Jeweller - August 2020

OPINION
Soapbox
Learning from the past,
looking to the future
It is all too easy to fall into despair during tough times, but jewellery retailers and suppliers alike
shouldn’t lose sight of opportunities or be afraid to adapt, writes DARREN ROBERTS.
When Neil McCammon and I acquired
Cudworth Enterprises almost exactly 18
years ago, we had the goal to become the
market leader for men’s fashion jewellery
in Australia. It was a huge undertaking to
grow the Cudworth brand both here and
then later, internationally.
We were taking over a business that had
been established in 1921 – just three
years after the end of World War I.
At that point it was known by the company
name Norman P Joseph, and it had gone
through several other changes of name,
and management, in that time.
The name Cudworth Enterprises was
adopted in 1979, when Dennis and Leslie
Cudworth took over.
To put that into perspective, our business
had been through the Great Depression,
World War II, and various other recessions
and downturns all before it fell into
our hands.
However, standing the test of time doesn’t
mean standing still.
It is about agility, the ability to move with
the times while still maintaining the
qualities that makes your business and
your product special.
It is about never being complacent and
remaining positive and hopeful during the
down times.
We were the first company to introduce
stainless steel jewellery into Australia,
and three years after we bought the
business, we expanded into our first
international market: New Zealand.
expanded internationally again – this
time into the UK and Europe. Shortly
afterwards, in 2013, there was another
downturn and this time our business did
feel the effects.
However, again we pushed through, and
began 2020 having achieved our goal to be
the market leader in Australia for men’s
cufflinks, jewellery and accessories.
In addition, we also formed another
division of Cudworth for the distribution
of luxury European brands such as Hugo
Boss writing instruments, Tateossian,
Hoxton and Lanvin.
Then came the biggest challenge any of
us have faced: COVID-19.
Those previous setbacks – which many
other businesses in the jewellery industry,
and beyond, have experienced alongside
us – simply pale in comparison.
Yet we have found that the lessons we
learnt from the past still apply.
With a proactive mindset, we have used
this time to communicate with retailers to
build an even closer working relationship,
as well as speaking to other suppliers.
We have maintained our high level of
service by taking a look at our best-selling
lines and ensuring they are
always in stock.
We have improved our website and
even assisted retailers with theirs, and
have worked with buying groups on
Father’s Day and Christmas catalogues
to ensure our products are properly
promoted to retailers.
Our business
had been
through
the Great
Depression,
World War II,
and various
other recessions
and downturns
all before it
fell into our
hands. However,
standing the
test of time
doesn’t mean
standing still
resilience throughout 2020. Overall, I
have observed strength and positivity
from most retailers I have encountered
during the pandemic – and even seen new
blood coming into the industry, which is
refreshing.
One example was a young retailer in a
northwest suburb of Sydney who had
taken over the family jewellery business.
He moved the store to a new location
and began trading in April! It was a risky
decision, of course, but the store is
doing well.
The reason for that is because the
retailer could call upon the experience
of the past and the established strengths
of the business, while combining it
with an ambitious, adaptable, and
optimistic vision.
It is a neat metaphor for the approach
that’s needed in business – not just during
crisis periods, but at all times.
In this most difficult of years, we have
called upon Cudworth’s nearly a century
of heritage to guide us: we are sticking
to what we know best – men’s jewellery
and accessories – and we aren’t trying
to develop products that don’t fit under
our umbrella.
At the same time, we are proactively
developing our distribution side for the
luxury European brands.
And finally, we are remaining positive,
remembering that our business has
survived for 99 years. The future will
be new and different, and it’s time to
embrace it.
However, a few short years after that
– when we were on the road to achieving
our ambitious goal – the Global Financial
Crisis hit.
Fortunately, we were able to withstand its
impacts for a time, and in 2011 Cudworth
These steps have served us well in what
has been an incredibly difficult year –
and they are all steps that retailers can
take too.
When it comes to maintaining a hopeful
attitude, retailers have shown their
Name: Darren Roberts
Company: Cudworth Enterprises
Position: CEO
Location: Sydney, NSW
Years in Industry: 18
54 | August 2020