January 2008
Hendler to Co-Chair Rusk Circle
Jack Hendler, president of the New York-based merger and acquisition firm Net Worth Solutions, Inc., will co-chair the Rusk Leadership Circle of the Rusk Institute of Rehabilitation Medicine of NYU Medical Center.
The volunteer leadership group will be committed to supporting philanthropy at NYU Medical Center. Hendler and his co-chair, William Constantine, managing director, Legg Mason Investment Counsel, will be inviting select individuals to participate in the Rusk Leadership Circle, which will be fully formed and operational by early 2008.
Hendler’s objective is to generate support for the capital campaign within the fashion and finance industries. His firm, Net Worth Solutions, specializes in providing merger and acquisition services for industries that include jewelry, apparel, textiles, footwear, accessories, and leather goods.
“People in these industries tend to be very generous and energetic about supporting good causes,” Hendler said.
The Rusk Leadership Circle will spearhead a multi-million dollar capital campaign to address facility and program needs at the Rusk Institute of Rehabilitation Medicine during the next decade.
Las Vegas City Council Approves WJC Plans
The Las Vegas City Council has given its approval of the World Jewelry Center, a proposed 5.4-acre development dedicated to the international jewelry industry.
During a session held Jan. 9, the council voted in favor of the center’s Disposition and Development Agreement, Owner Participation Agreement, and related documents. This means that project can proceed as planned, including the 50-plus story office tower, which will likely be the highest building in the desert city.
“We appreciate the cooperative efforts of city officials and the Las Vegas City Council’s approvals of our business terms, which will propel our project forward," said Robert Zarnegin, president and chief executive officer of Probity International Corp., the company that is developing the site.
Las Vegas Mayor Oscar B. Goodman, applauded the council’s decision. He said the 1.1 million-square-foot project, will help diversify the economy, which is now depended on gaming and tourism, and is a one of the elements in the renovation of a barren piece of land in the downtown section of the city, known as Union Park.
“This will be an important part of Union Park, along with the Lou Ruvo Brain Institute, the Smith Center for the Performing Arts, the Charlie Palmer Hotel, and the Access Medical-Kimpton Hotel projects, that together will create an exciting experience for everyone who visits or does business there,” he said following the vote.
“This will be a one-of-a-kind jewelry industry hub in the western hemisphere,” added Bill Boyajian, WJC managing director.
The WJC trade tower, designed by Altoon + Porter Architects, LLP, will contain office "condominiums" of more than 700,000 square feet and owned by several hundred companies from around the globe. WJC businesses will have access to grading labs, an educational center, meeting facilities, and exhibition space. There will also be banking facilities, an advanced security system, restaurants, an exclusive private club, and fitness facilities.
The top floors will be reserved for some 90 "ultra-luxury" residential condominiums with a dedicated elevator system.
One of the major business attractions of the WJC, is its future designation as a "Foreign Trade Zone." This means that foreign companies will not pay a duty for products shipped into the U.S. until they are sold.
The plans also include an adjacent three-story building that will house retail spaces and a gem museum. It is being planned as a retail destination and will feature jewelry from retailers representing approximately 20 countries. Retail is expected to account for 90,000 square feet of the 125,000 square-foot building.
The DDA outlines the requirements and conditions for purchasing the land and build the World Jewelry Center. The OPA sets forth the terms under which the developer and the City Redevelopment Agency will share in property tax revenues generated by the WJC over the next 20 years.
WJC officials recently said that the WJC completion date has been pushed back from mid-2010 to the second half of 2011.
TM Shea catalog features space-maximization ideas
TM Shea catalog features space-maximization ideas
January 09, 2008
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| TM Shea Products’ latest catalog offers ideas for in-store marketing and merchandising. |
Troy, Mich.—TM Shea Products, providers of in-store marketing tools and promotional displays, has released a new, 64-page catalog of solutions for maximizing selling space and driving sales, the company said in a statement.
The catalog features detailed product information about TM Shea’s patented display systems, including its “PowerPillar Floor Spinners,” which add flexible retail space, and new overhead and point-of-purchase sign systems.
In addition, retailers will find product specifications, product and application photos, and before-and-after, store-within-a-store photo composites enhanced with display systems from TM Shea.
For more information on TM Shea’s in-store marketing and merchandising systems, or for a free catalog, call (800) 992-5233 or visit the company’s Web site, TMShea.com.
