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Signet Sets Sights on Bridal Market as Q2 Sales SlipMajorsSep 07, 2022
Signet Seals the Deal on Blue Nile Acquisition
The jewelry giant has purchased Blue Nile for $360 million in cash as it looks to draw in younger, richer tech-savvy consumers.
Pictured is the Blue Nile showroom in Silicon Valley in California. Signet Jewelers recently finalized its acquisition of the retailer.
Akron, Ohio—Signet Jewelers Ltd. has finalized its acquisition of Blue Nile.
The jewelry giant announced its plan to acquire Blue Nile last month, signing a definitive agreement to buy the company for $360 million in cash.
Founded in 1999, the Seattle-based retailer got its start as an online-only operation but has since expanded to physical retail.
Its 23 showrooms stock little inventory, allowing customers to view products in person before ultimately purchasing them online.
“We can learn from this low inventory showroom model,” said Signet CEO Virginia Drosos on a recent earnings call. “We see incredible synergy opportunities with Blue Nile and James Allen.”
According to National Jeweler estimates, Blue Nile’s 2021 sales clocked in at $741.1 million, landing the retailer in the No. 10 spot on the magazine’s most recent list of $100 Million Supersellers.
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The jewelry giant announced its plan to acquire Blue Nile last month, signing a definitive agreement to buy the company for $360 million in cash.
Founded in 1999, the Seattle-based retailer got its start as an online-only operation but has since expanded to physical retail.
Its 23 showrooms stock little inventory, allowing customers to view products in person before ultimately purchasing them online.
“We can learn from this low inventory showroom model,” said Signet CEO Virginia Drosos on a recent earnings call. “We see incredible synergy opportunities with Blue Nile and James Allen.”
According to National Jeweler estimates, Blue Nile’s 2021 sales clocked in at $741.1 million, landing the retailer in the No. 10 spot on the magazine’s most recent list of $100 Million Supersellers.
Signet said it scooped up the company in an effort to boost its bridal offerings and digital capabilities.
“It has the highest brand recognition of any digital pure-play jewelry retailer and expands the top end of our accessible luxury offerings,” said Drosos.
Its “Accessible Luxury” portfolio includes Jared, James Allen and recently acquired Diamonds Direct.
The company is also looking to reach a customer demographic that is younger, more affluent and ethnically diverse.
It’s official – Blue Nile is now part of the Signet family of banners. Blue Nile furthers our goal to be the growth and innovation leader of the jewelry industry by welcoming a new, younger, affluent and diverse customer and expanding our share of the jewelry market. (1/2) pic.twitter.com/VQIL24nfMn
— Signet Jewelers (@SignetJewelers) August 24, 2022
Drosos confirmed the acquisition had closed during the company’s second-quarter earnings call last week.
“We now expect the Blue Nile acquisition to be accretive through both revenue and cost synergies no later than Q4 of next year,” she said.
Chief Financial Officer Joan Hilson shared more details about the closing of the deal.
“We closed the transaction recently. Our team has been on the ground over the last week or so, really pulling together and working hand-in-hand with the Blue Nile team to put together our holiday plans,” said Hilson.
“Based on the work that we’ve done, we’re very excited about the opportunities for synergy and the ability to integrate the two banners with the James Allen team and really leveraging the synergies of the back office,” she added.
Blue Nile joins a list of recent acquisitions for Signet Jewelers, including Diamonds Direct and Rocksbox.
“We now expect the Blue Nile acquisition to be accretive through both revenue and cost synergies no later than Q4 of next year,” she said.
Chief Financial Officer Joan Hilson shared more details about the closing of the deal.
“We closed the transaction recently. Our team has been on the ground over the last week or so, really pulling together and working hand-in-hand with the Blue Nile team to put together our holiday plans,” said Hilson.
“Based on the work that we’ve done, we’re very excited about the opportunities for synergy and the ability to integrate the two banners with the James Allen team and really leveraging the synergies of the back office,” she added.
Blue Nile joins a list of recent acquisitions for Signet Jewelers, including Diamonds Direct and Rocksbox.
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