Birks leverages strong dollar to reduce prices on selected fine jewellery and prestige watch brands for the first time in several decades



    MONTREAL, Nov. 27 /CNW Telbec/ - As one of North America's leading luxury
retailers, Birks & Mayors Inc. responded to the challenge of competing in the
North American marketplace with a stronger Canadian dollar by reducing its
prices on selected merchandise at all Birks locations in Canada effective
today. It is the first time in recent history that Birks has taken such an
initiative.
    Thomas A. Andruskevich, President and CEO, announced today that the
company will institute price changes on many pieces from its world-renowned
collection of Birks diamond jewellery as well as many prestigious watch and
fine jewellery brands including Cartier, Van Cleef & Arpels, Tag Heuer, Baume
& Mercier, Jaeger Le Coultre, Marco Bicego, H.Stern and Roberto Coin. This
change reflects the current trade value of the Canadian dollar and reduces
price disparity with the U.S. market. "Our strong purchasing power has allowed
us the opportunity to negotiate lower costs with our partners and suppliers,
so that we may pass on savings to Canadian consumers in the spirit of fair
exchange," stated Andruskevich. "This measure reinforces our commitment to
offering fair value to our clients, which, in turn, should make their shopping
experience especially beneficial this holiday season."
    Birks' price reductions are dependent on current foreign exchange rates
and will remain in effect only as long as the marketplace permits.
    Andruskevich further commented: "While Birks was able to take this
aggressive action now in favour of the consumer, market conditions may put
upward pressure on prices in early 2008. Although we were able to take
advantage of the strong Canadian dollar at this time, there are no guarantees
that the Canadian dollar will remain this strong." In addition, Andruskevich
pointed out: "Rising prices of precious metals and certain precious gemstones
will likely cause price increases in 2008 on many jewellery and timepiece
products. Birks being able to reduce prices is an extraordinary occurrence and
presents a unique opportunity for consumers to take advantage of a very
limited window in a highly volatile marketplace."

    About Birks&Mayors:

    Birks & Mayors Inc. (AMEX:  BMJ) operates 71 luxury jewellery stores across
Canada, Florida and Georgia. The company posted annual sales of $294.3 million
in fiscal 2007 and employs more than 1,100 employees in Canada and the United
States. Birks & Mayors operates 38 Birks stores across most major metropolitan
markets in Canada and 31 Mayors stores across Florida and Georgia, as well as
two Brinkhaus retail locations in Calgary and Vancouver. The company also
designs and manufactures fine jewellery, timepieces, silverware and gifts
under the Birks brand, which is currently sold through Birks & Mayors retail
channels. Founded in 1879, Birks is Canada's premier luxury brand and the
Official Supplier of Jewellery for the 2010 Olympic and Paralympic Winter
Games. For more information, please visit www.birks.com

    This press release contains certain "forward-looking" statements
concerning market conditions. Because such statements include various risks
and uncertainties, actual results might differ materially from those projected
in the forward-looking statements. These risks and uncertainties include, but
are not limited to, rising interest rates, changes in the equity markets,
consumer confidence, increases in commodity prices, the Company's ability to
limit its exposure to currency exchange risk and fluctuations in the
availability and prices of the Company's merchandise, and the Company's
ability to compete with other jewelers. Information concerning factors that
could cause actual results to differ materially are set forth in the Company's
Annual Report on Form 20-F filed with the Securities and Exchange Commission
on June 18, 2007. The Company undertakes no obligation to update or release
any revisions to these forward-looking statements to reflect events or
circumstances after the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.




For further information:

For further information: Donna Battista, Birks & Mayors Inc., (514)
397-2511 x.2416, dbattista@birksandmayors.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890