Signet Jewellers acquires Blue Nile

Signet Jewellers Limited has announced it has signed a definitive agreement to acquire Blue Nile, an online retailer of engagement rings and fine jewellery, for $360m (£297m) in an all cash transaction.

The strategic acquisition of Blue Nile accelerates Signet’s efforts to expand its bridal offerings and grow its accessible luxury portfolio.

The transaction will be funded with cash on hand and is currently expected to close in the third quarter of Fiscal Year 2023.

Signet chief executive officer Virginia C. Drosos said: “Blue Nile is a pioneer and innovator in online engagement rings and fine jewellery, providing a unique and highly desirable shopping experience for customers.

“Adding Blue Nile to our strong and diversified portfolio of banners will further drive our Inspiring Brilliance growth strategy – expanding customer choice, building new capabilities, and achieving meaningful operating synergies that will increase value for both our consumers and shareholders.”

Sean Kell, CEO of Blue Nile, added: “By joining Signet, we will extend our premium brand and fine jewellery offering to millions of new customers while bringing new capabilities to our leading e-commerce business that will drive additional growth opportunities for Blue Nile.

“We’re equally thrilled to join a purpose-inspired and sustainability-focused company that shares our core values and has been recognized as a certified Great Place to Work.”

source https://www.jewelleryfocus.co.uk/206454-signet-jewellers-acquires-blue-nile