6 months ago

Jeweller - April Issue 2018

UPFRONT “I miss a lot

UPFRONT “I miss a lot of independent retailers in regional towns who closed. Many became not just customers, but friends.” What do you miss about the industry 10 years ago? RITA WILLIAMS, SUNSTATE JEWELLERS BULLETIN BOARD n YES, YES YES! Suppliers must be inventive to keep up with consumer’s evolving demands. Case in point: one company created a smartphone case to conceal an engagement ring and record the user’s proposal. With the trend for couples to share their proposals on social media becoming more popular, retailers would do well to think how they too can meet such demands. n PINNING IT DOWN Pinterest has revealed its top three most pinned engagement ring styles for the year so far. According to the company, moissanite gem styles are up 294 per cent, marquise diamond art deco styles have increased 173 per cent and oval engagement stones are up 125 per cent. n HEALTHY PROFITS According to a article, keeping inventory over a year old, wrong price points, under-charging for repairs, low web traffic and poor sales staff are key reasons why retailers find themselves in financial distress. Solution: jewellers should focus on “excellent sales, good salaries and excellent cash flow,” the article states. “I miss how personal it used to be, spending time getting to know customers. Everything is so fast paced now, people don’t build a connection anymore.” JESS RICHARDS, SECRETS SHHH – CHADSTONE DIGITAL BRAINWAVE “Ten years ago, we had a very robust business. Our retail was booming and everybody was happy. When we had the election, everything changed and it became tough.” TIM HAAB, HAAB DESIGNER JEWELLERS HIT PLAY Thinking about getting into video marketing? An article by business2community offers some hefty best practice tips for retailers wanting to incorporate videos into their marketing efforts. First, it recommends to plan what is going to be said before pressing record – that means no ‘winging it’ and rambling. Instead, it advises to practice but don’t read from a script – the more conversational the tone, the better. Other top tips include creating videos that double as teaching moments, calling on consumers to take action, and ensuring all keywords – including the video title, description and tags – are catchy and natural. Time to get recording! TOP PRODUCT Dansk Smykkekunst’s ‘Tamara Orbit’ earrings feature a silverplated ball on 7cm rose goldplated copper. They are also available in haematite with a gold coloured ball, rhodium with a rose gold coloured ball, and silver with a haematite ball. They were the most popular product last month ranked by views at VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY Managing Editor Coleby Nicholson Assistant Editor Alex Eugene Journalist Talia Paz Advertising Manager Gary Collins Digital Manager Angela Han Production Manager & Graphic Design Jo De Bono Accounts Paul Blewitt Subscriptions Jeweller is published by: Gunnamatta Media Pty Ltd Locked Bag 26, South Melbourne, VIC 3205 AUSTRALIA ABN 64 930 790 434 Phone: +61 3 9696 7200 Fax: +61 3 9696 8313 Copyright: All material appearing in Jeweller is subject to copyright. Reproduction in whole or in part is strictly forbidden without prior written consent of the publisher. Gunnamatta Media Pty Ltd strives to report accurately and fairly and it is our policy to correct significant errors of fact and misleading statements in the next available issue. All statements made, although based on information believed to be reliable and accurate at the time, cannot be guaranteed and no fault or liability can be accepted for error or omission. Any comment relating to subjective opinions should be addressed to the editor. Advertising: The publisher reserves the right to omit or alter any advertisement to comply with Australian law and the advertiser agrees to indemnify the publisher for all damages or liabilities arising from the published material. 8 Jeweller April 2018

NEWS NEWS Michael Hill closes Emma & Roe stores Michael Hill International (MHI) has announced it will close 24 of its 30 Emma & Roe stores in order to refocus the “direction” of the brand. According to the company, the 24 Australian and New Zealand stores would be closed by 30 June 2018. The remaining six will be repositioned to take on the demi-fine jewellery market in smaller, concentrated stores. “In January, MHI announced it had undertaken a comprehensive review of Emma & Roe to help shape the future strategic direction of the brand,” a company statement said. “The findings of this review identified a major opportunity in the demifine jewellery segment [up-market fashion jewellery] and an emergence in customer preferences towards fine fashion. “These remaining stores will be focused in a single market area, [as MHI] considers the six store footprint will provide the opportunity to iterate the new model at speed.” The statement added MHI estimated it would cost between $5.8 and $7.9 million to exit the stores. As previously reported by Jeweller, MHI will also close all of its “loss-making” stores in the US. MHI CEO Phil Taylor noted the nine US stores had “struggled” with a reported $12 million loss over the last 12 months. He said a highly competitive market, costly advertising and “significant” industry pressure aided the decision. The recent company statement added negotiations for exiting the US stores were “ongoing” and it would provide further information at a later date. MHI’s Emma & Roe range was launched in April 2014. It specialises in a range of charms, bracelets, necklaces, earrings and stackable rings. Named after Michael Hill’s daughter Emma and his wife’s maiden name Roe, the range was launched to complement MHI’s offering. ‘Unicorn’ watch up for auction One of the rarest watches ever made is estimated to sell for more than CHF$3 million (AU$4 m) at an upcoming international auction. According to auction house Phillips, the Rolex Cosmogaph Daytona 6265 is the only known white gold manual-winding Daytona ever produced. EMMA & ROE JEWELLERY STORES SET TO CLOSE Butterfly Silver in administration Well-known fashion jewellery chain Butterfly Silver has been placed into administration. Headquartered in Brisbane, the retail business specialises in sterling silver rings, earrings, necklaces, bangles and charms. It is understood that in mid-March it appointed P.A Lucas & Co as its administrator. Auctioneer house Hymans is handling the expressions of interest from potential buyers. Advertisements offering the business for sale have appeared in national newspapers. “This prominent and popular jewellery retailer runs from 19 outlets across the east coast of Australia, operating out of a head office and distribution centre in Brisbane,” a Hymans statement noted. “It had an annual turnover of approximately $6.5 million, with approximately $800,000 stock on hand at cost price.” It added that offers for all or individual stores would be considered, with retail outlets located throughout Queensland, New South Wales and Victoria. Jeweller contacted P.A Lucas & Co and Hymans asking why the business had been placed into administration and how many expressions of interest had been submitted. However, a response had not been received at the time of publication. Butterfly Silver managing director Michael Granshaw was also contacted for comment. Butterfly Silver was established in 2002. At the time of publication the company’s website had made no mention of being “under administration”. “Nicknamed ‘The Unicorn’ because of its elusive nature, Rolex made this extravagant Daytona in 1970 and delivered it to a German retailer,” a Phillips statement read. “Before the discovery of this piece, we believed that only stainless steel and yellow gold versions of the 6265 existed.” More than 30 of the “most sought-after” Daytonas will be on offer at Phillips’ Daytona Ultimatum auction in Geneva, Switzerland on 12 May. The headlining 6265 watch is RAREST ROLEX WATCH EVER MADE WILL AUCTION fitted with a sigma dial and white gold hour indicator, and has a crown made from stainless steel. It also features a white gold bracelet with bark finish, which was added by its current owner, Italian watch collector John Goldberger. Proceeds from the sale will go to charity Children Action. + MORE BREAKING NEWS JEWELLERMAGAZINE.COM A BUTTERFLY SILVER PROMOTIONAL SHOT April 2018 Jeweller 9