British Firm Mappin & Webb Reinvents Itself with New Creative Director and Jewelry Collection

The motif of this elaborate 18k white gold cuff from the "Empress" collection is repeated in concentric circles set with 6.15 carats of diamonds and 5.84 carats of round-cut pink gems.

Mappin & Webb is a company that has undergone many changes in its 238-year history but always had Great Britain running through its veins.

Founded in 1775 in Sheffield as a cutlery firm, the company eventually developed a specialty as a metalsmith. It is now primarily known as a jewelry and gift retailer. It has been commissioned by royalty since 1905 and currently holds Royal Warrants (given to tradespeople who supply goods or services to a royal court or certain royal persons) as a silversmith to Queen Elizabeth II and Prince Charles.

Today, it is undergoing another transformation under the direction of its new creative director, Elizabeth Galton, best known as the creative director of Links of London. This means revitalizing just about everything, from store concept and advertising campaigns through to collections and brand packaging. 

The Fortune Drop Necklace uses the infinity band as a small pendant, suspended from a double-loop 18k yellow gold chain.

"We feel we have a moral duty to return this glorious British brand back to an international stage and it is a journey we feel very passionate about," Galton said.

Galton recently unveiled new collections that reinterpret historic motifs from the company’s archives, making them relevant to a modern audience through contemporary designs.

The “Empress” collection was inspired by a bespoke Mappin & Webb design for the Queen of Siam, commissioned in the 1920s and rediscovered in the jewelry house’s historic archive.

The delicate and decorative circular motif was characteristic of brooches beloved by the Eastern aristocracy of the time. The 24-piece collection of diamond rings, necklaces, bracelets and earrings unite mythical exoticism of the East with a playful, modern spirit. It features modern-18k white, yellow and rose gold set with brilliant round-cut diamonds and, in some cases, pink sapphires.

The Fortune collection includes infinity bands, bracelets, necklaces and earrings pairs gleaming 18k white, yellow or rose gold with strands of sparkling diamonds.

Platinum necklace with Gemfields’ Zambian emeralds, 33.86 carats and diamonds, 7.26 carats.

The company also provided a one-of-kind necklace using emeralds provided by Gemfields, a colored gemstone miner and marketer. It was part of a bespoke jewelry collection created by leading designers with emeralds, rubies and amethysts from Gemfields.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

Pandora Names Allan Leighton as CEO

Allan Leighton

Pandora said Thursday that Allan Leighton, current chairman of the jewelry company, will succeed Bjørn Gulden as CEO on July 1.

Gulden is stepping down to join sports brand, Puma, as its new CEO. Pandora’s board of directors will recommend that Gulden remain part of the company as a board member.

Marcello Bottoli, who is currently deputy chairman, will succeed Leighton as board chairman.

Bjørn Gulden

“Pandora is a great business which is performing well, but the sports industry has always been a major part of my life, and my role at PUMA will also allow my family to remain in Germany,” Gulden, a former professional soccer player said in a statement.

Leighton added: “Bjørn, Marcello, the management team and I have worked very closely on delivering on the company strategy and the board believes that continuity in that execution and understanding of the business is key to our continued success.”

The Danish manufacturer, marketer, distributor and retailer of fine jewelry is still recovering from a very difficult 2011, which saw a sudden 70 percent drop in its stock price following a less than glowing second quarter report that year. Prior to that drop the company, which designs its popular charm bracelets and silver jewelry in Copenhagen and manufacturers them in Thailand, was the darling of jewelry retailers and the investment community as it experienced spectacular growth. The company’s IPO in 2010 raised $2.1 billion.

Gulden began at Pandora in March of 2012 and by November 2012 the company, working off a stock rebalancing program, returned to profitability in the third quarter reporting a revenue increase of 14.3 percent, year-over-year, and net profit increase of 11.4 percent. However, it wasn’t enough to save the year as revenue for 2012 was essentially flat while net profit fell 41 percent.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

Montblanc Silver Jewelry Line Combines Elegance and Attitude

Caractère Essential-Chic silver ring ($600), the Essence Prodigieuse silver and wood ring ($650) and the white lacquer and silver Caractère Chic-issim Bracelet ($1,170). Photo credit: Dan King of Dan King Photography

An affordable, versatile jewelry collection from luxury brand, Montblanc, has been available for almost a year. Created by Susie Otero, Montblanc’s managing director of Jewelry, it consists of large, oval, sculptural shapes in contrasting dark and light tones. The shapes take on a classical appearance in its execution.

Style expert Jen Abrams wearing the black sparkling lacquer Caractère Chic-issim pendant ($920) with the Essential-Chic silver ring ($600) and the stainless steel with black PVD finish Star Spell bangle ($600). Photo credit: Dan King of Dan King Photography

This is an affordable collection that can be worn to work and then out for the evening without skipping a beat. This versatility is enhanced through the addition of black and white color by applying lacquer or PVC coating on some of the silver pieces. Montblanc, known for its luxury writing instruments, is traditionally a masculine brand but it is working to attract women. This line is created with both the woman self-purchaser in mind and for men to buy as a gift while shopping for writing instruments, watches or leather goods. The luxury brand loaned me 12 pieces from the collection and I tested their ability to complement a variety of circumstances. The prices of the items photographed ranged from $525 to $1,300.
 