Atlanta show, MJSA partner on educational conference
Atlanta show, MJSA partner on educational conference
January 09, 2008
Atlanta—The Atlanta Jewelry Show, partnering with the Manufacturing Jewelers and Suppliers of America (MJSA), will kick off its spring edition with a special pre-show educational conference on Feb. 29 at the Cobb Galleria Centre in Atlanta.
The MJSA Education at the Atlanta Jewelry Show, sponsored by MJSA, Stuller and the Atlanta Jewelry Show, will give each participant the opportunity to listen to the theories about the industry, meet with leading professionals and learn from experienced jewelers about the cutting-edge technologies available on the market today.
“Each year, we team up with MJSA to further expand the Atlanta Jewelry Show’s educational offerings with a full-day of specialized programming that retailers won’t get anywhere else in the Southeast,” the Atlanta Jewelry Show’s Executive Director Carol Young said in a media release.
Classes include:
* Casting in a Small-Shop Environment: Presented by Chris Ploof, this class will offer casting options for small-shop environments. Chris Ploof Studio, 9 a.m.-10:30 a.m.
* Romanoff or Rip-off? Case Studies and Techniques Part 1: Presented by Gary Smith of Smith Jewelers in Montoursville, Pa., this class will focus on the forensic examination of antique and modern jewelry. 10:30 a.m.-12 p.m.
* A View from the Top: Insurance Coverage of the Small-Business Owner: Presented by Darin Kath, president and CEO of Jewelers Mutual Insurance Co., this class, which will meet over lunch, will cover the coverage needs of independents and small-shop owners. 12 p.m.-1 p.m.
* Romanoff or Rip-Off? Case Studies and Techniques Part 2: Presented by Gary Smith of Smith Jewelers in Montoursville, Pa., this class will focus on the bench jewelers’ tools and the marks these tools leave on jewelry. 1 p.m-3 p.m.
* Why Palladium? Why Now?: Presented by Dawn McCurtain, director of marketing of the Palladium Alliance International, this class will offer practical tips on discussing palladium with customers to make sure they are informed about various white metals. 3 p.m.-4 p.m.
* Practical Palladium: How to Work with the Newest White Metal: Presented by Teresa Shannon, MJSA director of education, this class will focus on how to work with palladium while exploring similarities between palladium and platinum. 4 p.m.-5 p.m.
Admission to the MJSA pre-show conference is $95 per person, including lunch. Class size is limited, so retailers are encouraged to register early to secure a space by calling (800) 241-0399 or (404) 634-3434. Certified Jeweler credits will be offered for this program.
Gold, platinum prices reach new highs
Gold, platinum prices reach new highs
January 09, 2008
New York—Gold and platinum prices soared to new heights on Wednesday, bad news for jewelers already struggling with the ever-increasing cost of precious metals.
The Associated Press reported that an ounce of gold for February delivery reached a record price of $879.40 on the New York Mercantile Exchange, breaking the previous record of $875 set in 1980.
The price later dropped to $877.20 per ounce.
Spot gold also rose to $876 per ounce, eclipsing the high of $869.05 hit last week.
Meanwhile, Bloomberg reported that platinum for immediate delivery was at $1,560.50 per ounce after reaching a record $1,561.75.
Both the AP and Bloomberg reported that the rising cost of the two metals is due to higher oil prices and a weaker dollar, as traders bet on gold and platinum as a hedge against inflation.
“Gold is going to be a great investment in 2008,” Greg Smith, managing director of investment advisor Fat Prophets U.K. Ltd., told Bloomberg Television in a London interview on Wednesday. “One-thousand dollars an ounce is certainly in view.”
Editor’s note: For the latest precious-metal prices, see our Wholesale Material Pricing Tools.
Eleanore Papp Weiner of Leeds & Son, 85
Eleanore Papp Weiner, the woman who co-founded Leeds & Son in the Coachella Valley of California more than 60 years ago, passed away Tuesday in Rancho Mirage. She died peacefully surrounded by her children and grandchildren. She was 85 years old.
“We are extremely saddened by the loss of our mother,” says daughter Riki Stein. “She was an extraordinary woman who was not only a role model within our family but she touched many lives here in the Valley with her elegance, graciousness, and unique ability to make everyone feel special.”
Eleanore Papp Weiner was born Dec. 3, 1922 in Pittsburgh, Pa. After graduating from high school, she worked as a buyer and model for Gimbels, a major American department store of that era. In 1946 she met her husband-to-be, Edward Harold Weiner, and after getting married they moved to Bullhead City, Ariz. While Edward worked as an engineer on the Davis Dam, Eleanore managed their first jewelry and variety store.
