Symancyk Announces Turnaround Plan for Signet
March 20, 25
(IDEX Online) - Signet's new CEO J.K. Symancyk has announced a turnaround plan for the world's largest diamond jewelry retailer after disappointing results and a lack of growth.
The new strategy, called Grow Brand Love, will target increased self-purchase and gifting while expanding the company's "leadership position in bridal," he said.
It will involve closing, renovating or relocating around a quarter of its 2,600 stores, reducing the number of senior leadership roles by around 30 per cent and putting a "relentless focus" on Kay, Zales, and Jared, its three big brands.
Symancyk (pictured), who took over from Gina Drosos last November, announced the new strategy yesterday (19 March) as Signet reported a 5.8 per cent drop in Q4 sales (down to $2.4bn) and a 1.1 per cent fall in same stores sales (SSS).
"Our overall Q4 performance and lack of growth over the past several quarters informed our new strategy to grow our business," he said.
"This transformative strategy … builds on a strong foundation to create shareholder value."