The Conversation: GINA DROSOS

The jewelry giant Signet isn't a household name, but it owns huge brands that any mall shopper would recognize on sight, including Kay, Zales, Jared, and teenager mainstay Piercing Pagoda. Drosos, Signet's first female CEO, has reversed a long slump at the company by making smart tech bets and fixing a badly broken management culture. Her next challenge? Persuading consumers to keep buying jewelry as the economy softens.

- PHIL WAHBA

JEWELRY RINGER A stint as head of beauty at Procter & Gamble helped prepare Gina Drosos to revamp Signet.

MOST PASSERSBY AT the mall probably don't realize it, but America's ubiquitous jewelry store chains are designed to serve different needs. Zales, for example, is more focused on fashion items and gifts for oneself-the kind of jewelry you might wear to the office, or to a low-key party. If you were looking for a gift to celebrate a big life event like an anniversary or an engagement, you'd be more likely to go to Kay. And if you were shopping with a substantially bigger budget, you might leave the mall and go to a higher-end Jared.

One person who understands those distinctions intimately is Gina Drosos. She's the CEO of Signet Jewelers, the behemoth that owns all three chains (and several others). And for the record, the jewelry she's wearing during a recent chat with Fortune is Zales all the way. "I really enjoy the idea of jewelry as a fashion item, and how you stack and layer different pieces," she says in a slight Southern drawl. She runs her fingers across her set of three gold necklaces and explains that a Zales consultant gave her pointers on getting the look she wanted-trendy, but still professional.