“My mother was beautiful and sophisticated but also a courageous and strong woman,” says son Terry Weiner. “She was a deeply caring and compassionate soul who truly cared about family and all those she met.”
In 1947, Edward and Eleanore moved to the Coachella Valley where they opened the valley’s first Leeds Jewelers in downtown Indio. The name came from combining his name (Ed) and her name (El). At one point, the couple owned six stores throughout the region: Yuma, El Centro, Indio, Blythe, Barstow, and Palm Springs.
While Edward ran the business in the back, Eleanore quickly became the “face” of the store, excelling in customer service by her genuine interest in the many lives she touched. For Eleanore, it was much more than business transactions and selling jewelry, it was about the people and the milestones in their lives that she was able to be a part of on a personal level.
Because of Eleanore’s unique flair and sincere love of community, Leeds and Son Fine Jewelers became and remains today a hallmark establishment, and one of the oldest and most respected jewelers in the desert. The desert landmark that began in 1947 is now operated by son Terry Weiner and daughter Riki Stein, with grandson Brett Stein a senior account executive.
“Mother was our teacher, she taught us not only the jewelry business but about life, living, graciousness, giving back and making everyone feel important,” says Riki Stein. “She was as kind and lovely on the inside as she was on the outside.”
Aside from her business acumen, Eleanore was a huge fan of the Los Angeles Lakers and rarely missed a game.
Eleanore Papp Weiner is survived by her three children, Wendy Shaw and son-in-law Rick Shaw of Phoenix, Riki Stein of Cathedral City, and son Terry Weiner of Rancho Mirage; four grandchildren, Ryan Rand of Phoenix, Brett Stein of Palm Desert, Lindsay Stein of Cathedral City, and Alexandra Weiner of Rancho Mirage; two great grandchildren, Hunter Rand and Sidney Rand, both of Phoenix, Ariz.; and, brother, Elmer Papp and sister-in-law Dee Papp of Albuquerque, New Mexico.
She was preceded in death by her husband, Edward Weiner on September 24, 2002.
A Celebration of Life is scheduled for Jan. 11, 2:00 p.m., at La Spiga Ristorante, 72557 Highway 111, Palm Desert.
The family suggests memorials to the Los Angeles Lakers Youth Foundation, 555 N. Nash Street, El Segundo, CA 90245.
The Cultured Club
In 2003, Wired magazine heralded "the new diamond age," noting that factories now can produce diamonds that are chemically identical to those produced in nature. It crowed that the stones soon would be as cheap as $5 per carat. "If you give a woman a choice between a 2.00 ct. stone and a 1.00 ct. stone and everything else is the same, including the price, what’s she gonna choose?" asked Gemesis Cultured Diamonds founder Car-ter Clarke in that article. "Does she care if it’s synthetic or not? Is anybody at a party going to walk up to her and ask, ‘Is that synthetic?’ There’s no way in hell. So I’ll bite your ass if she chooses the smaller one."
To people in what now must be referred to as the mined industry, those were frightening words. And in the four years since, there have been many more articles along the same lines and a number of headline-making moves, including the hiring by Gemesis of De Beers veteran Joan Parker and the Gemological Institute of America’s decision to grade synthetic stones.
Yet, the lab-grown-diamond industry remains in its infancy, and many believe its threat has been greatly exaggerated. "Yes, there is more [synthetic] production," De Beers executive director of external and corporate affairs Stephen Lussier told JCK. "But I don’t think it has impacted the diamond market in any way. Nothing has really changed. If anything, I’m more relaxed about it."
Whatever the future holds for lab-grown stones (see sidebar, p. 79), as 2008 dawns, the threat from them is minimal. Here’s why:
They’re detectable. A recent article in Idex warned that certain stones from Boston’s Apollo Diamond Corp. had "escaped detection" from GIA and some "could not be detected." GIA begged to differ. "Synthetics are grown in an entirely different environment than natural diamonds," noted lab director Tom Moses. "That fundamental difference in growth allows those who have expertise in detection to exploit those growth differences. … I feel good about GIA’s ability to identify synthetics. We have not seen any synthetics that we have been unable to detect, even when that has been stated to be the case."
Of course, detectable by GIA does not mean detectable by most jewelers. The stones are chemically identical to natural stones, which means visually identical. While there are visual clues that differentiate them from naturals, they generally require De Beers’ DiamondSure and DiamondView machines for a definitive identification.
