H Samuel and Ernest Jones owner Signet Jewelers has poached Jessops boss Neil Old to lead its British businesses, Retail Week has learned.
Old took up the role of UK managing director this week, reporting to the US jewellery giant’s chief executive officer, Virginia Drosos.
Prior to his move, Old had spent seven years at the helm of photographic retailer Jessops, owned by Dragons’ Den star Peter Jones.
He has also held senior roles at Dixons Carphone and Kingfisher.
Old will be responsible for delivering Signet’s ‘path to brilliance’ transformation plan in the UK, focusing on building the multichannel credentials of H Samuel and Ernest Jones.
Signet also wants to create a more customer-first approach and build a culture of “agility and efficiency” across its businesses.
Old will also be charged with arresting ailing UK sales. Details of his appointment emerged as Signet suffered a 7% slump in like-for-likes across its international division during its second quarter.
Signet attributed the sales slide to “a difficult operating environment in the UK”.
Like-for-like sales across the wider group, which owns the likes of Kay, Zales and Jared in the US, dropped 1.5% during the 13 weeks to August 3, but online sales climbed 4.4%.
Signet’s total revenues dipped 1.5% to $1.36bn.
The jewellery giant de-listed from the London Stock Exchange in 2016, blaming the decision on a “lack of liquidity” in the market and a drive to cut costs.
Signet remains listed on the New York Stock Exchange and is the world’s largest retailer of diamond jewellery.
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