The Company of Master Jewellers (CMJ) has revealed it has made a “significant readjustment” to it supplier base, a move that has resulted in a 35% reduction in supplier partners.
This move, which it labelled part of its “strategy for growth”, came about as a result of a thorough audit of its suppliers.
The CMJ carried out a thorough review against criteria including number of CMJ retailer stockists, engagement with CMJ events, and financial performance over the past five years, and as a result has removed over a third of suppliers from its membership.
It now hopes that it will be able to offer a more balanced product range, and to provide better support to its remaining suppliers.
Emmet Cummins, managing director of the CMJ, said: “A key strength of any buying group is the supplier base it partners with. Suppliers that have product and brands that are current, relevant to consumer demand, and able to deliver growth, are fundamental factors.
“Equally are those suppliers that have a strategic plan, supported by a proactive support and engagement structure for the independent sector and specifically for the CMJ retailer within that.
“It’s never a good time to inform a partner of a contract termination.
“This was a review we started nearly 12 months ago and had held off in the hope that the economy would be back on its feet more than it is now, but we needed to realign our business and strategy as a result of the current economic status and this has meant a more significant readjustment of our suppliers than initially anticipated.
“We believe that our revised supplier base offers CMJ retailers a relevant and balanced brand and product range.
“As part of our strategy for growth, we will now be able to work more comprehensively with suppliers and proactively optimise their strategies within the retail membership.
“It also creates capacity for us to entice a small quantity of high-quality suppliers into the group – suppliers that will further enhance our brand and product offering to our retail membership.”