Lussier says the ability to differentiate is the most important consideration: "If you look at the colored stones categories where synthetics have been around, the crucial issue is consumer confidence. The stronger the confidence, the stronger the business will be."
They’re fancy colored. Almost all synthetic stones now in production are fancy colors. Gemesis produces yellow diamonds and next year will start manufacturing pinks and blues. Chatham Created Gems, whose diamonds are produced by an Asian partner, manufactures mostly pinks as well as some blues and yellows. Only Apollo, which uses a different process—chemical vapor deposition, as opposed to high pressure and temperature—is regularly producing colorless stones, mostly in the F—G/VS range and weighing about 0.33 to 0.50 cts. It, too, is branching into fancy colors.
Both Gemesis and Chatham say they can produce colorless stones, but at high price points, meaning they are not necessarily economical to produce. "They are too close [in price] to what you can buy from a natural-diamond wholesaler," says Tom Chatham, president and chief executive officer of Chatham Created Gems. "We have such a demand for the pinks and blues, there is no sense in trying to buck the natural market in whites."
Gemesis does plan to go into colorless stones "within a three- to five-year time frame," executives say, but the company will produce only bigger stones, in the 4.00 to 10.00 ct. range in rough, sizes likely to be in short supply. But they won’t be "significantly cheaper" than naturals. The big problem, says Gemesis chief operating officer Clark McEwen, is that growing colorless stones requires eliminating nitrogen. But "nitrogen does all sorts of good things for the growth process," he says. And when you remove it, diamonds grow smaller and slower.
They’re available in limited numbers. The day when a consumer will have Clarke’s choice between a natural and a synthetic remains far away. Certainly, all the producers are ramping up production. None will release production figures, but Chatham gets "up to" 1,000 cts. per month. Gemesis produces in "the tens of thousands" of carats annually and hopes to double production over the next few years. At present the company has "over 200" machines operating; a recent expansion will make room for hundreds more. Apollo produces "thousands of carats" annually and hopes to increase it to "tens of thousands," says Bryant Linares, president and CEO of Apollo’s gemstone unit.
Those numbers are minuscule compared with mining production. "I don’t think we will ever catch up with the natural industry," Chatham says. "That’s a billion carats a year."
The most optimistic projection comes from Linares, who thinks Apollo can build "a mine-size capacity of a million carats of rough on an annual basis" in "less than a decade."
They aren’t cheap. With production limited and costs high, prices are far steeper than originally predicted (never mind $5 per carat). Apollo originally said its colorless diamonds would sell for one-third less than natural diamonds. Now they sell for about 15 percent less.
The fancy colored stones being produced are significantly cheaper than natural fancy colored stones, whose prices can be astronomical. (On a tour of his factory, McEwen points to a red: "If that was a natural stone, it would be worth over a million dollars.") But Gemesis sells yellow stones for only slightly less than the price of a comparable natural colorless stone. The pinks and blues will sell for slightly more.
"People pay $6,000 to $7,000 for our stones," admits Gemesis president and CEO Stephen D. Lux. "They are not a cheap proposition, but they are a good value."
Nomenclature and Other Issues
If pricing and other aspects haven’t met early expectations, it’s because the technology is still being fine-tuned. The notion of factory-produced diamonds may conjure images of an assembly line spitting them out like widgets, but manufacturers stress how unreliable their production is. "This is a natural growth process," notes McEwen. "Just like when you grow tomatoes, they are not all the same. The qualities we produce are different, the shapes are different, just like in nature."
"We are up against certain hurdles that the natural stone doesn’t have," notes Chatham. "People expect us to dial in a bubble-gum pink stone and we can’t. We must have 100 shades of pink." He adds, "We don’t make stones. We make an environment, and nature grows the crystal. It is a semi-controlled environment, but there is a lot going on that we don’t know."
So, with the nightmare scenario of bucketsful of undetectable lab-grown discount diamonds not likely to unfold anytime soon, is the diamond industry ready to embrace this new category?
Chatham, who has fought his share of battles over his created gemstones, says he’s finding far more acceptance this time around. "The resistance is totally different than it was from ruby, emerald, or sapphire," he says. "People totally understand what this is."
Lux says GIA’s decision to issue reports for the stones gave the product "the biggest boost" it ever had. "We look at it as a watershed event," he says. "It took a lot of resistance out of the trade. When the respected GIA came out and classified it as a diamond, it told the story for us."
Even so, tension remains between the mined and created sectors. The mined sector isn’t happy that almost every article about synthetics refers to them as an "ethical alternative" to natural diamonds, since they avoid the blood diamond and environmental issues—even though no established human rights or environmental group has endorsed that position.
