Editor’s Note
In a keynote address at the JCK Las Vegas trade show, Signet Jewelers CEO Gina Drosos urged the jewelry industry to embrace innovation. With sales trailing other consumer categories, she called for a collective effort to evolve and meet modern consumer demands.
In a keynote breakfast speech at the JCK Las Vegas jewelry trade show on Friday, Signet Jewelers CEO Gina Drosos called for companies across the industry, both large and small, to evolve and innovate. She emphasized that as jewelry sales continue to lag behind other consumer goods categories and experiential purchases, the industry must step up its efforts.
Drosos, who was named CEO of Signet in July 2017, began her address by referencing former Intel CEO Andy Grove’s book title, “Only the Paranoid Survive.” However, she offered a more positive reinterpretation of this business stance.
She stressed that the pace of change is accelerating, making “business as usual” insufficient, and that the industry must collectively lead disruptive innovation now.
Drawing from her experience visiting hundreds of Signet stores and her prior role at Procter & Gamble rebranding products like Olay and Old Spice, Drosos stated that the ability to create meaningful connections with customers is paramount. She argued that innovation in one brand can lift the entire market.
Despite general retail challenges and online competition, Drosos contended that jewelry has not been affected as severely as categories like books or electronics. U.S. jewelry sales exceeded $90 billion last year, and the 2018 JCK State of the Industry Report indicates 88% of the industry is optimistic about the next 12 months.
A key challenge, she noted, is that the industry is overly focused on a few holiday weeks and depends heavily on engagements and weddings, which account for only about 25% of annual sales. To grow, the industry must win more “meaningful life moments” like birthdays and graduations.
She called for a shift in approach to make jewelry the top gifting category year-round, which requires getting to know customers personally and being relevant to their individual life events.
In conclusion, Drosos stated that Signet, as the category leader, is committed to taking bold, innovative steps. She emphasized that understanding changing demographics and adapting to them is crucial for growing business and consumer trust.
