A nearly two-year search for a successor to Terry Burman as chief executive officer of Signet Jewelers Ltd. came to a successful conclusion Wednesday with the appointment of Michael Barnes, currently president and chief operating officer of watch and accessories marketer Fossil Inc.
Barnes, who joined Fossil in 1985, will move to Bermuda-based Signet on Dec. 1 as ceo designate and will be based in Akron, Ohio. After 10 years at Signet’s helm, Burman will retire on Jan. 29, as planned, and will be succeeded by Barnes the following day.
According to Signet, the search for Burman’s successor began in November 2008.
“Mike is a seasoned and accomplished manager who, with his strategic and attentive outlook to operational details, brings valuable experience to Signet,” said Sir Malcolm Williamson, chairman of Signet, calling Barnes “an able successor” to Burman and his “strong legacy.”
Barnes said, “Signet has established itself as a leading retailer in both the U.S. and the U.K., with significant competitive advantages. It has a great culture of excellence in execution and continuous improvement, and has had considerable success in developing differentiated merchandise ranges.”
A Fossil spokeswoman told WWD on Wednesday that the firm would not seek a new chief operating officer, but would assign Barnes’ responsibilities to its existing executive team.
At Signet, sales declined 1.6 percent to $3.29 billion for the year ended Jan. 31, versus $3.34 billion a year earlier. The firm’s net income reached $164.1 million, or $1.91 a share, versus a loss of $393.7 million, or $4.62 a share in fiscal 2008. Signet operates jewelry chains Kay and Jared in the U.S. and H. Samuel in the U.K., among other brands.
In 2000, Burman’s first year as ceo of Signet, sales grew 28.7 percent to $1.48 billion. During his tenure, the company’s store base has expanded to about 1,900 stores from about 1,600.
In the year ended Jan. 2, Fossil’s revenue slipped 2.2 percent to $1.55 billion from $1.58 billion a year earlier. The firm’s net income increased 0.8 percent to $139.2 million, or $2.07 a share, compared with income of $138.1 million, or $2.02, last year.
Following the announcement Wednesday, shares of Signet advanced 62 cents, or 2 percent, to $32.22 in New York Stock Exchange trading. The S&P Retail Index was off 0.5 percent for the day, to 459.64.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews