Not your granny’s jewelry store 0

Is not your grandmother’s jewelry store

Presided over the opening ceremony is Tom Andruskevich, 51, President and CEO of Montreal – based chain 38 – store tiffany and Co., LTD, who personally meet Henry Birks and son companies. First shoppers to ensure their gratitude. The end of the party, the shop not only in 11 million dollars in sales. Not bad less than three hours of wining and dining. But according to prudent mood consumers of world events and stock market turmoil, sales are mild. This event is not the possibility of buying luxury marks appearing on the latest catalogue – $such Birks 375,000 diamond necklace white, or Cartier watch and platinum women, the diamond – $encrusted 72,200. Those are the high-ticket item, real stirring the blood of luxury retailers. Nevertheless, some beautiful of the price tag on sell products, including Tahitian pearl priced at about $25,000 and some Jaeger – LeCoultre and Mercier Baume and watch for men, run thousands of yuan.

Back to the store the next meeting downtown Toronto, Andruskevich event “said a huge success” -not just according to sales, but as an image booster for representative Canada retailers are already through financial are a relatively small, but the more healthy, link chain. He remembered different scene has profound implications, when he first went into the same store in 1996. Birks has filed for bankruptcy protection in three years ago, was sold to an Italian company, has ambitious plans to restore its former glory chain, Borgosesia (now called Iniziativa Regaluxe). S.R.L in Turin, Italy. As part of her job, for the top Birks before the senior management personnel and company’s visited several read what he’ll waiting for me. In the 1970s style and black tent hiding its entrance, Bloor store – despite our – its position to Toronto equivalent of rodeo Drive – was urgently need to cosmetic surgery. “I think I was in a time warp, up to now Andruskevich” recalls. For example, Birks shop, he said, had five – and operations – selling items on sale “next to the $100,000 diamond necklace.” This is a symbol of chain of how far lost oneself want to please everyone.

In Andruskevich, under the guidance of Birks again, however, those who can enjoy luxurious bracelet attract those ladies: lunch, don’t look back because they saw, price, Deep-pocketed guy brooch all hope that his wife or girlfriend, impress single career women treat yourself now called “right” ring, high – rollers celebrate yearend prize of dynamic table supplement their ability to work. “Birks is for its strengths,” notes Kubas Ryan, retail consultant in Toronto. “This is scaling down and concentrate on know.”

Birks is private, revealing some financial sector. But Andruskevich will say, when he took over, the chain’s earnings before interest, tax, depreciation and amortisation subjects (EBITDA) in negative territory – and failed tens of millions of dollars. Andruskevich now says company should be profitable in March, 2003, the fiscal year ending its upcoming million, annual sales 130 – from 60% of about $80 million dollars is called as early as 1996. Birks share in 10 million dollars jewels, watches market in Canada, grow and 5% from about 4%. Toronto flagship store is a good example of push in the right direction can do, Andruskevich maintenance, adding that export sales renovation since has tripled in 1999. A facelift company-wide has been part of innovative cost about $30 million – and still has eight more stores.

With its renovation planning process, Birks also take the bold step expanded to withdraw market after ten years of it – around $15 – million purchase agreement and mayoral control equity jewelry. A: MYR) sunrise, Florida a poor, high-grade jeweller for the southern United States suffered a similar dilemma. In August, Birks closed [symbols don't record 30] [points] US – a – country agreement, give it a 72% mayor of shares. The agreement Birks warrants allow it to gain additional stock, if exercised, may increase ownership close to 82%. When the mayor lose 83.8 million dollars in sales 163.7 million us dollars, 2 years from the end operating loss of $2.5 million sales revenue 181 million dollars, more than the year before Andruskevich said the purchase price is a transaction, especially when you consider family establish solemn 92 us chain sold it in 1998 102 million dollars.

Andruskevich makes no secret the mayor’s buy, not only accord with Birks expansion plan, also can pass rang vehicle Canadian companies can go public. “overall, our goal is to acquire the public capital markets,” he said, the two may be merged into a publicly traded company. However, this goal may be two or three years. It depends, Andruskevich said, many factors: complete the mayor’s changes: General health market; A return to wholeness of strong growth jewels, luxury goods, recent softening three spectacular decade, “proof mayor other shareholders, we know what we’re doing.” But one thing is clear: the Andruskevich determination Birks into a different league, took it from a precious Canada retail tradition to what he called a “world class luxury brand.”

When Henry Birks opened his first in Montreal 123 years ago, family Birks Yorkshire, England, respected silver, its roots in business back to the 16th century. Henry’s father, John and his family left Britain Canada in 1832. Henry was born in 1840. 17 years old, he joined the brutal and jens lehmann, a well-run Montreal jeweler and watchmaker, stayed till it into liquidation in 1879, due to the economic downturn. Use your own more than $3,000 savings and $1,000 from his wife and employees, Henry opened his own shops James street to March 1, 1879. He focused on high-end product quality, and then – radical “no credit, no bargain” policy. As the growth of Montreal, Henry Birks riding a wave of prosperity, his business grew 25% annually for his first four years. He later extended to fine porcelain and crystal, and opened a jewelry factory in his shop. In 1893 sales increase tripled since business started.