The diamond growers insist that this talk isn’t coming from them. Gemesis has even contractually forbidden its customers from discussing those topics (though designer Taryn Rose, who uses Gemesis stones in her new jewelry line, has brought them up numerous times). The Cultured Diamond Foundation, which Gemesis helped found, puts similar requirements on its members. "We want to take the high road, talking about the positives of our product and not the negatives of someone else’s," says Lux.
The other two producers also say they’re not promoting these issues but admit they are driving much of their sales. "It’s not something we like to take advantage of, but there are companies that we sell to that do it on the premise that it’s a green product," Chatham says. "I can’t say anything personally, because every chemical we use comes out of the ground. I tell that to them, but they still think it’s better than these big holes in Africa. We just go along with it."
Then there is the seemingly endless debate over nomenclature. The mined industry opposes the word cultured, and Jewelers Vigilance Committee recently filed a petition—endorsed by other diamond and jewelry associations—with the Federal Trade Commission to prevent its use. It has even hired a top lobbying firm to press its case.
The diamond growers say they are not worried about the FTC’s decision, noting they use both cultured and other FTC-approved words such as lab-grown and man-made. "We would prefer to use the word cultured, but it’s not essential to our business," says Lux.
Chatham says his father long ago signed a cease-and-desist order concerning the word cultured, so he doesn’t use it. "I have already put millions into the word created," he says. But he calls the JVC petition "protectionism for the natural diamond industry." He adds, "Why doesn’t the JVC go after all of these cubic zirconia sellers selling their product as synthetic?"
Meanwhile, those in the lab-grown camp have their own nomenclature issues. They are irritated that the "natural" industry keeps referring to their stones as synthetic—a phrase they think consumers hear as fake. There was a time when the diamond associations wanted to make the word mandatory, and GIA’s original synthetic reports used that term only. Both plans have been dropped, but the word still rankles. "Synthetic is so ridiculous," says Linares. "My son’s got a football. It says synthetic leather. It’s vinyl. It’s purposely misleading."
They also dislike De Beers’ statements, such as the one it recently sent to JCK, which compared lab-grown diamonds to "cubic zirconia and moissanite."
Whatever the hard feelings, the producers say they shouldn’t be viewed as antagonists, and Gemesis notes that its jewelry often uses natural stones as accents. "We have no interest in bringing out something that will undercut the natural market," says McEwen. "If it goes down, we go down. We have been careful to be part of this industry, and not adversarial to it."
He, like other commentators, thinks synthetics production will supplement natural during expected shortages in the future. "The Argyle Mine has only 10 years left," McEwen notes. "After that, a majority of pinks will be gone."
So, can the two sectors learn to live together—like the lab-grown and natural diamonds in a Gemesis ring? "We consider ourselves part of the diamond industry," says Lux. "Not the cultured diamond industry—the diamond industry."
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Report: Inventory Missing at Alpha Omega
About $6.6 million worth of inventory is missing from the Alpha Omega watch and jewelry chain, according to a complaint filed in Suffolk Superior Court by the high-end retail chain’s chief creditor.
The unaccounted for luxury goods had "either been taken from Alpha Omega, or such inventory never existed," the Boston Globe reports.
A consultant retained by the Cambridge-based retailer told officials at LaSalle Business Credit, a retail lending arm of Bank of America Corp., about the inventory discrepancy on Dec. 19, the newspaper reports. The next day, LaSalle filed a complaint with the court and obtained a temporary restraining order stopping Alpha Omega from selling or otherwise moving any more merchandise. The court also reinforced the creditor’s right to seize the inventory, something LaSalle decided to do earlier that week because Raman Handa, his wife, and their son and daughter—all of whom are executives of the nearly 30-year-old company—abruptly left the country without alerting relatives or business associates.
The consultant was not named in the complaint but was identified as Altman and Co. LLC by Adrienne Walker, a lawyer with Mintz Levin Cohn Ferris Glovsky and Popeo who is representing Alpha Omega in its bankruptcy, the newspaper reports.
Michael O’Hara was hired by Alpha Omega and LaSalle alongside Lewis as the retailer’s chief restructuring officer.
Lawyers representing two vendors that sold luxury watches or fine jewelry to Alpha Omega and that are each owed hundreds of thousands of dollars were surprised yesterday to learn about the missing merchandise, the newspaper reports.
