Dive Transient:
- Kay Jewelers is updating its model to focus on the following era of customers, together with by way of new merchandise, a recent model marketing campaign and updates to its retailer footprint, the corporate mentioned Tuesday in a press launch. The corporate’s new model positioning will concentrate on presenting genuine relationships.
- A brand new assortment, Studio By Kay, might be accessible on-line and at choose shops beginning Oct. 28. It’ll supply greater than 30 “recent, luxurious designs that improve on a regular basis seems to be,” the corporate mentioned. Costs for items within the assortment, which incorporates stackable rings and hoop earrings, will vary from $199 to $2,199.
- Kay’s retailer revamps, which is able to happen over this 12 months and subsequent, will embrace built-in expertise and a devoted customization and collaboration space that may allow the retailer to supply customized, full-service experiences. The shops will have the ability to host marriage ceremony events, buddies and different teams.
Dive Perception:
Kay Jewelers, which is a part of the Signet Jewelers portfolio, seems to be becoming a member of the wave of shops vying for the eye of Gen Z customers.
The corporate’s new marketing campaign kicking off its model evolution will embrace a presence throughout TV, on-line video, social media and search channels. Latest surveys point out social media is particularly necessary because the medium has a serious affect on product discovery and shopping for habits for Gen Z customers.
Kay Jewelers President Invoice Brace mentioned the retailer needs to have fun the messiness and authenticity of affection and relationships as a part of its model story and evolution. “We’ve all the time been a jewellery model for everybody, however we wish to be the jewellery model for you and your distinctive love tales,” Brace mentioned.
Final week, Kay additionally introduced a collaboration with designer Monique Lhuillier to broaden Kay’s Monique Lhuillier Bliss assortment with an providing of coloured lab-grown diamond engagement rings. The expanded assortment of 12 rings options pink, blue and yellow diamonds set in 18 karat gold.
Kay Jewelers didn’t instantly reply to questions from Retail Dive, concerning how a lot the corporate plans to spend money on the shop footprint modernization or if the plans embrace including new areas.
Signet CEO Virginia Drosos mentioned throughout an earnings name earlier this month that Kay plans to renovate over 200 shops this 12 months, whereas at Jared, the corporate has invested in each the fleet and advancing its assortment to a better tier, which drove trend common transaction worth up practically double digits for the second quarter. Drosos mentioned that the corporate is leveraging AI to personalize messaging and it’s additionally launching new digital options, like self-learning search on web sites that may curate outcomes and serve customers essentially the most related merchandise.
Signet reported Q2 gross sales of $1.5 billion, down 7.6% 12 months over 12 months. Similar-store gross sales additionally fell within the quarter, down 3.4% in comparison with the prior 12 months. The corporate posted an working lack of practically $101 million, down from working earnings of $90.2 million the prior 12 months.
Signet’s model portfolio additionally contains Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, James Allen, Rocksbox, Peoples Jewellers, H. Samuel and Ernest Jones. Total, Signet operates 2,700 shops globally.
