Turnover up at jewellery retailer despite lockdown store closures
Yorkshire Business Stephen Farrell
A historic jewellery retailer has reported an increase in turnover in its latest accounts, despite the impact of store closures during the Covid-19 lockdowns, with its directors confident the business will “continue to thrive” despite the challenges in the retail sector.
Berens & Company, which trades as Berry’s, runs a retail and wholesale jewellery business from locations across the UK, including three outlets in Leeds and others in York, Newcastle, Nottingham, Windsor and Hull.
The business is headquartered in Leeds and can trace its history back to 1897. It is also an official partner of the Leeds Rhinos rugby league side.
Recently filed accounts for Berens & Company show turnover of £34.6m was recorded in the year ending 30 June 2020, compared to £33.5m in 2019.
Pre-tax profit also increased to £4.33m from £4.19m the year before.
Sales during the financial year were affected by the closure of stores from 24 March to 14 June 2020 in line with Covid-19 restrictions.
Berens & Company said it had been able to generate some turnover, primarily through online sales, during this period. It also used government-funded support through the Coronavirus Job Retention Scheme.
In their report accompanying the results, the directors said they were “delighted with the performance of the company” when taking into account the challenges faced towards the end of the period.
Following the end of the financial year, the company was affected by further store closures from 5 November 2020 to 1 December and from 5 January 2021 to 12 April.
It said it had been able to continue to mitigate the impact on turnover through online sales and access to government-funded support.
The report added: “The directors expect to continue to experience a challenging retail environment, in the year ahead. Despite this, we remain confident that the business will continue to thrive due to our history, exceptional service and client loyalty.
“With the roll-out of the Covid-19 vaccination being well underway we hope that business will pick-up again in 2021, as the UK and world economies start to recover and people’s freedom of movement gets back to normal.”
In early 2020, Berens & Company resumed business with Rolex after a nine-year gap, selling the Tudor brand from its Nottingham store.
Countess Sophie banned THIS from her wedding – but one royal rebelled
Rebellious royal outfit at Countess Sophie’s wedding revealed The Countess of Wessex and Prince Edward wanted an informal wedding
You’d expect a royal wedding to come with a strict dress code, but while that normally includes suits, dresses and headpieces, the Countess of Wessex is said to have requested her guests wear more informal attire for her wedding to Prince Edward.
SEE: Look back at best photos of Countess Sophie and Prince Edward’s wedding day
When Countess Sophie tied the knot at St George’s Chapel at Windsor Castle in 1999, she opted to make it a more relaxed, family occasion as opposed to a state occasion, which meant the dress code included evening gowns and smart attire but no hats or headpieces.
But there were a few members of the royal family that chose to bend the rules slightly! While Princess Anne opted for a small green hair accessory and the Queen wore a lilac feathered fascinator that tied in with her lace dress, the Queen Mother went one step further.
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WATCH: 7 of the most expensive royal weddings of all time – who takes top spot?
She was pictured in a purple hat with bold feathered detailing, while the guests around her were noticeably hatless. It is thought that this is because hats are one of her staple items of clothing that she rarely goes without.
RELATED: Kate Middleton’s go-to jewellers just launched a bridal jewellery collection – from engagement rings to earrings
MORE: Meghan Markle’s sparkling engagement ring from ex-husband is so regal
Very few guests at the Countess of Wessex’s wedding were pictured wearing hats
For the big day, Sophie looked beautiful in a silk organza Samantha Shaw dress paired with a full-length veil made of silk tulle and crystals. It was held in place by her beautiful diamond tiara, which was originally from the Queen’s private collection and was made up of four open scrollwork motifs.
To finish off her outfit, the Countess added a black and white pearl necklace and matching drop earrings which were a wedding gift from Prince Edward.
The Queen Mother’s outfit to Prince Edward and the Countess of Wessex’s wedding
The royal couple recently celebrated their 22nd wedding anniversary and are now parents to two children: Lady Louise Windsor and James, Viscount Severn, born in 2003 and 2007 respectively.
And despite the lack of hats at her own wedding, Countess Sophie has been spotted with some pretty impressive headpieces when she’s been a guest at other people’s nuptials. Take her pastel pink fascinator at Mike and Zara Tindall’s wedding, and her leopard print feathered hat at Prince Charles and Duchess Camilla’s civil ceremony, for example!
