AKRON, Ohio, April 6, 2021 /PRNewswire/ -- Signet Jewelers
Limited (NYSE: SIG), the world's largest retailer of diamond
jewelry, today announced it
has acquired Rocksbox, an
innovative jewelry rental subscription platform, giving
it a significant foothold in a
growing online service that speaks to
next-generation jewelry customers. The acquisition is
driven by Signet's "Inspiring Brilliance" strategy and is intended
to accelerate growth in the services category.
"I'm delighted to welcome the talented Rocksbox team to our
Signet family and am confident this union will generate exciting
opportunities to accelerate our growth in services and reach new
customers," said Signet CEO Virginia C.
Drosos. "Under CEO Meaghan
Rose's leadership, Rocksbox has revolutionized the jewelry
rental subscription marketplace by delivering personalized, online
and data-driven customer experiences for jewelry lovers who
prioritize fashion, online convenience and sustainability. We look
forward to bringing Rocksbox's outstanding services to more
customers, and to introducing those new customers to the balance of
Signet's banners."
Rocksbox was launched in 2012 by Rose, a jewelry lover and
former strategy consultant, with an inspiring mission: "To bring
the joy of jewelry to every person."
Rocksbox invites monthly members to rent and
swap exclusive and
designer jewelry styles, using its intuitive online
platform. Today, the company's growing customer base
consists of women who are stylish and tech savvy.
Rocksbox is a leader in the circular economy, ensuring customers
have the latest trending jewelry at an affordable price point
while also delivering sustainability benefits as items are
circulated and re-used throughout the marketplace. Rocksbox further
strengthens Signet's industry-leading portfolio of banners that
includes Kay, Zales, Jared, Peoples, jamesallen.com, H. Samuel,
Ernest Jones, and Piercing Pagoda.
It provides an additional point of entry for self-purchasing women
customers, a segment where Signet is currently under-developed, and
is expected to help Signet continue extending its market share.
"We are excited to join Signet and to play an important role in
its purpose-driven growth strategy - Inspiring Brilliance - while
also taking the company we've so passionately grown to an entirely
new level," said Meaghan Rose,
founder and CEO of Rocksbox. "I started Rocksbox to make it easy
and fun for women to discover jewelry that they love – and that
won't change. We're excited to give even more members the
opportunity to experiment with new, fashionable jewelry styles
through a technology-enabled, personalized rental experience. As a
customer-first, data-driven and values-oriented company, we were
selective about finding the right partner. I am proud to join the
Signet team and excited about the opportunities this alignment
brings."
Signet recently announced that it is focusing on the
acceleration of its Services business as part of the company's
Inspiring Brilliance growth strategy. The company expects to
expand its current services such as repair, warranty
services and piercings, while also introducing new
ones. With jewelry rental subscription, Signet will tap into a
highly engaged customer base, generate a new revenue stream,
and bring yet another capability into its
connected-commerce strategy, which is focused on serving
customers whenever, wherever and however they want to engage with
Signet and its retail banners.
About Signet and Safe Harbor Statement:
Signet Jewelers Limited is the world's largest retailer of
diamond jewelry. As a purpose-driven and sustainability
focused company, Signet is a participant in the United Nations
Global Compact, and adheres to its principles-based approach to
responsible business. Signet is a Best Places to Work certified™
company and has been named to the Bloomberg® Gender
Equality Index for three consecutive years. Signet operates
approximately 2,800 stores primarily under the name brands of Kay
Jewelers, Zales, Jared, H. Samuel, Ernest
Jones, Peoples, Piercing Pagoda, and JamesAllen.com.
Further information on Signet is available
at www.signetjewelers.com. See
also www.kay.com, www.zales.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk,
www.peoplesjewellers.com, www.pagoda.com, and www.jamesallen.com.
