SurveysJul 15, 2022
Signet Moves Up NRF’s List of ‘Top 100’ RetailersMajorsAug 09, 2022
Signet to Buy Blue Nile in $360M Deal
The jewelry giant said the acquisition will allow it to tap into a pool of customers who are younger, more affluent and ethnically diverse.
Signet Jewelers Ltd. announced Tuesday that it plans to acquire Blue Nile Inc. in an all-cash transaction expected to close in the third quarter of Signet’s current fiscal year. Pictured here is the Blue Nile showroom in Silicon Valley in California.
Akron, Ohio—Signet Jewelers Ltd. is making another acquisition.
The jewelry giant announced Tuesday morning that it has signed a definitive agreement to buy Blue Nile Inc. for $360 million in cash.
The Seattle-based retailer, which was founded in 1999 and was an early disruptive force in fine jewelry e-commerce, recorded sales of more than $500 million in calendar year 2021, Signet said. (National Jeweler’s estimates put Blue Nile’s 2021 sales at $741.1 million, making it No. 10 on the most recent list of $100 Million Supersellers.)
The company started as an online-only retailer but has cultivated a physical footprint over the years, opening a total of 22 “asset light” showrooms, small stores where customers can try on jewelry but still buy through the website.
Two private equity firms took Blue Nile private in 2017 but it was set to become a public company again in a deal expected to close in the fourth quarter, trading independently on the NASDAQ.
Signet said it sees the acquisition as a way to expand its bridal offerings and digital capabilities while also growing what it refers to as its “Accessible Luxury” portfolio, with Blue Nile joining Jared, James Allen and recently acquired Diamonds Direct.
Buying Blue Nile also brings the jeweler an “attractive” customer demographic that is younger, more affluent and ethnically diverse, Signet said.
“Blue Nile is a pioneer and innovator in online engagement rings and fine jewelry, providing a unique and highly desirable shopping experience for customers,” Signet CEO Virginia Drosos said.
“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.”
Related stories will be right here …
The jewelry giant announced Tuesday morning that it has signed a definitive agreement to buy Blue Nile Inc. for $360 million in cash.
The Seattle-based retailer, which was founded in 1999 and was an early disruptive force in fine jewelry e-commerce, recorded sales of more than $500 million in calendar year 2021, Signet said. (National Jeweler’s estimates put Blue Nile’s 2021 sales at $741.1 million, making it No. 10 on the most recent list of $100 Million Supersellers.)
The company started as an online-only retailer but has cultivated a physical footprint over the years, opening a total of 22 “asset light” showrooms, small stores where customers can try on jewelry but still buy through the website.
Two private equity firms took Blue Nile private in 2017 but it was set to become a public company again in a deal expected to close in the fourth quarter, trading independently on the NASDAQ.
Signet said it sees the acquisition as a way to expand its bridal offerings and digital capabilities while also growing what it refers to as its “Accessible Luxury” portfolio, with Blue Nile joining Jared, James Allen and recently acquired Diamonds Direct.
Buying Blue Nile also brings the jeweler an “attractive” customer demographic that is younger, more affluent and ethnically diverse, Signet said.
“Blue Nile is a pioneer and innovator in online engagement rings and fine jewelry, providing a unique and highly desirable shopping experience for customers,” Signet CEO Virginia Drosos said.
“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.”
The purchase of Blue Nile is the latest in a string of acquisitions for Signet.
The jeweler, which is the largest in North America in terms of both sales and store count by a wide margin, bought subscription service Rocksbox in April 2021 and followed up with the $490 million all-cash purchase of Charlotte, North Carolina-based chain Diamonds Direct that October.
At the same it released the Blue Nile news, Signet announced that it is downgrading its outlook for the fiscal year, which is an unusual move, noted industry analyst Paul Zimnisky.
Strange times, re: Signet $SIG, I don’t think I’ve ever seen a company announce an acquisition and cut guidance in the same release
— Paul Zimnisky, CFA (@paulzimnisky) August 9, 2022
The retailer said it now expects fiscal year sales to be in the range of $7.60 billion to $7.70 billion, down from $8.03 billion to $8.25 billion.
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said, a trend particularly noticeable with higher price point items.
Drosos said the revised guidance is still about 25 percent higher than the annual revenue Signet recorded in FY20, pre-pandemic.
She added the company’s transformed operating model and strong balance sheet give it “dry powder,” even in a down market, to invest in expansion among its banners and with the acquisition of Blue Nile.
The retailer noted that its revised outlook for the fiscal year does not account for potential worsening of the macroeconomic environment or the pending acquisition of Blue Nile.
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said, a trend particularly noticeable with higher price point items.
Drosos said the revised guidance is still about 25 percent higher than the annual revenue Signet recorded in FY20, pre-pandemic.
She added the company’s transformed operating model and strong balance sheet give it “dry powder,” even in a down market, to invest in expansion among its banners and with the acquisition of Blue Nile.
The retailer noted that its revised outlook for the fiscal year does not account for potential worsening of the macroeconomic environment or the pending acquisition of Blue Nile.
Signet will fund its acquisition of Blue Nile with cash on hand.
It is currently expected to close in the third quarter of Signet’s current fiscal year. (Signet’s fiscal year runs from the beginning of February through the end of January. The company is currently in fiscal year 2023.)
The companies made regulatory filings regarding the transaction in July and the applicable waiting period has passed but the transaction is still subject to other customary closing conditions.
It is currently expected to close in the third quarter of Signet’s current fiscal year. (Signet’s fiscal year runs from the beginning of February through the end of January. The company is currently in fiscal year 2023.)
The companies made regulatory filings regarding the transaction in July and the applicable waiting period has passed but the transaction is still subject to other customary closing conditions.
More on Majors
The Latest
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
