• by Sarah Mahoney , Staff Writer, Yesterday

This Valentine’s Day, JCPenney is skipping the fairy-tale romance in favor of a little more realism, inviting customers to “Ex-Change” a gift from someone they’re not so crazy about anymore. The one-day, in-store jewelry event invites some lucky shoppers to trade in old pieces tied to past relationships for a new lab-grown diamond necklace, with no appraisal, no guilt and no awkward questions required.

That irreverent tone isn’t a one-off. Whether it’s last summer’s “Other Venice wedding,” that spoofed billionaire excess, or spokesperson Shaquille O’Neal hosting stand-up in weekly football ads, JCPenney keeps reaching for humor that doesn’t talk down to shoppers.

Retail Insider spoke with Marisa Thalberg, executive vice president and chief customer and marketing officer at JCPenney parent Catalyst Brands, about jewelry, the brand’s comeback, and laughter as a strategic lever.

This interview has been edited for length and clarity.

Retail Insider: Since starting the transformation process, you’ve injected plenty of humor into JCPenney. Why?

Marisa Thalberg: Yes, but not the kind that gets broad guffaws. We want to be insightful, smart and “in on it” with our customers. There’s a self-awareness. When we hit that, let them be the hero in the story and democratize access to things people really want — that’s the bull’s-eye for me.

Retail Insider: Valentine’s Day is a big holiday for jewelry sales and tends to be schmaltzy. Why take a different approach?

Thalberg: We want to do something a little nontraditional and continue to zag when everyone else zigs, and make sure people understand JCPenney in a whole new way. Our partners at Mischief helped conceive this, and it showcases how JCPenney can be a surprising answer for people who want to gift themselves amazing things — including our fine jewelry. And of course, we’re happy that people will buy traditional gifts from us, too. But we all know our own taste the best, and sometimes we outgrow what no longer suits us — in jewelry, in life, in fashion.

We wanted to bring that to women in a true Galentine’s way, taking the treacly part out of the holiday. They can own Valentine’s Day — which can be fraught for a lot of people — for themselves.

Retail Insider: Jewelry is a category people often overlook. Why is it a focal point now?

Thalberg: Our loyal customers have been in the know for a long time. But this is an opportunity to make sure more people know. Our jewelry business runs the gamut from fashion jewelry that’s just fun, all the way up to truly fine jewelry. Our associates are certified by the Gemological Institute of America, so you get that level of service and experience, but with price points that are incredibly JCPenney.

Too many brands talk down to working- and middle-class customers or assume they’re willing to compromise. No one wants to compromise. People want nice things. They want brands. They want passion.

Retail Insider: Lab-grown diamonds are a big part of that story. What’s driving their momentum?

Thalberg: Sometimes, it is ethical sourcing, and sometimes, value. Lab-grown diamonds are typically [priced] 60% to 85% less than mined stones. We have traditional diamonds as well, which are also incredible values. But lab-grown lets people go bigger and bolder without the traditional price barrier.

Also, I’m a focus group of one, and don’t usually splurge on jewelry for myself, but I just treated myself to a lab-grown diamond ring, which was on sale and a great deal. I was even shopping with my husband. I walked out wearing this fabulous piece of diamond jewelry, and I thought, why not? It felt like “permission granted.”

Retail Insider: The Ex-Change also includes donating collected jewelry to Good360. Why was that important?

Thalberg: We’re not trying to set up an appraisal service. That’s not the idea. It’s more about saying, bring us what no longer suits you. We’ll donate it to Good360, a wonderful nonprofit we work with a lot, and then we’ll gift the first 100 people with a beautiful half-carat lab-grown diamond pendant necklace. Everyone wins.

Retail Insider: JCPenney’s financial performance has been under pressure, with recent sales declines reported. How do you frame progress so far?

Thalberg: This is a comeback story. We’re working on it, and it takes time and effort. What’s encouraging to me is that in just a few months of getting this new strategy going, we’re already seeing important signs of people responding.