VOHS: Winsor Bishop
Name: Winsor Bishop
Years established: 1834
Number of staff: 36
When was Winsor Bishop founded?
The company was founded in 1834 and we have been on the same site since, although in 2010 we did expand into next door’s premises.
You’re on track for record sales growth, why has the company performed so well this year?
We have had an exceptional year with Patek Philippe due to their Grand Exhibition at The Saatchi Gallery. It drove enormous awareness and we entertained our clients in London during the exhibition period. Meanwhile, the business has made strategic decisions to change the styles of our jewellery collections, and we have designed and manufactured our first WB House Collection. This has been a great success and we are already in planning for phase two this year. We have also had a phenomenal year with Rolex too.
What type of jewellery is selling well right now?
Our London rose gold pave collar has been brilliant – it works on so many different levels and appeals to a broad range of customers. Our Rio collection has also been great – really vibrant colours in contemporary rub over gold settings retailing at entry level price points for luxury goods. Diamond earrings that have flexibility to be a stud or dressed up by adding a pave surround have also been great.
Online appears to be performing better than retail recently, what have you found?
Across retail generally, online is as strong as high street performance. However, it still only equates to approximately 6% of jewellery expenditure. The FT and McKinsey statistics say this market will grow to approximately 10% in 2020 but no more than that. So when you look at the average ticket value of a luxury jewellery retailer, 6% to 10% is an important figure. Our strategy is geared very much towards this and it’s changed how we intend to allocate budgets for the next two years. Winsor Bishop isn’t positioned well online at the moment and that’s being developed as we speak.
You recently opened the doors to your first franchise store with Swarovski, what does that add to the company?
Swarovski is a great product offering, making serious headway in the fashion jewellery market. This is where 60% of expenditure is in the jewellery industry and they are bang on trend. I like their model, I love their product and their ability to offer such variety. It’s a different price point for us, and in the right environment – it’s own concept store – it works exceptionally well. We are already seeing cross pollination of customers from Swarovski through to Winsor Bishop.
What’s next for Winsor Bishop?
Our three-year strategy includes a very exciting growth plan. Watch this space, I will share it with you when we are a little further into the year.