A view from the back for the Montblanc Prodigieuse silver and maple pendant necklace ($880). Photo credit: Dan King of Dan King Photography

Style expert Jen Abrams modeled the jewelry first at Fork restaurant with snapshots taken by me. Then we turned the photography over to a pro, Dan King of Dan King Photography. Abrams and King put the jewelry through some extreme close-ups and creative scenarios.
 

Style expert Jen Abrams and I began our day at Fork restaurant in Philadelphia where I took some pictures of her wearing Montblanc jewelry. Here, the Star Spell bangle ($600) took on the colors of the lights in the restaurant. Photo credit: Anthony DeMarco

Finally, my wife, Maria, wore the jewelry to her casual work environment at the Philadelphia Museum of Art for three days. I took some snapshots of her next to a Cherry Blossom tree near full bloom.
 

The Caractère Essential-Chic silver bracelet ($1,395), the Romance Beauté silver and wood ring with a thin band of gold ($840) and the Caractère Essential-chic silver ring with black sparkling lacquer ($525). Photo credit: Anthony DeMarco

Abrams was attracted to the silver rings with dark wood and PVC highlights as well as the pendant necklaces. There were sterling pendants and bracelets that finished in a black or white lacquer on one side. This allowed the option of wearing them on the colored side or the silver side. Maria preferred the silver finishes. Maria also was fond of an oval pendant with the top half made of thin sterling that gradually finished in a thick maple. An interlocking silver bracelet was a favorite of Abrams and; unfortunately it arrived without the karabiner clasp. We did some improvisation to photograph it. 

The Romance Beauté silver ring with a thin band of gold ($840).  Photo credit: Anthony DeMarco

The silver jewelry line is largely defined by three central themes: Romance, which uses soft, rounded forms to convey the femininity of the contemporary woman; Essence, which focuses on pure, essential shapes with an architectural dimension; and Caractère (character), which uses bold independent symbols to convey independence.

My wife Maria wearing the black sparkling lacquer Caractère Chic-issim pendant ($920) with the Essential-Chic silver ring ($600) and the stainless steel with black PVD finish Star Spell bangle ($600). Photo credit: Anthony DeMarco

Did the jewelry keep pace with the constant changes in environment? You decide.

The Volupté silver and white lacquer pendant necklace finds a home on a Cherry Blossom tree ($960). Photo credit: Anthony DeMarco

 Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.
 

The Romance Beauté silver ring with a thin band of gold ($840). Photo credit: Anthony DeMarco

The interior of Fork restaurant. Ellen Yin, co-owner of the stylish American bistro, was gracious enough to allow us to take photographs prior to the dinner service. Photo credit: Anthony DeMarco

Pandora’s Troubles Continue as Q2 Profit Falls 90% and Revenue Drops 9.5%

Pandora Group, home of the international silver jewelry brand that became famous for its charm jewelry, had another disappointing quarter.

The Danish company with manufacturing facilities in Thailand said that year-over-year sales for its Pandora branded jewelry fell by 9.5 percent to 1.26 billion Danish krone ($210.2 million) in the second quarter of 2012. Profit during the same period fell 89.9 percent to 63 million Danish krone ($10.5 million).

Pandora reported losses in every region it operates. The company noted that a stock rebalancing campaign launched in the first quarter is a major reason for the disappointing results, which the company said are in line with expectations. It said it received returns of discontinued products valued at 183 million krone ($30.5 million) and replaced it with 310 million Danish krone ($51.7 million) worth of new inventory.

Björn Gulden, Pandora CEO, said the company will continue with the stock rebalancing program and will cap it at 800 million krone ($133.5 million).

“The execution on the stock balancing campaign continued into Q2 2012 and was very well received by our retail partners across all our markets,” Gulden said. “Even though the stock balancing campaign, short-term, hurts our revenue, cost ratio and profitability in 2012, the campaign has proven to be the right action to help our retailers improve the quality of their stock.”

By region, revenue results are as follows:

* Americas decreased by 5.1 percent (14.6 percent decrease in local currency)

* Europe decreased by 16.6 percent (17.4 percent decrease in local currency)

* Asia Pacific decreased by 8.1 percent (14.1 percent decrease in local currency)

Branded revenue as percentage of total revenue increased to 75.3 percent in the second quarter of 2012, from 73.4 percent in Q2 2011; and gross margin was 67.9 percent in Q2 2012, compared to a gross margin of 74.4 percent in Q2 2011.

Pandora projects revenue for 2012 to be above 6 billion krone ($1 billion), down from 6.66 billion krone ($1.1 billion) in 2011.

“Feedback from our retailers on our Autumn/Winter 2012 collection has been very encouraging and with an additional 94 new Concept stores opened in H1 2012, we are on track to deliver on what we have promised the market in our financial guidance for the full year,” Gulden said.

