Q and A with H. Marvin Beasley
December 01, 2007
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| H. Marvin Beasley, chairman and chief executive officer of Missouri-based jewelry chain Helzberg Diamonds. |
By Glen A. Beres
North Kansas City, Mo.—H. Marvin Beasley is chairman and chief executive officer of Helzberg Diamonds, a North Kansas City, Mo.-based jewelry chain of approximately 275 stores owned by holding company Berkshire Hathaway.
In an exclusive interview with National Jeweler, Beasley discussed key industry trends, how Helzberg has leveraged technology and branding to get ahead, and the growth opportunities he sees for the company going forward.
National Jeweler: Which factors have made Helzberg Diamonds successful?
H. Marvin Beasley: Helzberg Diamonds has a longstanding tradition of service excellence, quality and integrity, and these elements of our business philosophy are major contributors to our long-term success.
We strive to provide our customers with an outstanding experience that extends from the time they first enter our store through the years that they own their fine jewelry. In this way, we develop long-lasting relationships with our customers that continue through the generations.
NJ: Where are the best growth opportunities for your jewelry business?
HB: Diamonds, and bridal and fashion offerings, in particular, have been and continue to be the foundation of the Helzberg Diamonds assortment.
We supplement this core inventory with selections in colored gemstones, pearls, karat gold and watches. Exclusive brands have become important to our business as well.
We market our product through a variety of media, with emphasis on print and outdoor advertising, supported by radio and television in key markets. We also strategically utilize electronic media to target customers who are accustomed to receiving information via this channel.
NJ: Which major trends do you see shaping the jewelry industry right now?
HB: One of the most prevalent trends has been customers demanding social and environmental responsibility from retailers. It is becoming increasingly important for fine-jewelry retailers to be accountable to customers, demonstrating that the company operates in a way that meets the highest standards for human rights, social responsibility and environmental stewardship.
NJ: How has online retailing affected the jewelry business?
HB: Online retailing in general, and in the jewelry industry in particular, has created an environment in which consumers have access to vast information and purchasing options. As a result, customers are more likely to have done preliminary research and to have developed a level of knowledge about jewelry prior to entering a retail store. In addition, exposure to a wider selection of styles and price points has the potential to influence customers’ ideas about what they wish to purchase.
This vast amount of information and selection available online also has caused customers to be more comfortable purchasing jewelry online, and online sales are increasing. All of these factors combine to create a highly competitive retail landscape in which multichannel selling opportunities must be leveraged, and in which integrity, excellence and a reputation for quality are critical.