Prouds

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Prouds The Jewellers
Industry Retailing
Founded 1903 (1903)
Founder William James Proud
Headquarters Pitt Streetdipu, Sydney, Australia
Area served
Sydney
Brisbane
Melbourne
Perth
Key people
William James Proud
Products Jewellery
Revenue Increase$600 million AUD
Parent James Pascoe Group
Website www.prouds.com.au

Prouds The Jewellers (commonly referred to as Prouds) is an Australian jewellery business founded by William James Proud on Pitt Street, Sydney in 1903.[1]

History[edit]

Street view of Prouds, corner of King Street and Pitt Street, ca. 1934

Prouds was founded by William James (Bill) Proud(1871-1931) who had a vision of a jewellery store that sold quality jewellery, watches and giftware that was affordable to all Australians.The company still carries that message to this day.[2] In 1971 Hooker Corporation acquired Prouds 72 stores[3] and subsequently the business was sold to Goldmark Jewellers.[3] In 1996 Pascoes purchased the then 93-year-old Australian jeweller, saving it from administration.[4]

In February 2008 Prouds lost a case against the Australian Competition and Consumer Commission over 'illusory' 'was/now' price advertising.[5] The Federal Court of Australia found two of Prouds' catalogues, for Valentine's Day and Mother's Day 2006, breached the Trade Practices Act 1974.[6] The decision has been labelled 'important', and Prouds conduct 'misleading and deceptive'[7]

Today[edit]

In 1996, Prouds had 67 stores. This increased to over 195 in 2013.[8][9] After the acquisition of Farmers, Prouds jewellery kiosks were included in some Farmers stores across New Zealand as store-within-a-store.[10] However, after the purchase of Angus & Coote, it was replaced with Goldmark, and Prouds is no longer marketed in New Zealand. As of 2013, Prouds the Jewellers claims to be Australia's 'largest and most trusted jewellery chain' offering 'best value and quality' and 'the largest selection of quality jewellery in Australia'.[1] Prouds reported annual income of NZ$707.6 million in 2008-2009.[11] In 2012 Prouds was reported as being the largest retailer by market share in Australia's estimated AU$3.8 billion jewellery industry.[12] The same report estimated Prouds revenue as AU$600 million.[12] Prouds has become one of the largest and most trusted jewellery store chain in Australia.

References[edit]

  1. ^ a b "Prouds: About Us". Retrieved 18 August 2013. 
  2. ^ http://www.prouds.com.au/about-us
  3. ^ a b "Colin Polkington: Nationwide". BFM Business First. Retrieved 13 December 2017. 
  4. ^ Hendron, Joe (10 March 2007). "Pascoe's golden century". National Distribution Union. Archived from the original on 19 February 2014. Retrieved 28 April 2013. 
  5. ^ Nicholson, Coleby (18 February 2014). "ACCC Picks on Jewellery Retailers?". Jewellers Magazine. Retrieved 19 February 2014. 
  6. ^ Australian Competition and Consumer Commission (11 April 2008). "Court orders corrective advertising over Prouds' catalogue claims". Australian Competition and Consumer Commission. Retrieved 19 February 2014. 
  7. ^ George, Peter (22 February 2008). "Australia: Alert - ACCC v Prouds Jewellers Pty Ltd [2008] FCA 75". Mondaq. Retrieved 19 February 2014. 
  8. ^ "Pascoes: About Us". Retrieved 18 August 2013. 
  9. ^ "Prouds: Stores". Retrieved 18 August 2013. 
  10. ^ Hendren, Joe (21 July 2006). "The NBR Rich List 2006 - Anne and David Norman". National Distribution Union. Archived from the original on 20 February 2014. Retrieved 13 August 2013. 
  11. ^ Slade, Maria (26 September 2009), "Norman conquest", The New Zealand Herald, retrieved 18 August 2013 
  12. ^ a b Nicholson, Coleby (8 May 2012). "Jewellery Report Gets it Wrong". Jeweller Magazine. Retrieved 24 December 2013. 

External links[edit]