In an all-cash transaction of US$360 million, Signet Jewelers has scooped up online retailer, Blue Nile.
The acquisition, Signet says, accelerates the purchaser’s efforts to expand its bridal offerings and extend its digital footprint in the jewellery category.
Upon closing, Blue Nile, which delivered revenue of more than US$500 million in 2021, will be positioned at the top tier of Signet’s ‘Accessible Luxury’ banners along with Jared, James Allen, and Diamonds Direct.
“Adding Blue Nile to our strong and diversified portfolio of banners will further drive our growth strategy—expanding customer choice, building new capabilities, and achieving meaningful operating synergies that will increase value for both our consumers and shareholders,” says Signet’s CEO, Virginia C. Drosos.
“By joining Signet, we will extend our premium brand and fine jewellery offering to millions of new customers while bringing new capabilities to our… e-commerce business that will drive additional growth opportunities for Blue Nile,” adds Blue Nile’s CEO, Sean Kell.
The transaction will be funded with cash on hand and is expected to close in the third quarter of fiscal year 2023.