Ratners Group CEO called his own jewelry 'total crap' — £500M in value vanished

Ratners Group was one of the UK's largest jewelry retailers, owning Ratners, H. Samuel, Ernest Jones, Leslie Davis, and Watches of Switzerland, plus over 1,000 shops in the United States including Kay Jewelers. Founded in 1949, the company had grown by acquiring high-street jewelry chains and positioning itself as an affordable jeweler for everyday customers.

On April 23, 1991, CEO Gerald Ratner addressed the Institute of Directors at the Royal Albert Hall. He joked that a cut-glass sherry decanter set sold for £4.95 because 'it's total crap.' He also said a pair of earrings was 'cheaper than a prawn sandwich from Marks and Spencer's, but I have to say the sandwich will probably last longer than the earrings.' The audience laughed, but the damage was immediate.

The company's market value plummeted by approximately £500 million, nearly causing its collapse. Ratner was dismissed in November 1992. In September 1993, the company renamed itself Signet Group to escape the association. The phrase 'doing a Ratner' entered the business lexicon to describe a self-destructive public comment. Signet Jewelers survived and, as of 2025, operates 2,642 stores globally with $6.7 billion in revenue.