James Pascoe Group


The James Pascoe Ltd Group of Companies is a privately owned New Zealand retail group with holdings across New Zealand and Australia. JPG owns and operates chains Pascoes the Jewellers, Stewart Dawsons and Goldmark ; department store Farmers ; homeware retailer Stevens; and bookshop Whitcoulls in New Zealand. The group's three Australian businesses are jewellers Prouds the Jewellers, Angus & Coote and Goldmark, with over 460 stores across Australia as of 2012. Goldmark is the only brand operating in both countries.

History

The company traces its origins to a small jewellery shop founded by James Pascoe in Auckland in 1906. The business has been under the direction of his granddaughter, Anne Norman and her husband David since the 1980s. Under their control, the original family jeweller has turned into a 'retail empire' encompassing eight New Zealand and Australian retailers. The Group specialises in turning around loss-making retailers, and has never sold a business. Today James Pascoe Group is one of New Zealand's largest businesses and employers.

Size

The James Pascoe Group is larger than The Warehouse Group. With its five jewellery retailers and hundreds of stores, JPG has a large share of Australasian jewellery sales and is a global jewellery buying power. At the time of the acquisition of Angus & Coote, David Norman commented "To us it makes sense to harness the economy of scale when it comes to sourcing, and marketing" Rivals of the James Pascoe Group include Michael Hill International, and Showcase Jewellers
Acquiring Whitcoulls made JPG the biggest tenant of New Zealand's then-12 Westfield shopping centres.

Companies

Pascoes the Jewellers

Pascoes the Jewellers was founded by James Pascoe at Three Lamps in Ponsonby, Auckland in 1906. The company was incorporated in 1937.
After the death of James Pascoe in 1966, the business was managed by a trust until Anne and David Norman took control in 1980. While some growth throughout the North Island took place under the trust, it wasn't until Norman control that the group started expanding into the rest of the country.
As of 2022 there are 40 Pascoes the Jewellers stores across New Zealand, offering the country's 'largest range of jewellery and watches'. Pascoes is JPG's mid-range jeweller in New Zealand. The main rival of Pascoes the Jewellers in New Zealand is Michael Hill Jeweller''.''

Stewart Dawsons

Stewart Dawsons was founded in Liverpool, England in 1871 by 22-year-old Scotsman David Stewart Dawson. Initially a jewellery manufacturer, Dawson opened his first retail shop Stewart Dawson of Liverpool in 1876. Due to the success of his products in Australia, Dawson immigrated to Sydney in 1886 and founded Stewart Dawsons & Co. After opening shops in Sydney, followed by Melbourne, then Auckland in 1885 and Dunedin in 1886, and on Regent Street in London, locations were added in Wellington and Christchurch. The Wellington shop on the corner of Lambton Quay and Willis Street is a New Zealand Historic Places Trust "Category II listed" building, built for Dawson in 1901. The building is known locally as Stewart Dawsons Corner.
After making the company a limited liability company in 1907, Dawson sold it in 1931 to RHO Hills department store. The resulting company operated until 'around 1935'. Dawson died in 1932. Stewart Dawsons was purchased by Anne and David Norman in 1985. Today the company acts as JPG's upmarket New Zealand diamond, jewellery and watch retailer, with 15 stores across the country.

Prouds

was founded by William James Prouds on Pitt Street, Sydney in 1903. In 1996 Pascoes purchased the then-93-year-old Australian jeweller, saving it from administration. At the time Prouds had 67 stores, increased to 160 by 2007, and to over 195–200 in 2013. After the acquisition of Farmers, Prouds jewellery kiosks were included in select Farmers stores across New Zealand as store-within-a-store. However, after the purchase of Angus & Coote, it was replaced with Goldmark, and Prouds is no longer marketed in New Zealand.
In 2012 Prouds was reported as being the largest retailer by market share in Australia's estimated AU$3.8 billion jewellery industry. The same report estimated Prouds revenue as AU$600 million. Prouds reported annual income of NZ$707.6 million in 2008–2009. As of 2020, Prouds remains the largest jewellery retail chain in Australia.

