Connect with us

Columns

2019 Golden Globes Feature Dramatic Jewelry Looks You Can Adapt for Yourself

A-list actresses wore looks that can translate into everyday life.

mm

Published

on

THE 76TH GOLDEN GLOBE AWARDS kicked off the awards season with a dazzling dose glamour in dramatic jewelry that shone brightly. Diamonds dominated the evening in some of the most awe-inspiring necklaces we have seen in seasons, such as the Tiffany & Co. stunner that Lady Gaga wore and the antique, vintage and inspired styles seen on Dakota Fanning, Isla Fisher, Constance Wu and Michelle Yeoh.

Sure, we all need one stunning diamond necklace. But unless we need to be black-tie-ready on a regular basis or plan on attending red carpet events throughout the season, owning one of these pieces might be out of step with our lifestyles.

The other trends of the evening are more easily adaptable to what we can incorporate into our own jewelry wardrobes and can translate more easily into pieces we can buy, own and wear.

If you are like me, you might have watched the show and started longing for a pair of earrings that are lightweight yet are streamlined, linear and full of movement. We might choose a pair with less carat-weight, but these styles are definitely inspiring and are perfect when spring rolls around. They can work with everything from tanks and T-shirts to flirty or more sophisticated dresses. Here are some of our favorites that A-list actresses wore:

Julia Roberts in diamond Chopard double drop linear earrings.Photo courtesy of Rex/Shutterstock

Lupita Nyong’o in Bulgari earrings with swing and movement.Photo courtesy of Rex/Shutterstock

Advertisement

Lili Reinhardt in Swarovski earrings. Photo courtesy of Rex/Shutterstock

Claire Foy in platinum and diamond Lorraine Schwartz elongated and an armful of bangles. Photo courtesy of Rex/Shutterstock

You might also prefer your bracelets piled on and climbing up your wrist. I know I do. We might not be able to create a blinged-out diamond story like these celebrities, but we can start our stack with a bangle, an Art Deco-inspired line bracelet or a wide cuff and then add to them when we can. Here are some of the looks that made my jaw drop. Once again, these are styles that go with almost any look in your wardrobe as long as you don’t allow your own sparkle to be outshined by your jewels.

Charlize Theron in stacks of Bulgari bracelets. Photo courtesy of Rex/Shutterstock

Julianne Moore in Chopard ruby and diamond bracelets. Photo courtesy of Rex/Shutterstock

Sandra Oh in platinum and diamond bracelets by Forevermark, Forevermark by Martin Flyer, Forevermark by Natalie K and Forevermark by Maria Canale. Photo courtesy of Forevermark

Kristen Bell in Harry Winston diamond bracelets. Photo courtesy of Rex/Shutterstock

Beth Bernstein is a published author of three books and jewelry and fashion expert with 18+ years experience. A broad knowledge of the history of jewelry and fashion coupled with a background in "the story", writing, trends, design concepts has earned Beth a proven track record.

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

When It’s Time for Something New, Call Wilkerson

Fifty-four years is a long time to stay in one place. So, when Cindy Skatell-Dacus, owner of Skatell’s Custom Jewelers in Greenville, SC decided to move on to life’s next adventure, she called Wilkerson. “I’d seen their ads in the trade magazines for years,’ she says, before hiring them to run her store’s GOB sale. It was such a great experience, Skatell-Dacus says it didn’t even seem like a sale was taking place. Does she have some advice for others thinking of a liquidation or GOB sale? Three words, she says: “Wilkerson. Wilkerson. Wilkerson.”

Promoted Headlines

Columns

Where Did All My Profits Go??

Understanding cash flow vs. profit can affect how you manage your business.

mm

Published

on

A COMMON COMPLAINT FROM retailers after the CPA has completed the end of year financials is, “Where is the money?” Often, they have reported a healthy profit (which also leads to a bigger tax liability to the IRS), yet their bank account never seems to reflect the profit the business makes.

It’s a common issue. Most store owners expect their profit to show up in the bank account — and that’s perfectly understandable. After all, profit is meant to be what you have left after paying your operating costs and vendors. Yet, rarely does it align.

Podcast: Wisconsin Salesperson Uses Life Savings to Live Her Dream of Jewelry Store Ownership
JimmyCast

Podcast: Wisconsin Salesperson Uses Life Savings to Live Her Dream of Jewelry Store Ownership

Podcast: Making the World a Better Place in Steps Both Big and Small
Over the Counter

Podcast: Making the World a Better Place in Steps Both Big and Small

Podcast: From Tanzanite to Greenland Ruby, Hayley Henning Loves Selling Color
The Barb Wire

Podcast: From Tanzanite to Greenland Ruby, Hayley Henning Loves Selling Color

The reality is that cash flow and profits are two different things. Cash flow reflects the ins and outs of your bank account over a period of time. Profit is about your income and the expenses that relate to that income. That means the expenses don’t necessarily line up with when you paid them.

One of the best examples of this is the inventory you buy. For instance, let’s say Bob’s business does $1 million in sales for the year. With a keystone markup, Bob makes a gross profit of $500,000 from his business. After expenses of $400,000, his net profit is $100,000.

The bank account tells a very different story. Although the cost of goods sold is $500,000, Bob didn’t necessarily spend that much on inventory for the year. If he spent $600,000 on inventory purchases, he would have increased his inventory holding by $100,000. However, he didn’t sell the extra inventory, and therefore, it doesn’t pay for itself, but it will still come out of his bank account!

