Signet finally sees the ecommerce light, but it's more circumstance and less "execution"
While Wall Street fawns over Signet's latest earnings, and earnings "growth" in particular, the company fails to recognize their own ecommerce failures of the past. That can be said along with entire jewelry industry who failed to adapt to ecommerce before the pandemic hit.
Signet purchased JamesAllen.com a few years back to gain a larger "foothold" in ecommerce, and lauded JamesAllen's technology know how. Signet forecasted, inaccurately, that if they took JamesAllen.com's shopping experience and technology online and extended it to other Signet sites, the company would automatically drive higher conversions and overall sales. Signet proceeded to write down most of that investment in JamesAllen.com, unsurprisingly to us, as this "plug and play" technology of JamesAllen.com would not do anything to help Signet.
When the pandemic hit the jewelry industry was so far behind in technology and ecommerce the jewelry industry totally cratered as they had no real experience in "ecommerce first" business. Massive amounts of money printing is finally starting to trickle down to hard assets like jewelry and Signet is finally starting to arise out of the ashes as a sound company. Furthermore, Wall Street hedge funds who rotated out of gold and silver last summer and into cryptocurrencies, are finally starting to shift back towards metals and hard assets.
Now that the jewelry industry finally has started to see the ecommerce light maybe they will start to understand and utilize digital assets such as domain names and cryptocurrencies to their advantage instead of ignoring their potential to augment business. Approximately 25% of millennial millionaires hold their millions in cryptocurrencies. The best generic jewelry domain names in the world are owned by JewelryDomains.com, not a billion dollar jewelry company.
Jewelers need to wake up to the reality of digital commerce, it's not a trend going away.