Zales, Kay Jewelers' parent to raise minimum wage to $15 per hour

Julia La Roche
·Correspondent
·1 min read

Signet Jewelers (SIG), the world’s largest retailer of diamond jewelry, is raising its minimum wage for all U.S. employees to $15 per hour.

The wage increase will take effect by the spring of 2022, covering both full- and part-time employees. The company employs around 22,000 people in the U.S.

“As a purpose-driven company that puts our people first, we believe that raising our minimum wage is the right thing to do,” CEO Gina Drosos said in a statement.

Signet is the parent company of well-known brands such as Kay Jewelers, Zales, JamesAllen.com, and Jared: The Galleria of Jewelry, to mention a few. The company operates 2,900 stores across its brands, with most of those stores located in the U.S. 

Last month, Signet announced its best holiday sales in nine years, led by a 60% surge in e-commerce from the prior year.

“Our team showed incredible agility, creativity and compassion this past year – learning new capabilities that accelerated our transformation, exceeded customers’ expectations and delivered the best holiday season we’ve had in nine years. As we enter the next phase of our Path to Brilliance, we do so with the firm belief that businesses that prioritize their team will deliver better results by unlocking even more innovation,” Drosos added.

Shares of Signet (SIG) have climbed 79% year-to-date.

Signet reports its fiscal fourth-quarter results on March 18.

Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter.