For some 50 several years, Piercing Pagoda has been a commonplace fixture in the nation’s malls and as these types of, conveniently disregarded. Recognizing the want to bring it up-to-date and get it seen afresh, Signet just declared it is relaunching the model beneath a new take a look at title, Banter by Piercing Pagoda.
“We’ve been expanding for decades,” shares Kecie Caffie, the company president whose been with Signet for over 10 a long time. “It’s just develop into variety of stagnant and in require of modernizing.”
As as opposed with Signet’s flagship banners, Pagoda – the company’s inside identify for the brand – wanted a kickstart. With more than 500 spots out of some 2,500 areas corporately, Pagoda contributed only 6% of company sales in fiscal 2021, $338 million, as as opposed to Kay with 38% and Zales with 22% out of a full $5.2 billion in revenues.
Not that Pagoda has been languishing. Subsequent six consecutive a long time of constructive identical-retail store gross sales progress, it just sent its strongest quarter ever in to start with quarter fiscal 2022. Further, e-commerce product sales have been up some 140% in fiscal 2021.
Plainly, Pagoda was on its “Path to Brilliance,” the title of Signet’s extensive-term transformation approach, but the company recognized the manufacturer required additional polish to make it is brilliance shine brighter. With a new title, clean glance to its retailers and site, and expanded product or service and services offerings, Signet introduces Banter by Piercing Pagoda as part of Signet’s Chapter Two method, identified as “Inspiring Brilliance.”
Signet sees huge possible in the brand and the rebranding and title transform to Banter by Piercing Pagoda is meant to unlock it. So significantly, reaction to the rebranding has been excellent.
The brand’s roots extend back again to 1969, when Bethlehem, PA jeweler and philanthropist Bernard Cohen released a jewelry retail store devoted to earrings which grew to become Piercing Pagoda in 1972 with the opening of its initially kiosk retail outlet in Plymouth Meeting Shopping mall. The primary Piercing Pagoda title was selected in honor of Bethlehem’s Japanese sister metropolis, Tondabayashi, and inspired by the architecture of the Plymouth Conference Mall which reminded Cohen of a pagoda.
But although the title Pagoda usually means one thing to the company, it doesn’t indicate as significantly to its buyers who emphasis on the 1st word in its identify: Piercing.
“We noticed the title limiting. It recommended that’s all we did,” Caffie explains. “In investigation we uncovered it wasn’t fresh nor lively. Buyers reported it didn’t replicate the huge variety of fantastic jewellery we carry. They have been confused about why we experienced the identify.”
Its great jewelry choices contains gold, silver and diamonds. It also provides an elevated VIP fantastic jewelry selection with prices ranging from $150 to $4,700.
Although the company didn’t established out by its Route to Brilliance journey to adjust the name, the investigate pointed to the have to have. “Consumers appeared at the symbol and claimed it appeared like it was stuck in the 1980s. It essential to be modernized,” Caffie proceeds.
In exploring for a new title, the corporation needed to guarantee that its present buyers would comprehend the transition and that new buyers would get a possibility to see Piercing Pagoda in a new way.
They examined a myriad of title solutions with people and located Banter by Piercing Pagoda fulfilled equally standards. Apparently, just Pagoda did not do it.
“Banter is defined as a welcoming, fascinating discussion. We preferred it simply because it speaks to the interaction that we want to have with our clients,” Caffie explains. “And shoppers get it simply because it excites the playfulness we are likely for and how we want to assist them categorical on their own by way of a wardrobe of jewelry.”
Coinciding with the title adjust, which is already being analyzed in about 1-fifth of the company’s areas, will be a relaunch of the company web site and a new advertising and marketing marketing campaign.
Even more, the corporation plans to include 100 more destinations in regional malls by 2022 with about fifty percent in a new in-line format that confers much more privacy via a piercing lounge.
Now confined to ear lobe, cartilage and facial piercings, the enterprise ideas to add belly piercings afterwards this 12 months, based on community and condition polices.
And the new web-site will assistance clients uncover the appropriate location for a new piercing with a lot more educational pages and digital trials to let customers visualize where they could possibly like a piercing before coming to the regional retail store.
“The piercing journey takes about two months on average from when the prospects start off contemplating about it. Our electronic capabilities allow us guideline buyers through that journey,” she shares.
The new in-line Banter retail outlet product also will allow the manufacturer to broaden over and above traditional malls into life style facilities and outside malls that never easily guidance kiosks. “The in-line design makes sense from an prolonged products and services standpoint, as nicely as opening a new shopping mall option,” Caffie suggests.
It’s normally tricky small business when a manufacturer variations its name. Centered upon the company’s analysis, it thinks Banter by Piercing Pagoda will join with current clients and capture on with new types.
As a brand title, the term “banter” is frequently recognized by people but not typically utilised in working day-to-day conversation. So its choice as a manufacturer title is solid. Signet hopes it will be a term that folks start making use of additional.