Farmers

Farmers Trading Company was founded by Robert Laidlaw in 1909 as mail order business Laidlaw Leeds. In 1918 the company amalgamated with Auckland farming services cooperative The Farmers Union Trading Company, adopting its current name. After taking over South Island chain Calder Mackay in 1970, Farmers became the country's largest department store chain. In 1986 Chase Corporation purchased the company, but due to the share market crash less than a year later, Chase collapsed in 1989.
In 1992 Farmers was purchased by DEKA, the Maori Development Corporation and Foodlands Associated Ltd, which in 1993 took a controlling interest in the then-Farmers-DEKA Group.
In 1999 the Beauty Club loyalty programme was launched. In 2001 with the collapse of DEKA, 13 stores were converted to Farmers, and the company rebranded to its current logo.
In 2003 Farmers became James Pascoe Group's largest purchase yet, the retail arm bought for $122.3 million from Foodlands. The total sale was $311 million, with Fisher & Paykel paying $188.7 million for the Farmers finance and credit card business. Foodlands had been attempting to sell the loss-maker, but struggled to find a buyer for the 64-store chain as several interested parties found the $300 million-plus asking price too high.
Fisher & Paykel merged their existing finance business with Farmers Finance to make a nationwide retail consumer finance company. At the time Farmers had over 500,000 customer accounts, including 350,000 with a Farmers store card.
Fisher & Paykel Finance has an exclusive agreement to supply financial services to the retailer for 20 years, including exclusivity of the Farmers Finance Card. To this day Farmers holds exclusive Farmers Finance Cardholder shopping events.
David Norman was appointed CEO in 2004: "Believe it or not Farmers approached my wife and I regarding the possibility of operating Pascoe jewellery concessions within the department stores. When we took a closer look and saw the potential of the Farmers business it soon became clear we should return it to New Zealand ownership." He said the Normans felt "a deep sense of satisfaction that a New Zealand retailing icon is back where it should be, that is at the forefront of the NZ retailing industry". "When we changed the byline of Farmers to 'Your Store' we did so with the real intent of making Farmers relevant to its market. Our market surveys showed overwhelming support for the Farmers brand, its heritage, and a desire to see it succeed." The Normans have dismissed rumours of expanding Farmers into Australia to compete with the likes of Target and Myer.
Since taking ownership, categories such as hardware and computers have been abandoned for a focus on fashion and beauty. Many stores have been redeveloped or completely rebuilt. Attempts have been made to attract a younger customer, such as Switch and Substation youth clothing brands with dedicated concept areas, and changing Prouds-branded jewellery kiosks to Goldmark. As part of taking the company upmarket, many stores have been extensively updated, and a new flagship store opened at Westfield Albany in 2007.
As of 2022, Farmers major offerings include Women's Fashion, Men's Fashion, Lingerie, Serviced Cosmetics, Health & Beauty, Accessories, Children's, Kitchen and Tabletop, Small appliances, Manchester, and Furniture. Technology and Major appliances are sent to and displayed on the floor at selected stores but can be purchased at any store as the items are freighted from the Distribution Center in Auckland.
12 some stores include Goldmark kiosks, and 17 include Stevens stores. In August 2011, the Farmers Beauty Club became Farmers Club, extending the reward scheme to the whole store. Traditional Farmers Finance Cardholder nights have been supplemented with discount events and gifts exclusively for Farmers Club members.

Angus and Coote

was founded in Sydney, Australia in 1895 and listed on the ASX in 1952. The retailer is a leader in Australia for high quality jewellery, with its 300 stores having a 20% market share as of early 2007.
In March 2007, JPG successfully completed a $A76m takeover bid of the loss-making family-owned jewellery group, including brands Amies in Queensland, Dunklings in Victoria and Edments in South Australia and Western Australia and Goldmark. The Goldmark and Edments brands were part of Prouds The Jewellers, with Angus & Coote acquiring them in 1996 when JPG purchased the main Prouds brand. At the time of the purchase, David Norman suggested one or more of newly acquired Angus & Coote brands could be launched in New Zealand. Goldmark is now included as a store-within-a-store at kiosks in selected Farmers stores.

Goldmark

'One of the leading women's fashion jewellery retailers in Australia', Goldmark is a 'decades' old fashion jewellery retailer aimed at 16- to 29-year-olds. It was one of the brands included with the Angus & Coote purchase in March 2007. The current logo was introduced in 2000, and many stores have been updated to a modern look. Goldmark has over 130 stores across Australia, with over 1,000 employees throughout Australia and New Zealand. Goldmark positions itself as "the fashionable, REAL jewellery store", offering jewellery made of authentic precious metals containing genuine precious stones, as well as fashion brand watches. Before JPG ownership, in January 2003, Goldmark launched the gClub loyalty programme. In June 2009 the gClub card was introduced. Membership of the Online VIP gClub exceeds 90,000.
At the time of its purchase, David Norman was interesting in the development of a market around fashion-oriented jewellery for younger consumers, commenting Goldmark had "great potential on both sides of the Tasman." In July 2007, Goldmark entered New Zealand with 4 stand-alone stores, and replaced JPG's Prouds brand at 13 kiosks in Farmers department stores.
Currently there are 15 stores in New Zealand, 12 within Farmers. Goldmark's image and product range of 'contemporary female fashion jewellery' aligned with JPG's view of Farmers as New Zealand's 'leading fashion department store' and a focus on attracting a younger customer. As part of the JPG brand family, Goldmark also now carries watches and jewellery branded with the Chisel Farmers menswear store-brand.