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Bailey Banks & Biddle Reinvented, Re-launches Online and in Five Cities

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Bailey Banks & Biddle Reinvented, Re-launches Online and in Five Cities
- Bailey Banks & Biddle, December 3rd, 2010

For Immediate Release...December 3rd, 2010


Bailey Banks & Biddle Reinvented, Re-launches Online and in Five Cities DALLAS, November 1, 2010 – Bailey Banks & Biddle (www.baileybanksandbiddle.com), an iconic name in retail jewelry first established in 1832, today announced plans to relaunch with an innovative strategy that combines the best aspects of online and bricks-and-mortar retail. The new Bailey Banks & Biddle features a robust online store as well as physical stores in five U.S. cities for the 2010 holiday season, including Austin, Dallas, Houston, Philadelphia and St. Louis. The company plans to open another five to ten stores next year and expects to have 50 stores by 2015. The new Bailey Banks & Biddle is owned and operated by Dallas-based BBB Group, Inc. consisting of experienced jewelry executives led by President and Chief Executive Officer Paul Leonard and funded by private equity group Twin Field. Leonard and others on his management team previously led the successful consolidation, repositioning and turnaround of Bailey Banks and Biddle in the mid 1990s as its then-parent company, Zale Corp., emerged from bankruptcy. “Bailey Banks & Biddle is the first jewelry retailer to bridge the gap between online and in-store shopping,” said Leonard. “Our goal has been to develop an innovative new model for retail jewelry that acknowledges and embraces changes in consumer attitudes and behaviors.” The centerpiece of the new Bailey Banks and Biddle is “Bailey’s Design Studio,” which puts the customer in charge whether online or in-store. Customers can select a favorite mounting from hundreds of high-quality design samples then, if in-store, they can settle into a comfortable leather chair to surf the Bailey Banks & Biddle website for a diamond center stone using an iPad or one of several 55” flat screen monitors. The website offers more than 25,000 diamonds from around the world at prices below those at traditional jewelry retailers. This hybrid online/in-store experience was inspired by the unique, interactive online and in-store shopping experience Apple created to attract customers and deliver value. The new Bailey Banks & Biddle slogan is, “Online Pricing…In-Store Service.” According to industry studies, the timing is right for a new approach in retail jewelry. Consumers are generally dissatisfied with the overall shopping experience and value offerings of traditional jewelry stores. Saddled with the highest cost structures in retail, traditional bricks-and-mortar jewelry stores have lost sales to online jewelry retailers at twice the rate of the total retail industry. In contrast, BBB Group’s innovative economic model significantly reduces inventory costs with design samples consisting of silver and cubic zirconia, which serves as a “virtual inventory.” In addition, Bailey’s Design Studio’s 25,000 available stones are not purchased from the vendor until ordered by the customer, which saves the company millions of dollars in financing costs. The value-oriented emphasis of the new Bailey Banks & Biddle business model has the potential to appeal to a much broader base, especially the increasingly price-conscious affluent customer and younger, more tech-savvy customers who have gravitated to online jewelry offerings. In addition, the new Bailey Banks & Biddle carries a wide assortment of finished jewelry. Consistent with its heritage, all merchandise is made with the finest diamonds, gemstones, and precious metals. As always, the quality craftsmanship, rich heritage and renowned service give customers confidence, trust, and distinction.. “We are proud to be the stewards of Bailey Banks & Biddle during this exciting period and we look forward to redefining what consumers should expect an exceptional jewelry shopping experience to be,” Leonard said. “With online prices available both online and in-store, the new Bailey Banks & Biddle provides affordable luxury on a level never before achieved.”

Tags: Bailey Banks and Biddle | Bailey Banks Biddle | Jewelry Store | Austin Jewelry Store | Dallas Jewelry Store | Houston Jewelry Store | St. Louis Jewelry Store

Website: Learn More About Bailey Banks & Biddle


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