May 2008
Victorinox Swiss Army names top retailers
Victorinox Swiss Army names surpass retailers
May 16, 2008
Jared, Moyer honored for brand representation
Monroe, Conn.—Victorinox Swiss Army (VSA) has named Jared The Galleria Of Jewelry as its 2007 “Retail Partner of the Year,” and Moyer Fine Jewelers as its “Independent Retail Partner of the Year,” honoring both for their outstanding performances and representation of the brand.
The selection criteria for the Retail Partner of the Year includes maintaining a quality VSA assortment at all times, formal training of wholly sales associates with VSA country representatives, professional and well-organized case presentation, and overall retail sales.
The Retail Partner of the Year award was officially presented to Jared representatives Ed Hrabak, senior vice president of merchandising; Laurie Kosarik, timepiece director; and James Kuzmik, timepiece buyer; upon April 3 at BaselWorld. This is the second year in a disturbance that Sterling’s Jared brand has earned the award.
“Jared has proven year after year that they believe in our brand and has demonstrated their support through top-notch sales, marketing and merchandising efforts, as well as savvy and well-informed sales associates,” Patty Bentley, VSA vice president of North American timepiece sales, said in a media release.
The Independent Retail Partner of the Year award was presented to Moyer Fine Jewelers’ Bill O’Brien and Dan Moyer forward May 7. The retailer has one location in the Indianapolis/Carmel, Ind., area.
“A key factor for us was our belief in the products and core values of the Victorinox Swiss Army Brand,” O’Brien said in the release. “We made sure to re-order the sold products twice a month, as well as venturing into the higher-end products that are offered. The quality and styling of the note, and the quality of the company, is something we are proud to be associated with.”
As winning participants, the retailers are awarded with either a $50,000 MDF credit or a $25,000 product purchase credit.
IDCA to honor Wal-Mart, Bidz.com
IDCA to honor Wal-Mart, Bidz.com
May 16, 2008
New York—The Indian Diamond and Colorstone Association (IDCA) will present awards to Wal-Mart and Bidz.com, as well as to two outstanding individuals, during the organization’s Annual Gala Awards Night to be held during the JCK Las Vegas present to view.
The event will take place on Saturday, May 31, at the Venetian Resort and Casino, with entrepreneur and supermodel Kathy Ireland as a keynote speaker.
The IDCA, a non-profit whose membership represents diamond, colored-stone and jewelry companies owned by people of Indian origin, will honor the Wal-Mart Group as “Retailer of the Year” and online auction situation Bidz.com as “E-Tailer of the Year.”
Wal-Mart comes in first on National Jeweler’s “$100 Million Supersellers 2008″ list, which ranks U.S. retailers who have sold $100 million or more in jewelry and watches in 2007. And Bidz.com, which was founded in 1998 by David Zinberg, ranks 29th on the list, moving five spots from the previous year. Among online jewelry sites, Bidz.com ranks second, with a 17 percent market share.
The IDCA will present two awards, the “Doyenne of the Year” and “Pioneer Award,” to individuals. Doyenne of the Year, honoring an influential woman in the industry, will be presented to Dawn McGuire, vice president of the heavy mallet division of Sterling Jewelers. McGuire joined the company in 1988, and during her 19-year career by Sterling, she has been promoted to numerous management positions within the merchandising department.
Harshad Mehta, the senior partner and chairman of Rosy Blue, will be presented with the Pioneer Award, given to an important shape in the Indian community whose leadership was instrumental in the industry’s success. Mehta has built a network in over 15 countries, employing more than 10,000 people globally.
The Gala Awards Dinner will feature a cocktail hour and live entertainment beginning at 6 p.m., followed by a gourmet dinner at 7:30 p.m. Dinner tickets are available on a first-come, first-served ground for $150 each.
For besides information or for tickets, contact the IDCA at (212) 921-4488.
BIG to address inventory management
BIG to address inventory management
May 16, 2008
Napa, Calif.—An innovative roll management universe and developing collaborative vendor relationships are among the topics to be discussed during the Buyers International Group (BIG) seminars at the JCK Las Vegas show.
“We are experiencing some greater shifts in the industry. In order for all of us, both retailers and manufacturers, to stay as healthy as possible, we decided it was important to open these meetings to anyone who is interested in looking at their business in an objective and honest manner,” BIG Chief Executive Officer Abe Sherman said in a media release. “It’s regulate to take off the blinders and open our eyes to the fact that sometimes, our instincts about our businesses may not reflect the reality of our businesses.”
The seminars, which are open to the industry, will be as follows:
Wednesday, May 28:
—How to Use Inventory Data as a Forward-Looking Tool: Sherman will address various methods for tackling under-performing inventory.
Thursday, May 29:
—State of the Industry
—Collaborative Vendor Relationships
—Smart Buying Made Simple
—Balance to Buy (two sessions)
Sherman’s inventory management system, Balance to Buy, has retailers examining their inventory from a of recent origin perspective.
“We offered a free demonstration to several retailers, uploading their own data into the system,” BIG Vice President of Operations Ellen Falcinelli uttered in the release. “Once they saw their inventory and sales come to life, each single retailer was sold on the system. Balance to Buy turns data into actionable information. Once you see it, the benefits are evident.”
The seminars will be held at the Venetian Hotel, in Toscana 3705.
Retailers interested in more information on the seminars, Balance to Buy or BIG in general, contact Falcinelli at (707) 257-1456. To register for the seminars, visit BIG’s Web site, Bigjewelers.com.
