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What is Tiffany Company's market share in the high end jewelry industry?
Wiki User
∙ 12y ago
Signet PLC (SIG): Industry Winner
Market share: 9.3%
Signet operates in the jewelry store industry through its Kay Jewelers (Kay) locations and Jared the Galleria of Jewelry (Jared) superstores. Kay is a mall-based division of Signet that targets households that have average annual incomes between $35,000 and $100,000. In 2009, the division lowered the average retail price of its products from $331 to $307 in light of falling consumer demand. Signet operates other mall stores, usually located within the same space as its Kay stores, to cater to the more value-conscious consumer.
Jared is the company's higher-end US retail division, which targets households with incomes between $50,000 and $150,000. These stores are off-mall retailers that sell jewelry with an average price of $713. The firm's main strategy is to provide high quality customer service, complete with knowledgeable staff and on-site design and repair centers.
In the five years to January 2011, the US segment of Signet recorded average annual revenue growth of 3.5% to $2.7 billion (according to the most recent financial data available). The company accomplished this by shifting its focus to the middle market, namely through its Kay Jewelers customer base. While the economic environment in 2010 was still wavering, Signet's operations grew 8.0% via targeted marketing promotions and lower price points in its mall-based stores.
The company's charm bracelet products fared especially well, since their price points are lower than the average Signet product. For its first reporting quarter in 2011, Signet recorded revenue increases on the back of its fiscal 2010 jump. Its strategy realignment is likely to garner the business of high-value consumers looking to invest in well-made sentimental pieces of jewelry.
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∙ 12y ago
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