Zale sale gets go ahead

Despite the vocal opposition of some shareholders, the sale of Zale Corporation, a leading fine jewellery retailer in the US, to Signet, the largest fine…
Posted in News, World News

Signet CEO Mike Barnes
Despite the vocal opposition of some shareholders, the sale of Zale Corporation, a leading fine jewellery retailer in the US, to Signet, the largest fine jewellery retailer in the US and UK, will go ahead.
Zale shareholders approved the US$1.46 billion acquisition, which is set to create one of the world’s largest jewellery retailers, at a special meeting on May 29.
Announcing the closing of the acquisition which will see the company own and operate 3600 stores, Signet CEO Mike Barnes said the jeweller has now “entered a new era of growth and transformation”
“I am truly excited to have the Zale team joining the Signet family and I, and our leadership team, look forward to building upon the strengths of the entire organisation.”
In conjunction with the close of the acquisition, Signet announced several organisational changes to support its “strategic vision and expanding business”.
“Vision 2020 is our road map for ongoing success and includes the strategic pillars: maximising our mid-market success, being best-in-bridal, creating a best-in-class digital eco-system, expanding our footprint, and building an organisation of the future by growing our people with purpose and passion,” said Barnes.
Mark Light has been promoted to the newly created position of president and chief operating officer of Signet Jewelers while Theo Killion will continue in his role as CEO of Zale and take on the role of president of the new division.
Signet will now operate over 1400 stores (primarily under the names of Kay Jewelers and Jared The Galleria Of Jewelry) in the US and around 500 stores (primarily under the names of H.Samuel and Ernest Jones) in the UK while its new Zale division will operate around 1600 stores in the US, Canada and Puerto Rico primarily under the brand names of Zales Jewelers, Peoples Jewellers and Piercing Pagoda.
Signet operates around 1400 Kay Jewelers stores in the US
 
 

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