Throughout the earnings call, Drosos refers to scale frequently. It’s capitalizing on its scale at retail, with each of its banners now clearly differentiated thanks to the Brilliance plan.
In North America, average transaction value was up more than 15% and in-store conversion up nearly 20% compared to two years ago. It grew its number of new customers by nearly one-third over fiscal 2021 and brought back 37% of customers who’d lapsed more than two years. While most customer transactions are completed in store – 80% versus 20% via e-commerce – Drosos explained that the strategic importance of its digital platform is measured in more than just sales.
But Signet, more than other jewelry companies, is shielded from that by having more of what consumers need when it comes to jewelry. Providing jewelry accessories for the bridal party and mothers of the bride and groom is another big opportunity for Signet this year. And it is a testing the concept of bridal subscription jewelry through its Rocksbox banner, giving bridal party members the chance to wear much more expensive jewelry than they could naturally afford for the wedding photos.
And with customers’ budgets stretched, Signet offers a variety of credit, lease and split-payment options. In fiscal 2022, credit, lease and other financing options accounted for 41% of North America sales.Given all the stress consumers experienced last year due to the pandemic, it’s hard to explain how jewelry consumption grew some 50% as the preliminary data from the BEA suggests. That said, Signet was able to keep pace with sales up 50% year-over-year and 28% over fiscal 2020.
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