Pandora also announced a number of organizational changes. Among them:

* Scott Burger, former COO of Pandora North America, was named president for Pandora North America, succeeding John White, who is taking up a position outside Pandora.

* Sten Daugaard, chief development officer, has been assigned to head Pandora's Asian headquarters in Hong Kong “in order to secure senior management attention to an important future region.”

* David Allen, former VP of Sales of Pandora Australia, has been named president of Pandora Australia with the responsibility for commercial operations in Australia, New Zealand and the Pacific, succeeding Karin Adcock, who retired as planned on July 1.

Please join me on the Jewelry News Network Facebook Page and on Twitter  @JewelryNewsNet. 

The 2012 Niche Award Winners for Jewelry Design

Cityscape Lisa Hawthorne, the winner in the gold jewelry with stones category. 

The annual Niche Awards, which honors the best in contemporary design by American and Canadian artisans, were presented February 18 during a ceremony at the Buyers Market of American Craft tradeshow in Philadelphia.

Professionals and college students received awards in several categories including gold, silver and gemstone jewelry; fashion accessories; fiber arts and quilts; baskets; blown, fused and cast glass; metalwork; outdoor art; tables and seating; cabinetry; and teapots.
The awards competition, in its 22nd year is sponsored by Niche magazine, which serves retailers of American-made and Canadian-made gift and art products.

You can view the winners in the jewelry categories by following this link.

PROFESSIONAL WINNERS:

Fashion Jewelry, Penelope Bracelet, Kathleen Nowak Tucci 

Fine Jewelry, Mizu Wave Ring, Andrea Williams

Gold Jewelry, Circus, Circus, Pierre-Yves Paquette

 Gold Jewelry with Stones, Cityscape, Lisa Hawthorne

Jewelry Sculpture to Wear, Reconfiguring the Ordinary: Twist Looped and Linked, Yong Joo Kim

Silver Jewelry, Collar, Michael and Maureen Banner.

Silver Jewelry with Stones, Le Mirage, Aleksandra Vali

Wedding Jewelry, Cell Band Wedding Set, Emily Johnson

STUDENT WINNERS:

Fashion Jewelry, Summer Dream, Leeyeon Yoo

Fine Jewelry, Beautiful Coexistence, Hyangmi Kim

Jewelry Sculpture to Wear, Garden of Eden - Haircomb, Kristopher Leinen

High Flying Pandora Returns to Earth with No Growth in 2011 Revenue

A tumultuous year for Pandora came to an end after a 10-percent drop in revenue for the fourth quarter, leaving the jewelry manufacturer and designer with a 0.1 percent decrease in group revenue to 6.65 billion Danish kroner ($1.18 billion) in 2011.

This is a far cry from the spectacular results the company, known for its silver charm jewelry, reported from 2009 until the mid-year of 2011. The bottom dropped out for the fast-growing brand—a darling of investors, retailers and consumers—with a second-quarter report released in August where the company changed its outlook from expecting a revenue growth of no less than 30 percent for 2011 and an EBITDA margin of minimum 40 percent with flat revenue and EBITDA margins in the low thirties for the year. This report resulted in the immediate resignation of its CEO, Mikkel Vendelin Olesen, and a one-day 65 percent drop in the value of its stock.

The company also announced Tuesday that it has begun a campaign to buy back unsold stock from retailers for the first two quarters of the fiscal year that will negatively affect 2012 results. The company estimates that the campaign will cost 500 million to 800 million Danish kroner.

“The campaign will encourage Pandora retailers to exchange discontinued, merchandise for appropriately priced best-sellers, on a one-for-one basis,” the company said. “(It) will likely generate a corresponding negative impact, due to cannibalization of forward sales, on reported numbers across the whole of 2012.”

Among Pandora’s results for 2011:

* Sales in Americas increased 7.9 percent (12.4 percent in local currency);

* Sales in Europe fell 8.3 percent (down 7.7 percent in local currency);

* Sales in Asia Pacific decreased by 0.2 percent (down 4.3 percent in local currency);

* Gross margin increased to 73 percent in 2011 compared to 70.9 percent in 2010;

* EBITDA margin was 34.3 percent in 2011 compared to 40.3 percent in 2010;

*EBITDA decreased by 15 percent to 2.28 billion Danish kroner ($406,503 million);

* EBIT margin was 30.9 percent in 2011 compared to 36.2 percent in 2010;

 EBIT decreased by 14.8 percent to DKK 2.05 billion Danish kroner ($366,323 million);

* Reported net profit increased by 8.9 percent to DKK 2.03 billion ($362,684 million) in 2011. Adjusted for a revaluation of the CWE earn-out provision based on a revised outlook for PANDORA CWE, 2011 net profit decreased 18.4 percent to 1.52 billion Danish kroner ($247,228 million).

In its outlook, Pandora it expects 2012 revenue growth to be in mid-single digits; gross margin in the low 60s, driven by the impact of commodities prices and a reduction in our selling prices; and EBITDA margin in the mid 20s.