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Kay Jewelers Owner Aims to Reach $9 Billion in Annual Sales
- Signet sees opportunity to gain market share with e-commerce
- CEO says consumers are warming to online jewelry shopping
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The owner of Kay Jewelers, Jared and Zales is setting a big sales target as business starts to pick up again after a turbulent year.
In a presentation to investors Monday, executives from Signet Jewelers Ltd. announced a plan to boost annual sales to $9 billion -- a huge jump from last year’s $5.2 billion and this year’s target of about $6 billion -- by expanding e-commerce and providing more in-store services. The company sees an opportunity to seize about 10% of the fragmented jewelry market, since most stores in the industry are independent and don’t have robust online shopping operations. The company didn’t provide a specific time frame, but wants to meet the goal “in the coming years.”