Jewelry Retail Store
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Peter Feigenbaum
Talent Leader & Director, Other Professionals
Peter Feigenbaum has more than 30 years of experience in retail performance improvement, turnaround, and restructuring services across a wide variety of companies and industries.
- Cost efficiencies realized and reinvested
- Company increased revenue, GM %
The client was the parent company of a $2B revenue operator of 1900 diamond and jewelry in-line mall retail stores across North America serving millions of customers per year. The company had been the market share leader for decades, but experienced pressure caused by inconsistent quality standards, employee turnover and months of negative sales trends in key diamond merchandising categories. A CR3 professional was engaged to oversee performance improvement which were developed, allowing the business to offer exclusive, differentiated, and stronger products at better value to the consumers. Ultimately company doubled revenue to $110MM, product gross margin improved by 325 BPS, and the corporate turnover was reduced by 63%.
The Situation
- Parent company of $2B revenue operator of 1900 diamond and jewelry in-line mall retail stores across the U.S., Canada, and Puerto Rico; comprised of 6 independent divisions with 12,000 employees serving millions of customers per year
- Company had been market share leader in a fragmented environment for decades, but experienced pressure caused by inconsistent quality standards, employee turnover and months of negative sales trends in key diamond merchandising categories
The Work
- Performance Improvement Advisor
- Oversaw performance improvement which included increasing revenue, improving margins and reducing associated SG&A
- Numerous operations were evaluated including the buying process, manufacturing/production, replenishment/allocation, and sell-thru metrics
- A CR3 professional utilized analytical and process improvement skills to communicate urgency for change with each division of the business
- Goal was to centralize the sourcing, purchasing, production and allocation of key cross-divisional usage products
The Results
- Improvements were made to the consistency of product quality, product availability, and cost efficiencies were realized and reinvested in store-line operations/personnel allowing the business to offer exclusive, differentiated, stronger products at better value to the consumers
- The company doubled revenue to $110MM compared to the previous 12 months, product gross margin improved by 325 BPS, and the corporate turnover was reduced by 63%
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