Jewelry has struggled to sparkle at retail in recent years, and Signet Jewelers’ holiday sales results showed problems persisting at the end of 2024.
Squeezed by inflation, customers have dialed back discretionary purchases, and large jewelry purveyors like Signet Jewelers Ltd. are feeling the effects, with same-store sales down 2% during the 10-week period ending on Jan. 11, 2025. Signet owns online brand Blue Nile, and mall staples like Jared, Kay, Piercing Pagoda and a portfolio of other nameplates.
Signet Jewelers’ holiday sales results mirrored the findings of Digital Commerce 360’s upcoming State of American Ecommerce report that shows online sales growth for Jewelry retailers in the Top 1000 was flat year over year in 2024, with negative growth projected for 2025. In fact, Digital Commerce 360 projects sales will decline by 0.06% year over year in 2025.
Signet Jewelers Ltd. is No. 57 in the Top 1000. It is also the highest-ranked retailer in the database’s Jewelry category. The Top 1000 Database ranks North America’s largest online retailers by their annual ecommerce sales. Digital Commerce 360 projects that Signet’s online sales in 2025 will reach $1.66 billion.
Signet Jewelers web sales by year
Signet Jewelers holiday sales results
Signet’s sales sagged over the holidays.
“Our holiday results of approximately -2% [same-store sales] reflect peak selling days leading up to Christmas that were below forecast,” said Joan Hilson, chief financial and operating officer at Signet. “Although engagement and service sales were within expectations, we saw an increase in [merchandise average unit retail] in both bridal and fashion.”
Signet leadership views the jewelry sales slump as a way to reinvent themselves.
“I believe we have the opportunity to reshape our customer-facing strategies in the areas of marketing, product design, and assortment innovation,” said J.K. Symancyk, chief executive officer at Signet, in a press release.
Symancyk also said the company will double down on the bridal business as part of its reimagination.
Selling jewelry at Signet’s scale
Despite its strengths, retail jewelry experts say that Signet’s size works against it.
Rustin Yasavolian, CEO of Masina Diamonds, an Atlanta-based jeweler, says that Millennials and Gen Z shoppers view luxury purchases differently than previous generations, like Baby Boomers, who placed higher value on fine jewelry. Yasavolian pointed to several factors influencing this shift.
“Younger generations tend to prioritize experiences over material possessions,” Yasalovian told Digital Commerce 360. “When they have extra funds, they often choose to invest in travel and creating lasting memories rather than luxury goods.”
Another factor dogging jewelry sales at chain outlets like Signet is inflation.
“Rising living costs have also made a significant impact,” Yasalovian explained. “With inflation still a concern and housing costs rising, discretionary spending — especially on items like jewelry — has become more challenging.”
Generational shifts among jewelry consumers
Changing consumer attitudes are also hurting Signet. A generation or two ago, people headed to the mall for their sparkling diamonds or rubies. Today, consumers want something more customized and individualized.
“Experience-driven consumers and younger shoppers are gravitating away from large retail chains and seeking out smaller, independent jewelers,” Yasavolian says, adding that they value the personal touch, meaningful connections, and the opportunity to support local businesses and their communities.
Yasavolian said he thinks the way for Signet to revive its sagging portfolio is to lean into the generational changes.
“I think the only way for Signet to turn around their sluggish sales is to adopt the more intimate and personal approach,” he said. “If you view their newest marketing campaigns, you can see that they have been slowly trying to move towards this.”
Competition from smaller, direct-to-consumer jewelers
Jeremy Hoye, founder of a boutique U.K.-based jewelry brand that bears his name, said differentiating his offerings from those of larger chains is part of his strategy.
“My philosophy has always been to make unique designs you can’t buy elsewhere,” he stated. “All of my designs are hand drawn and then carved by myself.”
He considers that a niche where retailers such as Signet is not able to compete.
“If people are going to a bigger brand to try and buy my style of jewelry, then they are not my target customer,” Hoye said.
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