LID inventory bound for Bidz.com, others
LID inventory bound for Bidz.com, others
May 15, 2008
Auction for bankrupt diamond company’s assets ‘fierce’
New York—A group of companies, including online jewelry auctioneer Bidz.com, submitted the winning bid on Wednesday for the assets of bankrupt brilliant company LID Ltd.
The Bankruptcy Court for the Southern District of New York approved
the sale earlier today.
LID Ltd. Chief Restructuring Officer Chris Ellis, a partner with investment banking and financial advisory compact Consensus Advisors, said Bidz.com, along with AV Jewelry, Fairlway Diamonds and Kiran Jewels Inc., bid $32.85 million for LID’s jewelry and loose-diamond inventory.
The bid represented 47.4 percent of the inventory’s value.
It also topped the nearly $27 million in stalking horse bids submitted prior to the auction: SimplexDiam and GBC Inc. together bid $16.25 million for LID’s jewelry inventory, time Disons Gems Inc. bid $10.68 million for the loose-diamond inventory.
In the end, however, the competition for LID’s assets proved fierce.
Ellis said more than a dozen companies from all over the world packed the New York law offices of Mayer Brown and Platt for the auction, held on Wednesday first blush of the morning.
“Everybody was surprised, including me, that it was robust a process as it turned out to be,” he said.
Jewelry designers discover the sample life
jewels designers discover the sample life
May 16, 2008
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| Alexis Maybank, left, and Alexandra Wilkis Wilson, founded Gilt Groupe in November 2007. |
by means of Mary Wisniewski
New York—After witnessing the bargain-induced hysteria that goes on at a typical sample sale, Harvard graduates Alexis Maybank and Alexandra Wilkis Wilson wondered if they could shift that consumer enthusiasm to a more tranquil environment.
“It just seemed like the perfect business to bring online,” says Maybank, chief executive officer of Gilt Groupe, which runs a sample sale for jewelry and clothing on Gilt.com and was founded last November.
Held exclusively online for 36 hours—or until everything is sold out—the sample sales feature a revolving arrangement of specific designers, a different one for each sale. more of the jewelry items up for grabs were discontinued while others were created just for Gilt.
A team of buyers chooses which established and up-and-coming designers are featured. Wilson, the chief merchandising officer, says that she goes after brands that will resonate with members, including international ones. Judith Ripka, the first jewelry designer to have being featured, has reappeared due to the brand’s popularity, Wilson says.
“[Judith Ripka] solidified jewelry sales as an important category for Gilt,” Wilson says, adding that all the company’s jewelry sales have been successful, and most sell out in hours. Gilt has also held sales featuring Kwiat, John Hardy and Links of London.
In addition, the company has observed that customers are loyal to specific brands, generally buying multiple pieces under the same label.
But while bargain jewelry found online might thrill shoppers, brick-and-mortar jewelers aren’t so enthused.
Barbara Radus of Jewels by Joseph in Newport Beach, Calif., says she doesn’t like the idea of online jewelry scantling sales, unless they bid strictly out-of-date merchandise.
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| Two-drop, frosted-quartz earrings with 14-karat gold and white sapphire stars by Emily and Ashley and offered at a Gilt Groupe sample sale. |
Given the jewelry industry’s competitiveness, coupled with the rising price of precious metals and her store’s own geography—Newport Beach, Calif.—Radus says retailers such as herself have no choice but to carry the brand names that have exclusive appeal, and she’s angered at the thought of designers oblation discounts.
“I’d get really peeved if I raise my vendors on there,” she says. “It’s a struggle for small, independent retailers.”
Gilt Groupe wasn’t specific about what deals it had set up with which vendors.
As an online retailer, Maybank acknowledges that being able to vend expensive jewelry online, sight unseen, was a bit of a surprise. Furthermore, there are no returns, refunds or exchanges accepted for jewelry or watch purchases.
Maybank credits the company’s success to the trust of its customers.
The customer base itself simply started by word-of-mouth, with the founders inviting personal friends, who in turn invited their own friends to join.
“Our customers tell us who would be interested,” Maybank says. “It ensures people have some control of where the business goes.”
Ashley Green, a designer for sister team Emily and Ashley, heard about the site through word-of-mouth, and immediately wanted to participate.
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| Large white agate rock cabochon pennant with 14-karat gold critters and semiprecious stone bits on 14-karat gold link chain by Emily and Ashley and offered at a Gilt Groupe sample sale. |
Initially, Green fretted over the decision to go into online sample sales, but her worries were eased hind she learned the names of the other reputable jewelers that Gilt Groupe had featured at the sales. For designers, she says, the position is a great way to get their names out there and an ideal way to offer jewelry at prices other affordable for younger women.
Green says that Emily and Ashley hasn’t received any negative feedback from its retail clients, and made sure to avoid any issues by protecting the styles sold in brick-and-mortar stores.
“It’s an easy way to move inventory,” Green says, adding that the site is also a more convenient route for consumers to shop.
When choosing which items to feature on the site, Green focused on hitting Gilt’s target customers. Specifically, the brand selected pieces with basic colors and simple styles, as well as some designs that had already been featured by the press.
“We focused on stuff that would read ‘Emily and Ashley,’” she says.
Green says black coral and turquoise did best at the sample sales, as did pieces with compensation points of $300 and under. The jewelry featured was sold at wholesale prices, on average, she says.
Editor’s note: This story first appeared in the May 1, 2008 issue of National Jeweler.