Timing is another important factor in paying vendors, too. Whether you pay your vendors immediately or pay the amount six months later, this will affect your bank balance, but it won’t affect your profit — the item is an expense when you sell it, not when you pay your vendor.

Your bank account can also be affected by assets that you buy. A new vehicle that is deemed a business asset may leave a hole in your bank account now if you pay cash, but as a business asset, its cost will be spread over several years to reflect when it is used. Your profit will look healthier than your bank account in this situation.

Of course, another factor to consider is personal spending. Withdrawing a good deal of money from your business account to support your lifestyle isn’t a business expense and won’t decrease your profit. It will, however, certainly lower the balance of your bank account.

It’s important to understand this difference between cash flow and profit so you don’t get caught spending money you don’t have.

Continue Reading

Columns

How to Create a Feeding Frenzy In Your Store

Limited-quantity special offers can do more than build short-term traffic.

mm

Published

on

IMAGINE A VIRTUAL feeding frenzy of customers coming into your store to buy, right now.

Nice idea, right? But that’s not the sort of thing you can simply turn on or off like a faucet … or is it?

Actually you can, and it’s the perfect thing to create using email marketing and social media. The secret is to offer extremely attractive offers on extremely limited merchandise, and do it on a regular basis.

For example, maybe you offer an 18-inch strand of freshwater pearls with a regular price of $89 for just $27. Who wouldn’t want to buy that? Of course, many, many people would and will. But to get the feeding frenzy, you need one more element … urgency!

In this case, the urgency is manifested in the form of an extremely limited supply. “But I only have 17 of them, and when they’re gone, they’re gone!”

But why would you want to do this? I mean, let’s say you bought those pearls for $12 a strand. Well, selling 17 strands at a profit of just $15 a strand makes you a whopping $255. Hardly worth the trouble, right?

Well, consider this: When you do this regularly — at least once a month, and once a week is better — you can predictably expect the following:

  • You will virtually eliminate opt-outs from your email list. People will stay with you forever, not because they want or need any one thing or things, but they’ll be afraid of missing the one screamin’ deal they do. Research proves this to be true.
  • You’ll very likely see an increase in email opens.
  • You’re likely to see an increase in your social media engagements in the form of page likes, comments, etc.
  • You’ll finally be able to track social media responses directly to specific posts; no longer will you have to guess if your social media is working. You’ll know … and how well.
  • You’ll have customers walking in to buy. And that makes upselling and add-on selling much, much easier. If your sales team is well-trained, that li’l $27 sale turns into your average ticket or higher.
  • Perhaps most important, you’ll be training your customers on how to be your customers. You’ll be delivering the message that, in this relationship, they’re expected to buy from you.

Obviously, to make “feeding frenzy” marketing work, you need to buy right. Make it part of your trade show routine to visit the closeout booths to find such deals. Buy unusual numbers of the items you want to make your feeding frenzy offers (17 of these, 22 of those, 8 of another thing, 31 of something else).

It’s also important to keep the price points low. You can have something with a $200 value or more, but you’ll want to keep the “deal” price under $100, and under $50 is best. This has to remain an “impulse” buy that virtually any and every customer can appreciate.

And once you’ve mastered the art of the feeding frenzy offer, start making more compelling offers to your customers for those bigger items for bigger occasions. You’ll see your traffic, sales and profits skyrocket.

Continue Reading

David Geller

What You Can Learn About Turn from Clothing and Furniture Stores

Hint: Turn more, earn more.

mm

Published

on

THERE ARE REALLY only three important numbers in a retail store: gross profit dollars, inventory on hand, and inventory turn. So who’s better at managing money among these three retailers?

Store                         Gross Profit %
Jewelry                      42.6%
Furniture                  45.0%
Clothing                    46.5%

Darn close, aren’t they? The grass isn’t so green on the other side after all. Or is it?

Let’s look at inventory turn, which means how many times a year an item sells. (These numbers are from stores doing “pretty well.”)

Store                            Turn            Days in the Store
Jewelry                   1.4                       260
Furniture               3.5                       104
Clothing                 4.3                       84

A clothing store won’t keep a shirt/suit/jacket/blouse in the store more than three to four months. They will heavily discount it at that point to get it out the door; they don’t just “squash” merchandise closer together to show more like jewelers do.

Furniture stores work the same way. They have a natural problem: available floor space. The biggest reason for high turn in a furniture store was told to me by a furniture store owner: “Where am I going to store an extra 100 mattresses?”

Clothing stores get rid of their merchandise every quarter. Furniture stores get rid of their inventory every four months, and a good jeweler turns their merchandise a little over once a year. But most jewelers I meet have had their total merchandise for two-and-a-half to four years! This causes terrible cash flow and piles of debt.

If you buy jewelry in January, it should sell at least once by Christmas; that would be a turn of 1.0. If it stays until after Christmas, discount it or give a spiff to the sales staff to unload it, or even return it to your vendor and exchange it.

Advertisement

If it is still there in 18 months, scrap it. That’s what clothing and furniture stores do.

Let me show you the money-making power of turn. All three stores are going to buy an item for $200. For a jeweler, this might be earrings; for a clothing store, a nice jacket; and for a furniture store, it might be a chair. In the table below you can see the cost, profit margin in dollars, and what that brings in for total product dollars in a year.

Keeping an item long-term is a detriment. Even if someone buys it three years from now, you should have had that $207 in profit for each of the three years, totaling $621 brought into the store (not the measly $163.35 you would make by holding it three years).

When it’s over a year old, most things need to be disposed of and replaced. Maybe your customers just aren’t buying what you have in stock. Change that!

Continue Reading

Most Popular