Jeweler Signet Is Stuck in the Past
The bridal industry giant is pinning its hopes on 45 relationship milestones. But nowadays signs of commitment don’t always lead to “Will you marry me?”
I do … not think we need a ring to make things official.
Photographer: Hulton Archive/Archive PhotosIt’s that time of year when social media feeds fill up with post-holiday party photos, snowbird vacations to Florida and, because we’re in the middle of engagement season, announcements about wedding proposals.
If you ask the country’s leading bridal jeweler, Signet Jewelers Ltd., you’ll be seeing more friends getting engaged this year. The retail chain predicts that engagements will reach 2.4 to 2.5 million in 2024 (up from last year’s 2.1 million) and return to the pre-pandemic average of 2.8 million in a few years — estimates that certainly bode well for reversing the company’s sluggish sales growth.
Such an estimate makes for a great investment case for the company. And engagements reached 2.5 million in 2022, so its hope for this year isn’t impossible. But investors should be wary. A closer look at dating and marriage trends shows the math behind these lofty figures is as cloudy as a low-grade diamond.