It is unclear whether the discrepancy is due to bookkeeping errors, pilferage, or some other reason, the newspaper reports. But an official at another jeweler tods the newpaper it’s hard to lose track of merchandise in a well-run jewelry store—especially if the store uses a good computer system—because every item that comes through the door is tracked through its final sale with a unique identification number.
The stress from trying to cope with Alpha Omega’s $30 million debt prompted Handa to check himself into a Boston-area hospital around Dec. 12. A few days later he flew to India, according to the company’s bankruptcy filing.
A lawyer and family friend who talked with Handa on Dec. 27 said he has been convalescing in India with the help of the country’s traditional Ayurvedic treatments, including meditation, yoga, and herbal remedies, the newspaper reports. However, neither he nor another Alpha Omega lawyer have received updates since then about the Handas’ whereabouts or when the family might return to the United States.
LaSalle’s litigation was put on hold after about two weeks because Alpha Omega filed for bankruptcy.
On Friday the Movado Group - which is owed more than $606,278 for stocking Alpha Omega with watch brands such as Concord, ESQ Swiss, Movado, and Ebel - filed a complaint asking Middlesex Superior Court to place a lien against Raman Handa’s Lexington home and any other real estate he owns.
Alpha Omega’s assets will be auctioned off Jan. 22. A joint venture between Tiger Capital Group LLC and Gordon & Co. entered the first bid at 70.25 percent of the cost value of the inventory.
The inventory was estimated to be worth $18.7 million on Dec. 31 but could end up being worth less by the auction date, since a bankruptcy judge has allowed Alpha Omega to continue selling its merchandise in the interim.
Inventory missing but sales continue at Alpha Omega
Inventory missing but sales continue at Alpha Omega
January 09, 2008
Cambridge, Mass.—Troubled Alpha Omega Jewelers is now missing more than its founders.
According to a complaint filed in Suffolk Superior Court by the jewelry chain’s chief creditor, $6.6 million of the Boston-area jeweler’s inventory cannot be found, The Boston Globe reported.
While it is unclear whether or not the missing inventory is a result of bookkeeping errors or theft, officials from other jewelry stores who asked not to be named commented to the Globe that it is difficult to lose track of such a large volume of inventory in a well-run jewelry store.
Evidence of the missing merchandise first surfaced in mid December when LaSalle Business Credit, a retail lending arm of Bank of America Corp. and the store’s chief creditor, filed the complaint, said the news source.
But, the litigation was placed on hold after about two weeks because the troubled jeweler filed for bankruptcy, the Globe reported.
In the meantime, a judge ruled on Jan. 4 that Alpha Omega could continue selling merchandise as the bankruptcy case moves forward.
An auction selling off the company’s assets is scheduled to take place around Jan. 24.
The missing merchandise is just the latest in a series of bizarre events to unfold at the once-prosperous chain.
News of Alpha Omega first surfaced in December, when founder and owner Raman Handa and members of his family abruptly left the country amid financial troubles at the company and Handa’s health issues.
Handa has been said to be receiving care in his native India and gave permission via e-mail for the company to file bankruptcy.
The Globe reported that it is not known when or if the Handas will return to the United States.
In the meantime, two consultants brought in earlier this year to help solve the company’s financial woes—Consensus Advisors LLC’s Michael O’Hara and Altman and Co. LLC’s Gordon Lewis III—are running the day-to-day operations of the company.
Its seven Boston-area stores remain open for business.
Editor’s note: For earlier developments in this story, see Alpha Omega files for Chapter 11.
Signet appoints non-executive director
Signet appoints non-executive director
January 09, 2008
London—Signet Group has appointed Lesley Knox as non-executive director, effective immediately.
Knox had been chair of Alliance Trust PLC since 2004, and non-executive director of both HMV Group PLC and Hays PLC since 2002.
She was also non-executive director of Galliform PLC between 2001 and 2007, and Glenmorangie PLC between 1999 and 2003.
In 1999, Knox was founder director of British Linen Advisers Ltd., a specialist merchant bank providing strategic advice to growth companies, where she remained until 2003. Between 1997 and 1999, she was deputy governor and then governor of British Linen Bank, the Bank of Scotland subsidiary.
She also worked in the Kleinwort Benson Group between 1981 and 1997, first as a corporate financier, then as head of its institutional asset-management business.
“On behalf of the board, I welcome Lesley as a non-executive director of Signet,” Signet Chairman Sir Malcolm Williamson said in a statement released today. “I am confident that her broad experience will enable her to make a significant contribution to the Group.”