Signet Jewelers has created a new corporate structure that aligns its executive management along two reporting lines: store banner teams — a banner is the Signet name for each of its retail chains such as Kay Jewelers, Zales and Jared — and functional teams.
Signet says the aim of the restructuring is to create clear accountability to deliver business growth; develop functional expertise to innovate and transform the company; and to provide clear career development and progression opportunities for the company’s teams.
Store banner teams will will focused on driving growth through differentiation and execution of specific strategies to better capitalize on each chain’s competitive strengths. “Their strategies will be distinct and informed by clear market positioning and customer insight for the stores,” says David Bouchard, vice president Signet Corporate Affairs.
Functional teams will operate horizontally across the group, focusing on delivering innovative and transformative ideas informed by customer insight, effectively allocating Signet’s people, merchandise and capital; and ensuring shared best practice. “For example, their responsibilities will include identifying the future in-store selling and incentive model, leading our customer-facing innovation efforts and developing genuinely break-through product concepts,” Mr Bouchard explains.
Each store banner and functional team will have a leader reporting directly to Seb Hobbs, president and chief customer officer for Signet, and will come together as his leadership team.
The organisational change is designed to accelerate the delivery of business goals outlined by Signet CEO Gina Drosos last year.
“We are focused on three strategic priorities to ensure that we are leading the change taking place in our industry: Customer First, OmniChannel and a Culture of Agility and Efficiency. Signet is announcing an important organizational update designed to further strengthen our efforts to support these initiatives, drive profitable comparable store sales growth and deliver exceptional customer experiences,” Mr Bouchard explains.