Signet CEO Gina Drosos has outlined her vision for the company, aiming for fewer physical stores and increased online sales, with a target of reaching $9 billion in annual revenue.
In an interview with the Wall Street Journal (WSJ), Drosos discussed her goal of growing online sales from the current 23 percent to 40 percent, although she did not specify a timeline. Since taking charge in 2017, she has closed over 900 stores and plans to continue moving away from mall locations to more profitable off-mall sites.
Signet, recognized for brands like Zales, Jared, and others, operates 2,700 stores and holds the largest market share in North America’s jewelry sector. Currently, 40 percent of its revenue comes from mall-based stores.
Drosos also expressed confidence in achieving $9 billion in annual sales within three to five years, marking a 25 percent increase from the $7.17 billion reported in fiscal 2024.
Addressing challenges post-Covid, particularly in engagement sales, Drosos noted a recovery trend given the average three-year timeline from dating to marriage. Leveraging data analytics, Signet identifies 17 million potential customers in dating relationships not yet engaged. The company employs AI and machine learning to personalize marketing efforts, guiding couples through their journey towards engagement.
