Signet Jewelers Ltd. history, profile and corporate video
Signet Jewelers Ltd. is a specialty retail jeweler by sales in the U.S. and UK and also has stores in the Republic of Ireland and Channel Island. The company has one business segment, the retailing of jewelry, watches and associated services. The business is managed as two geographical operation divisions: the U.S. division and the UK division. The U.S. division stores trade nationally in malls andoff-mall locations as Kay Jewelers and regionally under a number of well-established mall-based brands. The UK division’s stores trade as H. Samuel, Ernest Jones and Leslie Davis and are situated in major shopping malls. The company was founded on January 27, 1950 and is headquartered in Hamilton, Bermuda.”
“Signet Jewelers History
The group was founded in 1949 and grew organically before expanding rapidly through a series of acquisitions in the late 1980s and early 1990s, and was formerly known as the Ratner Group.
Gerald Ratner, a previous CEO, made possibly the most famous gaffe in twentieth century British business when he explained to a major business conference that the reason why one of his products was so cheap was that it was “total crap”. He then went on to unfavourably compare some of the company’s earrings with a 99p prawn sandwich. His remarks were gleefully reported by the media, The company lost over 500 million pounds off its share price and consumers subsequently avoided the Ratner branded stores, nearly 300 of which were closed between January 1992 and May 1994 as the group went through a financial restructuring. Ratner resigned in November 1992 and the group changed its name to Signet Group plc in September 1993.
This perceived lack of judgement and contempt for the customer gave rise to the expression “doing a Ratner”.
The company moved its primary stock market listing from the London to the New York Stock Exchange on September 11, 2008, changing its name to Signet Jewelers Limited in the process. The firm also moved its country of domicile from the United Kingdom to Bermuda on the same day, although it retains operational headquarters in the Jewellery Quarter, Birmingham.
In February 2014, Signet Jewelers Ltd. agreed to buy Zale Corporation, with Zale shareholders receiving USD$21 a share in cash in USD$1.4 billion deal. This merger will create a $6.2 billion firm.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “ Savvy“