Prouds

Prouds the Jewellers
IndustryRetail
Founded1903; 121 years ago (1903)
FounderWilliam James Proud
HeadquartersPitt Street,
Sydney
,
Australia
Area served
Sydney
Brisbane
Melbourne
Perth
Key people
William James Proud
ProductsJewellery
RevenueA$600 million (2012)
ParentJames Pascoe Group
Websiteprouds.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

Prouds in Westfield Sydney
Street view of Prouds, corner of King and Pitt Streets, ca. 1934

Prouds was founded in 1903 by clock and watchmaker William James "Bill" Proud (1871–1931).[1][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 1996, Prouds had 67 stores. This increased to over 195 in 2013.[5][6] After the acquisition of Farmers, Prouds jewellery kiosks were included in some Farmers stores across New Zealand as store-within-a-store.[7] However, after the purchase of Angus & Coote, it was replaced with Goldmark, and Prouds is no longer marketed in New Zealand.

In February 2008 Prouds lost a case against the Australian Competition & Consumer Commission over 'illusory' 'was/now' price advertising.[8][9] 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.[10]

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 A$3.8 billion jewellery industry.[12] The same report estimated Prouds revenue as A$600 million.[12]

References

  1. ^ a b "Prouds: About Us". Archived from the original on 4 August 2012. Retrieved 18 August 2013.
  2. ^ Fulloon, Gillian, "Proud, William James (Bill) (1871–1931)", Australian Dictionary of Biography, Canberra: National Centre of Biography, Australian National University, retrieved 6 September 2023
  3. ^ a b "Colin Polkington: Nationwide". BFM Business First. Archived from the original on 28 March 2019. 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. ^ "Pascoes: About Us". Retrieved 18 August 2013.
  6. ^ "Prouds: Stores". Retrieved 18 August 2013.
  7. ^ 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.
  8. ^ Nicholson, Coleby (18 February 2014). "ACCC Picks on Jewellery Retailers?". Jewellers Magazine. Retrieved 19 February 2014.
  9. ^ George, Peter (22 February 2008). "Australia: Alert – ACCC v Prouds Jewellers Pty Ltd [2008] FCA 75". Mondaq. Retrieved 19 February 2014.
  10. ^ "Court orders corrective advertising over Prouds' catalogue claims". Australian Competition & Consumer Commission. 11 April 2008. Retrieved 19 February 2014.
  11. ^ Slade, Maria (26 September 2009), "Norman conquest", 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.