Tiffany Reopening, Watches and Marvels, Signet Investor Day – JCK
JCKMore Editor-in-chief Victoria Gomelsky and news director Rob Bates Discuss the long-awaited reopening of Tiffany’s iconic Fifth Avenue store, now called Landmark. Victoria also reports when she visited Geneva for her Watches and Wonders show. At the show, the traffic was brisk, the mood was upbeat, and Rolex wowed the crowd with unexpected splashes of color and whimsy. Rob is updating listeners on the latest from Signet Jewelers after attending the recent Investor Day at the New York Stock Exchange.
organizer De Beers: institute.debeers.com
00:49 Tiffany & Co. reimagines its famous flagship
05:30 Rob heads to AGS Conclave to see what’s going on in the industry
07:10 Rolex brightens up busy watch and wonder exhibition
15:18 What’s new in Signet Jewelers
host: Rob Bates and Victoria Gomelsky
Producer and Engineer: Natalie Chomet
plug: @jckmagazine; institute.debeers.com
Tiffany takes a sneak peek at its reimagined flagship
Victoria rarely flies across the country to attend parties, but she cites an exception for the much-anticipated reopening of Tiffany’s flagship store on Fifth Avenue on May 27. What does the current landmark look like? Rob remembers visiting the iconic store. JCKMore A mystery shopper and amazingly warm and welcoming. It was almost homely back then, he says. Victoria predicts the new iteration will be decidedly sleeker and more luxurious, as the brand’s target demographic has grown considerably wealthier.
“There’s a similar story about the importance of brick-and-mortar stores,” says Victoria. When she recently interviewed her CEO of Tiffany’s, Anthony Herredl, he called Landmark “the heart and soul of Tiffany.” The company is focusing on physical locations, expanding and renovating stores in Seoul, São Paulo, and other parts of the world, she added. The future seemed to be all virtual and digital, but “it’s not at all,” says Victoria. “The importance of brick-and-mortar stores is more evident than ever.”
Moderate Conclave Panels from Rob
Victoria isn’t the only one making travel plans. In early May, Rob will be heading to Louisville, Kentucky to attend the American Gem Society Conclave. There he will moderate an expert panel on the state of the industry in 2023 to assess his future prospects. Victoria wants to hear his point.she predicts JCKMoreaudience will be too. “It was a confusing year with a lingering recession shadow,” she notes. “People are waiting for some guidance.”
Rolex Brightens Up Busy Watches and Wonders
The conversation turns to Victoria’s recent trip to Switzerland for Watches and Wonders in Geneva. This year’s bustling conference was a far cry from the quieter show of 2022, when quarantine kept Chinese buyers, retailers and the press away. , “It was bright and bustling,” she says.
The optimism surprised Victoria, who had expected falling secondary watch prices after last spring’s cryptocurrency crash would dampen public sentiment. Instead, she found an enthusiastic crowd and a robust array of new products, most talked about by the brand’s new direction, Rolex’s whimsical and colorful timepieces. One featured a dial featuring rainbow balloons. The other was an off-catalog model with 31 emojis and seven inspirational words like “love” and “faith” instead of dates and days of the week. She said it was the first time she’d seen the pieces introduced, and despite the disgust from the net trolls, the show’s attendees loved the fresh and vivid newcomers. Kudos to the company for its innovative work that breaks the similarity of
Rob asks about Rolex’s new Certified Pre-Owned program. Victoria says people still don’t know how it works, but it may not be able to compete with Rolex’s own program, so second-hand dealers are diversifying and refocusing on other brands. I think it is highly likely that there is.
Signet focuses on affordable luxury
Rob turns to the US to report on the Signet Jewelers Investor Day he attended last week at the New York Stock Exchange. He was impressed by Signet’s management team and the fact that the majority of its members are women. “Five or six years ago, it was all men and he was the only woman,” he says. “He’s a CEO and he’s a very different company than he was before Gina Drosos joined,” he believes.
Signet is committed to expanding its range of “accessible luxury” products, but Victoria notes that the term is highly subjective. For Signet, Rob expects that to mean a higher price. The company also plans to expand its bridal products to attract more female shoppers. It’s a goal that could pose a challenge to Signet’s traditionally male-centric brands such as Jared, James Allen, Blue Nile and Diamonds Direct. Rob predicts that it may take time to find their place in the family.
Signet also reported that engagement is expected to return to normal levels now that the boom has subsided. Victoria agrees that such data is of great value to the industry.
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