READ: The Queen’s different reactions to royal proposals revealed
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Peoples Jewellers owner bought for US$1.4B in deal that could bring Kay Jewellers to Canada
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Peoples Jewellers owner bought for US$1.4B in deal that could bring Kay Jewellers to Canada Two of the U.S.' biggest diamond sellers — including the owner of Canada’s Peoples Jewellers and Mappins — have agreed to a multi-million dollar marriage of convenience
Article content Two of the U.S.’ biggest diamond sellers — including the owner of Canada’s Peoples Jewellers and Mappins — have agreed to a multi-million dollar marriage of convenience.
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Article content Signet Jewelers Ltd.’s acquisition of Zale Corporation, a deal valued at US$1.4-billion including debt, is the latest sign of industry consolidation as chains and mom-and-pop shops increasingly battle online upstarts for customers. We apologize, but this video has failed to load.
tap here to see other videos from our team. Try refreshing your browser, or Peoples Jewellers owner bought for US$1.4B in deal that could bring Kay Jewellers to Canada Back to video The top two U.S. mid-priced jewellers announced Wednesday they have entered into an agreement in which Signet will acquire all of its smaller rival’s issued and outstanding stock at US$21 in cash per share, a 41% premium over the closing price on the New York Stock Exchange a day earlier. With this acquisition Signet, the largest specialty retailer in the U.S. and the U.K., boosts its store locations from 1,900 to 3,600 and becomes the leading trinket retailer in Canada, said Mike Barnes, the chief executive and director of Signet Jewelers.
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Article content “We are not only number one in the U.S. and the U.K.; this acquisition will also make our newly combined company number one in Canada as well and it will allow us to continue building a platform for potential future geographic expansion,” he said during a conference call Wednesday. Investors seemed to like the pairing as Zale stock rose more than 40% to close at $20.92 on the New York Stock Exchange — impressive given that it hovered as low as $3.80 last March. Signet’s stock rose 18% Wednesday. The combined company will generate approximately US$6-billion in sales and more than $700-million in EBITDA, and will have nearly 30,000 associates, Mr. Barnes said. With Signet’s jewellery brands Kay and Jared, which are leaders in the mid-priced and the upper-mid-priced segments, the addition of Zale’s equally mall-friendly brands “will help us maximize our midmarket success,” he said.
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Article content The new company is also expected to see $100-million in synergies by the third year of operation, in large part due to stronger buying power and cost improvements, Signet executives said on the conference call. The Zale brand will operate as a separate standalone division within Signet, led by Zale’s chief executive Theo Killion. This acquisition, subject to shareholder approval, would cap what has been a tumultuous run over the years for Zale, and Peoples Jewellery. Peoples was founded in Toronto 1919 by the Gerstein family, which grew the business over the following decades into a chain of jewellery stores with as many as 280 locations by the 1980s. In 1986, Peoples teamed up with Switzerland’s Swarovski International to swing the junk-bond financed US$650-million purchase of Zale, which at the time was a firm more than five times its size. In 1989, the company later bought Gordon Jewelry Corp for US$311-million.
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Article content But after recession hit in the early 1990s, combined with high interest payments, Zale was pushed to the brink, filing for bankruptcy in 1992. In 1993, Peoples followed it down. In an odd twist, by 1999, a stronger, financially-healthier Zale bought Peoples Jewellery for US$115-million. Many years later, consolidation in the jewellery industry at all price points continues, said David Wu, luxury goods analyst at Telsey Advisory Group in New York. Hamilton, Bermuda-based Signet had previously discussed buying Zale but those talks ended in 2006 after Zale’s board decided to stay independent, according to Bloomberg. After Zale saw slumping sales in recent years, it embarked on a multi-year restructuring which is “starting to bear fruit”, said Mr. Wu, drawing a suitor.
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Article content Zale Corp.’s holiday sales results showed overall comparable store sales up 2%, with Zales’ branded stores up 4.4% and Peoples performing strongly at 2%. Mappins, however, saw sales drop more than 6%. In both Canada and the U.S., this sector of retail remains fragmented with independent retailers and mom-and-pop stores competing with the jewellery giants, but consolidation is increasing as chains look to benefit from economies of scale. “Consolidation has been happening, but at a very slow pace,” Mr. Wu. said. “This acquisition does speed up the pace.” The U.S. jewellery industry is also consolidating as stores face online challengers such as Blue Nile Inc., Ken Gassman, president of the Jewelry Industry Research Institute, told Bloomberg. Mr. Wu said the deal potentially allows to roll out its brands north of the border and providing Zale with access to “best in class” management. “It really gives Signet an entry way into the Canadian market,” he said. “I wouldn’t be surprised if Signet uses some of the real estate it currently has in Canada and potentially convert some of the underperforming Mappins stores into potentially a Kay store or a Jared store…. which I think would be very well-received.” With files from Bloomberg
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