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Consumers Ready to Spend on Gifts – Survey
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US spending on holiday gifts will be similar to last year as consumers look to celebrate after the uncertainty and stress of the pandemic, according to the National Retail Federation (NRF).“Consumers have demonstrated their resilience and adaptability throughout...
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Retail
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Oct 22, 2020
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Rapaport News
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Luk Fook Suffers as Tourists Snub Hong Kong
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Sales at Luk Fook slumped in the second fiscal quarter as the Hong Kong-based jeweler suffered from a continued slowdown in tourism and local demand in its home city.Group-wide same-store sales — at branches open for at least a year...
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Retail
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Oct 19, 2020
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Rapaport News
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China Resurgence Lifts Chow Tai Fook
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Retail sales at Chow Tai Fook grew 2.6% year on year in the second fiscal quarter as a strong recovery in China outweighed continued weakness in Hong Kong.Sales rose 21% on the mainland while slumping 52% in Hong Kong...
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Retail
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Oct 18, 2020
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Rapaport News
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Jewelry Trade Continues to Shrink
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The US jewelry industry continued to downsize in the third quarter, with 101 companies leaving the business, according to new data from the Jewelers Board of Trade (JBT).Nine firms went bankrupt, while 37 dropped out due...
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Retail
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Oct 18, 2020
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Rapaport News
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Tse Sui Luen Expects Loss Amid Tourist Slowdown
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Hong Kong-based jeweler Tse Sui Luen (TSL) expects to incur a net loss of at least HKD 40 million ($5.2 million) for the first fiscal half as the Covid-19 pandemic depressed the company’s sales.The loss for...
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Polished Markets
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Oct 13, 2020
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Rapaport News
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LVMH Scraps Tiffany Deal; Tiffany Sues
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LVMH has abandoned its acquisition of Tiffany & Co., citing a trade dispute between the US and France and a disagreement over the timing of the deal.Tiffany has sued LVMH in response, claiming that the luxury...
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Retail
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Sep 09, 2020
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Rapaport News
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Signet to Expand James Allen In-Store Format
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Signet Jewelers plans to have James Allen e-commerce displays in 80 of its Jared locations this holiday season following a successful trial of the store-in-store concept. “Given positive sales results and strong traffic gains, we plan to expand...
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Retail
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Sep 08, 2020
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Rapaport News
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Signet Sales Better Than Expected
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Signet Jewelers’ revenue and profit beat expectations in the second fiscal quarter as stores unlocked their doors and the retailer upgraded its digital capabilities.“Sales improved sequentially throughout the second quarter as we reopened stores...
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Retail
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Sep 03, 2020
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Rapaport News
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Tiffany Sees Glimmer of Hope as Profit Slumps
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Tiffany & Co. reported a sharp decline in profit in the second fiscal quarter but noted sales have returned to pre-pandemic levels in August. “Our global sales trends have strengthened in August, with preliminary month-to-date worldwide...
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Retail
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Aug 27, 2020
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Rapaport News
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SK Jewellery Sees Profit Slump
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Singapore-based SK Jewellery Group reported a sharp drop in earnings during the first half of 2020 as store closures and other restrictions implemented during the coronavirus pandemic impacted sales. Net profit fell 81% to SGD 514,000...
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Retail
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Aug 18, 2020
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Rapaport News
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Birks Could Face Delisting After Losses
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The New York Stock Exchange (NYSE) has told Birks Group it is no longer compliant with its listing rules, after the Canadian jeweler incurred losses for four consecutive fiscal years.NYSE American, the exchange’s...
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Retail
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Aug 17, 2020
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Rapaport News
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US Retail Sales Increase in July
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US retail sales recorded their third consecutive rise in July, government data showed, as stores gradually resumed operations and devised ways of serving customers during the pandemic.Revenues of $536 billion for the month were 1.2%...
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Retail
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Aug 16, 2020
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Rapaport News
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Alrosa Expects October Recovery
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Alrosa has predicted a return to pre-pandemic rough sales levels in October, observing a promising combination of midstream shortages and growing retail demand. Executives made the forecast Friday following the release of the miner’s second-quarter results,...
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Mining
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Aug 16, 2020
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Rapaport News
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Jewelry Brand Fana Names Sales Specialists
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Fana, a New York-based bridal and fine-jewelry brand, has appointed three senior staff members to shore up its sales operations and interactions with retail partners.Shelby Sterrett, who joined the company in February, will lead...
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Retail
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Aug 13, 2020
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Rapaport News
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Diamonds High on Holiday Gift Lists
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Consumers are showing strong interest in buying diamonds for their loved ones this holiday season, seeing a need to give something special following an uncertain year, according to a survey by De Beers.In the US, almost 60% of men...
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Retail
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Aug 11, 2020
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Rapaport News
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Estate Jewelry Proves Robust During Covid-19
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The estate-jewelry sector has fared well during the Covid-19 crisis as customers have continued to show interest in designer goods, dealer Rick Shatz told the Jewelry Connoisseur Podcast.Higher-end clients — on whom the pandemic has...
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Retail
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Aug 06, 2020
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Rapaport News
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Hong Kong Retail Takes ‘Austere’ Turn
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Hong Kong’s retail market took a turn for the worse this month amid the coronavirus’s resurgence, reversing a slight improvement in June, the government cautioned Thursday.The municipality has entered a third wave of infections, prompting...
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Retail
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Jul 30, 2020
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Rapaport News
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Mom-and-Pop Stores Doing OK – for Now
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Independent US jewelers have weathered the Covid-19 crisis well, but face a serious challenge if the pandemic persists, according to Jewelers of America (JA) CEO David Bonaparte.“Mainstream mom-and-pop retail jewelers, especially the ones that are...
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Retail
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Jul 22, 2020
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Joshua Freedman
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Titan Sales Slump as Lockdown Hits India
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Revenue at Titan Company dropped sharply in the past two months during India’s coronavirus lockdown, but the jewelry retailer noted encouraging signs as restrictions eased.Jewelry sales fell more than 80% year on year in May...
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Retail
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Jul 09, 2020
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Rapaport News
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Jewelers See Positive Signs as Business Restarts
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Times are hard for luxury in general, and jewelry in particular. In a recent survey by McKinsey & Company, jewelry was one of the luxury products consumers were most willing to forgo post-Covid-19, considering the financial crisis...
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Retail
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Jul 02, 2020
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Leah Meirovich
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