The owner of Kay Jewelers said sales are recovering following a disappointing holiday season that led Wall Street to slash expectations for the jewelry retailer.
Zales
Signet Jewelers Ltd. sees revenue of $1.5 billion to $1.53 billion in its fiscal first quarter, the company said Wednesday. The average estimate compiled by Bloomberg is close to the low point of that range. The company also expects e-commerce sales and revenue from stores that have been open for at least a year to be flat to up 2% in the period. The average of three analyst estimates is near the midpoint of that range.
Signet shares gained 14% in trading before US markets opened Wednesday. They had lost 40% this year through Tuesday’s close.
Signet, which also owns the Zales and Jared chains, warned Wall Street earlier this year that holiday sales were worse than expected, in part because its brands didn’t offer enough gold jewelry or lab-grown diamonds in the $200-to-$500 price range that shoppers were looking for.
On top of that, engagements have recovered more slowly than the company anticipated following the pandemic. Bridal sales account for about half of Signet’s annual revenue.
The company said Wednesday that it took steps to address those shortfalls in recent weeks.
“Since holiday, we increased our depth of assortment at key price points while also benefiting from improved bridal trends,” Chief Executive Officer J.K. Symancyk said in the company’s statement. That led to a sales rebound in January, with the trend continuing and the company observing “growth across all categories” so far in the quarter, he added.
Symancyk, who took over in October and previously served as CEO of PetSmart Inc., has told analysts he wants to rely less on the bridal category and boost sales of fashion jewelry, including pieces with more lab-grown diamonds.
The company is also looking to reduce its reliance on shopping malls. Chief Financial Officer Joan Hilson said the company will transition more than 10% of its mall locations “to off-mall and the e-commerce channel over the next three years.”
Signet is forecasting revenue of $6.53 billion to $6.8 billion in the current fiscal year, while analysts have projected a total that’s closer to the top of that range.
The company also increased its quarterly cash dividend by 10% to 32 cents per share, above estimates.
Kith is set to open its latest flagship store in the city of Osaka on Friday, marking its second flagship in Japan, following its Tokyo location.
Kith expands in Japan with new Osaka flagship. – Kith
Located in northern Osaka, the new flagship sits within a bustling shopping complex across from the newly developed Umekita Park.
The store’s main room is characterized by Venetian plaster walls, Mountain White Danby stone flooring, and a Rosewood ceiling, highlighting men’s and women’s apparel along the perimeter. The central focus is a monolithic travertine structure that houses accessories and lifestyle pieces on the exterior, and a display of footwear on the inside.
Across the street, Kith Kids introduces a vibrant, playful space with multicolored Kith Monogram wallpaper and a design crafted from Rosa Portugalo, Verde Paradise, and Mediterranean Blue stone.
Next door, Kith Treats opens its second ice cream shop in Japan, complete with an exclusive Osaka-inspired treat. It will offer a modern and airy ambiance with Rosa Aurora walls, Mediterranean Blue stone, and a colorful seating area along the ice cream bar.
For the opening, Kith has teamed up with New Balance for two exclusive sneaker releases: the Made in USA 992 and the Made in UK 991v2, available in a limited-edition color palette.
It will equally launch an exclusive in-store capsule collection featuring apparel and accessories inspired by Osaka’s culture and the flagship store. The collection includes jackets, tees, crewnecks, and hoodies featuring custom graphics and logos, alongside Nolan Trucker Caps and engraved keyrings.
In partnership with New Era, Kith presents two Hanshin Tigers and Orix Buffaloes caps, honoring Japan’s deep-rooted baseball tradition. Lastly, Kith has collaborated with Kaikado, a heritage Japanese brand with a 150-year legacy, to introduce a special edition travel-friendly tea canister, alongside their iconic handcrafted tea caddies.
The house of Karl Lagerfeld, Maison Karl Lagerfeld, has unveiled its latest link-up, a collaboration with Borsalino, the famed Italian brand known for its iconic hats and millinery.
Borsalino X Karl Lagerfeld collection – Courtesy
In his brilliant career, Karl Lagerfeld practically invented the fashion collab with his legendary linkup with H&M back in 2004, through to his swimwear with Vilebrequin. While his brand recently produced joint efforts with Vans skateboard shoes and Atelier recycled jeans.
Now, his house’s latest tie-up is entitled “Borsalino x Karl Lagerfeld”, a five-piece premium capsule made in Italy that blends the brands’ collective heritage of classic elegance, premium quality and savoir-faire.
The capsule’s hero piece is a hand-woven, wide-brimmed straw Panama hat with a Borsalino x Karl Lagerfeld ribbon, enriched by a personalized grosgrain loop for a tailored touch. Crafted with over 160 years of weaving expertise, Borsalino’s Panama hats are accurately made with traditional weaving methods updated with new materials, colors and attention to detail for a more contemporary lifestyle.
Each hat is accompanied by a bespoke Borsalino x Karl Lagerfeld keepsake box.
Channeling the brand’s signature black-and-white expressionist aesthetic, the collection also features tailored summer pieces, including a silk-blend pareo along with a silk tunic cover-up for women, and a silk-blend polo shirt for men.
Borsalino remains arguably the single most famous men’s hat of all: donned by Humphrey Bogart in the most famous scene in cinema – his farewell to Ingrid Bergman in “Casablanca”; and by Marcello Mastroianni in “8 ½”; Jean-Paul Belmondo in “Breathless” and Toni Servillo in “The Great Beauty”.
Each look can be completed with a classic canvas tote bag – versatile enough to go from the beach to the city.
The Borsalino x Karl Lagerfeld collection will be available from Monday, March 24, in selected Karl Lagerfeld and Borsalino stores, plus online at brand’s respective web-stores.
Pieces will range from €199 for ready-to-wear pieces to €449 for the exclusive Panama hat.
Amazon lost its fight against a record 746 million euro ($812.4 million) fine handed out by Luxembourg’s privacy regulator four years ago as a court sided with the watchdog, according to a statement on the regulator’s website.
Reuters
The Luxembourg National Commission for Data Protection (CNPD) said the country’s administrative court dismissed Amazon’s appeal in a March 18 ruling.
The watchdog had penalised Amazon for processing personal data in breach of EU privacy rules known as the General Data Protection Regulation (GDPR). Europe has taken a tough line against such violations, with its landmark law setting the benchmark for other countries.
CNPD said its decision, which also included measures for Amazon to fix the issue, will remain suspended during the appeal period.
Amazon said it was considering appealing the court ruling.
It said the CNPD’s decision “imposed an unprecedented fine based on subjective interpretations of the law about which they had not previously published any interpretive guidance”.