| Prouds the Jewellers | |
| Founder: | William James Proud |
| Location: | Pitt Street |
| Location City: | Sydney |
| Location Country: | Australia |
| Industry: | Retail |
| Products: | Jewellery |
| Key People: | William James Proud |
| Area Served: | Sydney Brisbane Melbourne Perth |
| Revenue: | A$600 million (2012) |
| Parent: | James Pascoe Group |
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 clock and watchmaker William James "Bill" Proud (1871–1931).[1] In 1971 Hooker Corporation acquired Prouds' 72 stores[2] and subsequently the business was sold to Goldmark Jewellers.[2]
In 1996 Pascoes purchased the then 93-year-old Australian jeweller, saving it from administration.[3] In 1996, Prouds had 67 stores. This increased to over 195 in 2013.[4] [5] After the acquisition of Farmers, Prouds jewellery kiosks were included in some Farmers stores across New Zealand as store-within-a-store.[6] 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.[7] [8] 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.[9]
Prouds reported annual income of NZ$707.6 million in 2008–2009. In 2012 Prouds was reported as being the largest retailer by market share in Australia's estimated A$3.8 billion jewellery industry.[10] The same report estimated Prouds revenue as A$600 million.