Silvermoon, and how big name brands keep jewellers afloatApril 15, 2014
Silvermoon jewellers has been a staple in many New Zealand malls for over a decade. However, in 2006 the company found that its collections of artisan jewellery were losing customer interest and the company began to suffer economically. A recent New Zealand Herald article describes the companies shift towards stocking branded jewellery, along with the strengthening of their own jewellery brand in order to survive the economic recession:
“Despite the anxiety about the costly move to branded jewellery, it set Silvermoon up to survive and flourish during the global financial crisis.
Consumers still wanted to treat themselves and sought out reasonably priced, quality jewellery from brands such as Swarovski, Boh Runga, Dyrberg/Kern and Kagi, which he [Simon Thwaites] was now stocking alongside Karen Walker and Pandora.”
The companies owner, Simon Thwaites was forced to sell his house and put himself in debt by over a million dollars in order to meet the specifications dictated by the big name brands. But the risk paid off:
“A store opening at The Palms Mall in the company’s Christchurch stronghold prompted queues of more than 100m, as people waited to get in.
Looking back on 14 years in business, Thwaites says the biggest lesson he’s learned is to set aside his ego when making decisions, looking instead at the bigger picture, internationally and locally, and listening to what customers are saying.”
Read the full story on the NZ Herald website.