📉💼 Signet Under Fire: Top Shareholder Urges Immediate Sale After “Operational Missteps”
Select Equity, one of the largest shareholders of Signet Jewelers (~10% stake), is calling for the company to be put up for sale—claiming poor leadership, failed acquisitions, and botched tech rollouts have eroded value and investor trust. 😬
🔍 The Key Grievances
In a letter to Signet’s board, Select Equity didn’t hold back:
📉 Same-store sales have declined 11 quarters in a row
📉 Operating profit fell for 3 straight years, missing guidance for 2
💻 The James Allen + Blue Nile tech merger was a disaster—sales dropped double digits for 6 straight quarters
💸 Nearly $500M spent on “unprofitable acquisitions”
🚪 CEO Gina Drosos exited abruptly, despite promises to stay on through the holidays
🎁 Big bonuses were given to execs staying for just 3–6 months
👔 New CEO J.K. Symancyk was criticized for zero jewelry/fashion experience and a “mixed” business record
📈 Did the Filing Work?
Kind of.
📊 Signet’s stock jumped 12.4% after the filing—but quickly fell again.
🗣️ Signet’s Response
A spokesperson told JCK:
“We are focused on enhancing value and reshaping our marketing, product design, and bridal leadership… Our new strategy will be shared in March 2025.”
👀 What’s Next?
Select’s public pressure ramps up anticipation for:
Symancyk’s first strategy reveal (March 2025)
Possible activist investor shakeups
Questions about the future of Blue Nile, James Allen, and Signet’s entire digital direction
TL;DR:
🛑 Major investor wants Signet sold off immediately
📉 Cites leadership failings, weak sales, and botched tech strategy
🔁 Board says “we’re working on it”—new CEO strategy coming soon
The biggest diamond seller in the U.S. may be under pressure to shine… or sell. 💍💰