Signet Jewelers Limited has announced an executive leadership change with Oded Edelman, the company’s Chief Digital Innovation Officer and President of Digital Banners, stepping down from his role.
His departure is scheduled for February 1, 2025, but could occur earlier, depending on the company’s discretion after December 1, 2024.
This move follows the signing of a Transition and Separation Agreement between Edelman and the company on October 20, 2024. Edelman will remain in place to assist with transition-related responsibilities until his departure.
New Leadership in Digital Banners
Signet Jewelers has appointed Corinne Bentzen as the new President of Digital Banners, effective November 4, 2024. Bentzen has previously served as Chief Executive Officer of The Company Store, a division of Home Depot, and held other roles at Tiffany & Co. and Procter & Gamble. Her background includes experience in both retail and brand management, which will be relevant as she steps into her new role.
Edelman’s time at Signet has been marked by the company’s increased focus on digital growth, an area important for the future of jewelry retail. His exit and Bentzen’s entry come as Signet continues to prioritize its digital operations.
Signet Jewelers recently reported its financial performance for the second quarter of fiscal 2025, revealing a 7.6% drop in revenue to $1.5 billion. Despite the decline, the company has seen improvements in same-store sales for five consecutive quarters. The increase in new merchandise sales helped drive a 50% revenue increase in that category, making up 25% of total sales.
In terms of cost-saving measures, Signet has raised its annual savings target to $200 million, extending its three-year goal to $450 million, up from $350 million. For the third quarter, the company forecasts revenue between $1.345 billion and $1.38 billion, with same-store sales projected to range from a 1% decline to a 1.5% increase.
Shareholder and Industry Implications
From an investor standpoint, Signet’s financial position remains solid despite revenue challenges. The company has managed costs and continued to return value to shareholders through dividends and share buybacks. Its focus on long-term growth, particularly in digital channels, suggests confidence in future performance.
