loss of $28.4 million in its last quarter, compared to a loss of $26.4 million a year ago.
Posted by Blacks on 10:36 AM | Comments (0)
December 03, 2007
Tiffany's Third Quarter Sales Shine
Tiffany & Co.’s third-quarter sales surged 18% to $627.3 million while earnings soared to $98.9 million from $29.1 million a year ago.
The company benefitted from the sale of its Tokyo flagship and strong business overseas. Same store sales rose 8% domestically and 10% internationally during the quarter.
The diamond and silver jewelry categories performed particularly well, the company said. Tiffany raised its full-year guidance due to the strong results.
Posted by Blacks on 09:49 AM | Comments (0)
October 18, 2007
Tiffany Introduces New Retail Model
Tiffany & Co. is adopting a less exclusive retail concept called Tiffany & Co. Collections. The jeweler plans to launch around 70 Collections stores, offering more affordable women’s jewelry and accessories. The new stores will be around 2,000 square feet in size and feature products in the $100 to $15,000 range. Engagement rings will not be included in the new concept.
Tiffany unveiled a Collections model to analysts and investors this week but did not say where the first stores would be located. The company hopes to debut the new concept in fall of 2008.
Posted by Blacks on 09:36 AM | Comments (0)
October 15, 2007
Chopard To Open New NY Flagship
Luxury jeweler Chopard is opening a 3,000-square-foot store on Madison Ave. The new flagship is slated to open Nov. 12 and will feature a large selection of company’s fine watches and jewelry.
The Swiss company said that it’s experiencing increased demand for high-end jewelry, which now makes up about 15% to 20% of its business. Wealthy customers worldwide are seeing luxury pieces as a good investment, giving a boost to the market, the company said.
Posted by Blacks on 09:47 AM | Comments (0)
June 04, 2007
De Beers Hopes To Sparkle Online
Diamond giant De Beers is launching an e-commerce site later this month that will allow consumers to order items such as tennis bracelets and engagement rings for up to $30,000.
The site, DeBeers.com, is a joint venture between the jewelry retailer and luxury group LVMH.
The companies will be competing with other jewelry e-tailers who have found success online by selling diamonds at a discount.
De Beers said that it won’t be marking down its stones, but all items on the site will offer De Beers Passport, which guarantees the origin of each diamond.
Posted by Blacks on 08:59 AM | Comments (0)
March 06, 2007
Polo Enters Luxury Jewelry Business
Polo Ralph Lauren is moving into the luxury jewelry business through a 50-50 joint venture with Compagnie Financière Richemont, which owns the Cartier and Van Cleef & Arpels brands.
The new Polo Ralph Lauren Watch and Jewelry Co. will be based in Switzerland and produce high-end watches and fine jewelry under the Polo and Ralph Lauren brands.
The first products are slated to debut in fall of 2008.
Posted by Blacks on 11:04 AM | Comments (0)
January 05, 2007
Yurman Opens New Beverly Hills Boutique
Jewelry designer David Yurman has opened a new elegant location on Rodeo Drive in Beverly Hills. The 1,000-square foot boutique features Yurman’s signature silver, platinum and gold collections as well as one-of-a-kind and vintage pieces.
Yurman said the new store is a response to increased demand for his designs from California customers.
Posted by Blacks on 09:41 AM | Comments (0)
July 24, 2006
Zale Appoints Burton As Permanent CEO
Zale Corp. has appointed interim CEO Mary “Betsy” Burton as its permanent top executive. The jewelry retailer forced the resignation of its previous CEO Mary Forté earlier this year, after her strategy to target more upscale clientele failed.
Burton, who has served as a director for the company since 2003, has pledged to return Zales to its traditional focus on value marketing.
The Irving, Texas, company reaped $2.38 billion in sales in its last fiscal year.
Posted by Blacks on 10:35 AM | Comments (0)
June 29, 2006
Diamond Industry Shines Light On Ethics
Diamond industry insiders are gathered in Tel Aviv this week for The World Diamond Congress, where hot topics include synthetic diamonds and ethical responsibilities.
In a bid to promote consistent standards within the industry, the World Federation of Diamond Bourses introduced the WFDB Mark program.
The program issues a trademarked logo to approved members of WFDB’s affiliated diamond exchanges to show that they follow the group's better business principles. The mark can be shown to suppliers and clients as evidence of their responsibility.
Posted by Blacks on 09:00 AM | Comments (0)
June 26, 2006
Harry Winston Continues Too Add Shine
Riding high on last year’s double-digit sales growth, Harry Winston has made aggressive growth plans.
The luxury jeweler said that it plans to add over 30 new locations over the next 7 years. It will concentrate on its two top markets, North America and Japan, as well as buildout its successful bridal business.
