Zale Corporation, my current employer and a leader in specialty retail jewelry in North America since 1924, began with a vision that was spear-headed by Morris and William Zale in Wichita Falls, Texas. Their vision was to provide customers with quality merchandise at the lowest possible price. In 1925, the next year, the Zale brothers launched a revolutionary marketing strategy with a credit plan of “ a penny down and a dollar a week,” making jewelry and other merchandise affordable to the average working American. Located in Irving, TX, a suburb about 30 minutes from Dallas, has six retail brands and operates approximately 1,700 retail locations throughout North America and online at zales.com, gordonsjewelers.com, zalesoutlet.com, peoplesjewellers.com and pagoda.com. On February 19, 2014, Signet Jewelers Limited, the largest specialty jewelry retailer in the U.S. and the U.K., announced that it had completed its acquisition of Zale Corp. for $21 per share, or $690 million in a deal worth $1.46 billion. Signet, whose U.S. operations are based in Akron, Ohio, now operates more than 3,600 stores under the brands Kay Jewelers, Jared the Galleria of Jewelry, Zales and Piercing Pagoda in the U.S.; H. Samuel and Ernest Jones in the U.K.; and People’s in Canada. The combined company would have sales of more than $6.2 billion. With the recent marriage between Signet and Zale Corp., the business process I’ve selected is “innovate”, which is said in the chapter to be the creative phase of the BPM activity and often the most interesting. It is also stated in the chapter in relation to the innovation phase that “additional possible quick wins are identified and prioritized within the business.” Which explains why, with this merger, Signet expects $100 million in synergy potential by the end of fiscal 2018, including $50 million in savings from product sourcing and purchasing; $30 million from repair service sales and profit growth; and $20 million from lower selling general and administrative costs. The manager of my department (Merchandise Review Processing Center), Jim Zalusky, told us a story in a department meeting that we had on last Wednesday. He first explained to us that…
Further, key players of the online jewelry industry
like Blue Nile Inc., Tiffany & Co., Signet Jewelers Limited, Zale Corporation, Jewelry Television,
Ross-Simons and Bidz.com are profiled.
Blue Nile Inc.
Tiffany & Co.
Signet Jewelers Limited
The jewelry industry is global in nature due to…