 | |
 Prouds store in Westfield Sydney | |
| Industry | Retail |
|---|---|
| Founded | 1903 |
| Founder | William James Proud |
| Headquarters | Pitt Street, , Australia |
Area served | Sydney Brisbane Melbourne Perth |
Key people | William James Proud |
| Products | Jewellery |
| Revenue | A$600 million (2012) |
| Parent | James Pascoe Group |
| Website | prouds |
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]
Prouds was founded in 1903 by 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]
The Australian Competition and Consumer Commission (ACCC) is the chief competition regulator of the Government of Australia, located within the Department of the Treasury. It was established in 1995 with the amalgamation of the Australian Trade Practices Commission and the Prices Surveillance Authority to administer the Trade Practices Act 1974, which was renamed the Competition and Consumer Act 2010 on 1 January 2011. The ACCC's mandate is to protect consumer rights and business rights and obligations, to perform industry regulation and price monitoring, and to prevent illegal anti-competitive behaviour.
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Goldmark Jeweller is an Australian jewellery retailer. It was one of the brands included with the Angus & Coote purchase in March 2007 by James Pascoe Group. The current logo was introduced in 2000. Goldmark has over 130 stores across Australia, with over 1,000 employees throughout Australia and New Zealand. Goldmark sells jewellery as well as fashion brand watches. Before JPG ownership, in January 2003, Goldmark launched the gClub loyalty program. In June 2009 the gClub card was introduced.
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Media related to Prouds at Wikimedia Commons