The company is also giving a nod to men’s interest in jewelry and plans to introduce a full men’s collection this year.
Posted by Blacks on 09:15 AM | Comments (0)
June 15, 2006
Report: Jacob & Co. Founder Arrested
Jacob & Co. founder Jacob Arabo was arrested at his New York store on Thursday, according to WWD.
The jewelry entrepreneur was indicted with 15 other individuals for violating federal drug laws, including money laundering.
Arabo was also charged with giving jewelry to accused drug offenders, according to the report.
Jacob & Co. is knows for its elaborate diamond jewelry and watches.
Posted by Blacks on 01:34 PM | Comments (0)
May 31, 2006
Tiffany's Q1 Earnings Shine
First quarter earnings at Tiffany & Co. grew 7.7 percent to $43 million, buoyed by strong international sales.
While U.S. sales remained disappointing, foreign demand in places like Japan pushed overall sales up by 6 percent to $539 million.
Rising costs for diamonds and precious metals are putting the squeeze on margins, but the jewelry retailer said that it still expects a 12 percent increase in earnings for the full year.
Posted by Blacks on 08:53 AM | Comments (0)
May 09, 2006
Movado Gets Juicy
Movado Group is designing and producing a collection of watches under the Juicy Couture name, due out this fall.
The watchmaker has entered a worldwide licensing deal with Juicy, extending its already strong presence in the fashion watch category. Movado designs and distributes Ebel, Tommy Hilfiger and Hugo Boss watches as well as its own famous line.
The new collection, which will also be sold under Juicy’s new Couture Couture brand, will offer a variety of colors, as well as jewels and exotic skins.
Posted by Blacks on 08:53 AM | Comments (0)
May 05, 2006
Swarovski Aims For Control, Up Market
Swarovski announced a plan this week to curtail the number of retail franchises selling its crystal jewelry and accessories in favor of setting up more of its own shops.
The crystal manufacturer wants to take greater control of its product presentations and move into higher price points.
Swarovski said it plans to expand its operations to 800 to 900 stores over the next few years while reducing its points of sale from the current 3,500 to 2,000.
The plans were announced at the same time the brand unveiled its new Poetic Night fall/winter fashion collection and Daniel Swarovski couture collection.
Posted by Blacks on 09:36 AM | Comments (0)
March 31, 2006
BaselWorld Opens With Cry Against Counterfeits
BaselWorld 2006, the premier event for the watch and jewelry industry, opened in Basel, Switzerland Thursday with an estimated 90,000 guests in attendance.
The show runs through April 6 and is set to feature over 2,100 exhibitors from 45 countries.
With the luxury market currently thriving, show organizers expect to see demand for designer watches in high-priced metals. But exhibitors also expect to see continued production of counterfeit watches, which are eating into their market at an estimated cost of $600 million a year.
Swiss industry leaders are pushing for a crackdown, saying that the situation could impact their whole economy if left unchecked.
Posted by Blacks on 09:07 AM | Comments (0)
March 29, 2006
Tiffany & Co. Beats 4Q Expectations
Fourth-quarter sales at Tiffany & Co. grew 6 percent, beating analysts’ expectations.
However, the jewelry retailer reported a 35.3% drop in net earnings compared to the year ago quarter, which was bolstered by the $194 million sale of its stake in Aber Diamond Corp.
Profit for the quarter ended Jan. 31 came in at $140.3 million, or 97 cents per diluted share. Analysts were expecting earnings of 84 cents per share.
Posted by Blacks on 08:57 AM | Comments (0)
March 15, 2006
Belgium Restructurers Diamond Board
HRD, Antwerp’s coordinating body and official representative of the diamond sector, has approved a board restructuring that seeks to strike a better balance between small and large companies.
Under the reorganization, the group’s 12-member board will consist of an independent director, six members elected by diamond traders and six members elected by diamond bourses and manufacturers.
The delegates will be selected to represent small and large companies.
The professional organization was previously run by 20 appointed directors from four categories: industry, trade, bourses and banks and manufacturers.
The group has been under fire for not accurately representing the market and it hopes the changes will address these concerns.
Posted by Blacks on 08:29 AM | Comments (0)
March 13, 2006
Diamond Tycoon To Open Retail Shops
Diamond Glitterati Lev Leviev is opening a flagship boutique in London called Leviev. The Old Bond Street store will be the first in a string of retail diamond outlets the Leviev Group of Companies plans to open around the world.
The London store is scheduled to open this spring, with a New York location soon to follow.
Leviev controls the world’s largest private diamond mines and is the biggest private diamond manufacturer. The Leviev Group Chairman and Russian native said he intends to create the world’s leading luxury diamond brand.
Posted by Blacks on 05:11 PM | Comments (0)