This release contains statements which are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements, based upon management's
beliefs and expectations as well as on assumptions made by and data
currently available to management, appear in a number of places
throughout this document and include statements regarding, among
other things, Signet's results of operation, financial condition,
liquidity, prospects, growth, strategies and the industry in which
Signet operates. The use of the words "expects," "intends,"
"anticipates," "estimates," "predicts," "believes," "should,"
"potential," "may," "preliminary," "forecast," "objective," "plan,"
or "target," and other similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to a number of
risks and uncertainties which could cause the actual results to not
be realized, including, but not limited to: the negative impacts
that the COVID-19 pandemic has had, and will continue to have, on
Signet's business, financial condition, profitability and cash
flows; the effect of steps we take in response to the pandemic; the
severity and duration of the pandemic, including whether it is
necessary to temporarily reclose our stores, distribution centers
and corporate facilities or for our suppliers and vendors to
temporarily reclose their facilities; the pace of recovery when the
pandemic subsides and the heightened impact it has on many of the
risks described herein, including without limitation risks relating
to disruptions in our supply chain, consumer behaviors such as
spending and willingness to congregate in shopping centers and the
impact on demand of our products, our level of indebtedness and
covenant compliance, availability of adequate capital, our ability
to execute our business plans, our lease obligations and
relationships with our landlords, and asset impairments; general
economic or market conditions; financial market risks; our ability
to optimize Signet's transformation initiative; a decline in
consumer spending or deterioration in consumer financial position;
changes to regulations relating to customer credit; disruption in
the availability of credit for customers and customer inability to
meet credit payment obligations; our ability to achieve the
benefits related to the outsourcing of the credit portfolio,
including due to technology disruptions, future financial results
and operating results and/or disruptions arising from changes to or
termination of the relevant non-prime outsourcing agreement
requiring transition to alternative arrangements through other
providers or alternative payment options and our ability to
successfully establish future arrangements for the forward-flow
receivables; deterioration in the performance of individual
businesses or of the Company's market value relative to its book
value, resulting in impairments of long-lived assets or intangible
assets or other adverse financial consequences; the volatility of
our stock price; the impact of financial covenants, credit ratings
or interest volatility on our ability to borrow; our ability to
maintain adequate levels of liquidity for our cash needs, including
debt obligations, payment of dividends, and capital expenditures as
well as the ability of our customers, suppliers and lenders to
access sources of liquidity to provide for their own cash needs;
changes in our credit rating; potential regulatory changes, global
economic conditions or other developments related to the
United Kingdom's exit from the
European Union; exchange rate fluctuations; the cost, availability
of and demand for diamonds, gold and other precious metals;
stakeholder reactions to disclosure regarding the source and use of
certain minerals; seasonality of Signet's business; the
merchandising, pricing and inventory policies followed by Signet
and failure to manage inventory levels; Signet's relationships with
suppliers including the ability to continue to utilize extended
payment terms and the ability to obtain merchandise that customers
wish to purchase; the failure to adequately address the impact of
existing tariffs and/or the imposition of additional duties,
tariffs, taxes and other charges or other barriers to trade or
impacts from trade relations; the level of competition and
promotional activity in the jewelry sector; our ability to optimize
Signet's multi-year strategy to gain market share, expand and
improve existing services, innovate and achieve sustainable,
long-term growth; the maintenance and continued innovation of
Signet's Omni-Channel retailing and ability to increase digital
sales; changes in consumer attitudes regarding jewelry and failure
to anticipate and keep pace with changing fashion trends; changes
in the supply and consumer acceptance of and demand for gem quality
lab created diamonds and adequate identification of the use of
substitute products in our jewelry; ability to execute successful
marketing programs and manage social media; the ability to optimize
Signet's real estate footprint; the ability to satisfy the
accounting requirements for "hedge accounting," or the default or
insolvency of a counterparty to a hedging contract; the performance
of and ability to recruit, train, motivate and retain qualified
sales associates; management of social, ethical and environmental
risks; the reputation of Signet and its banners; inadequacy in and
disruptions to internal controls and systems, including related to
the migration to a new financial reporting information technology
system; security breaches and other disruptions to Signet's
information technology infrastructure and databases; an adverse
development in legal or regulatory proceedings or tax matters,
including any new claims or litigation brought by employees,
suppliers, consumers or shareholders, regulatory initiatives or
investigations, and ongoing compliance with regulations and any
consent orders or other legal or regulatory decisions; failure to
comply with labor regulations; collective bargaining activity;
changes in taxation laws, rules or practices in the US and
jurisdictions in which Signet's subsidiaries are incorporated,
including developments related to the tax treatment of companies
engaged in Internet commerce; risks related to international laws
and Signet being a Bermuda
corporation; difficulty or delay in executing or integrating an
acquisition, business combination, major business or strategic
initiative; risks relating to the outcome of pending litigation;
our ability to protect our intellectual property or physical
assets; changes in assumptions used in making accounting estimates
relating to items such as extended service plans and pensions; the
success of recent changes in Signet's executive management team; or
the impact of weather-related incidents, natural disasters,
strikes, protests, riots or terrorism, acts of war or another
public health crisis or disease outbreak, epidemic or pandemic on
Signet's business.
For a discussion of these and other risks and uncertainties
which could cause actual results to differ materially from those
expressed in any forward-looking statement, see Item 1A, Risk
Factors, and elsewhere in the Annual Report on Form 10-K for the
year ended January 30, 2021 filed
with the SEC on March 19, 2021.
Signet undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events or
circumstances, except as required by law.
Investors:
Vinnie
Sinisi
SVP Investor Relations & Treasury
vincent.sinisi@signetjewelers.com
Media:
Colleen
Rooney
Chief Communications & ESG Officer
colleen.rooney@signetjewelers.com
David Bouffard
VP Corporate Affairs
david.bouffard@signetjewelers.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/signet-jewelers-boosts-services-offerings-with-acquisition-of-rocksbox-the-leading-jewelry-rental-subscription-platform-301262720.html
SOURCE Signet Jewelers Ltd.