The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
Signet to Acquire JamesAllen.com Owner for $328M
The jeweler said it will operate JamesAllen.com as an independent division while also adding parent company R2Net’s technology to its own stores’ websites.
New York--Signet Jewelers Ltd. has acquired R2Net, the owner of online retailer JamesAllen.com, for $328 million in cash, the retailer announced Thursday morning.
The acquisition allows Signet to add what new CEO Gina Drosos described as a “very strong, fast-growing e-commerce brand” to its portfolio and gives the retailer control of R2Net’s technology arm, Segoma Imaging Technologies, which Drosos said will enable it to “deliver a new-generation digital shopping strategy for jewelry.”
These technologies include a diamond imaging camera, which can create 360-degree HD images with a 40x super-zoom and can be used on any device; 3-D imaging technology that allows shoppers to pair loose diamonds with rings; a ring try-on app; and 24/7 customer service and chat capabilities.
Signet will be bringing the JamesAllen.com executive team on board, including co-founder and CEO Oded Edelman, who will become Signet’s chief digital innovation adviser, reporting directly to Drosos.
Drosos said for now, the plan is to operate JamesAllen.com as an independent division of Signet, while also applying R2Net’s technologies to their stores’ websites and using it in stores. Over time, the retailer will look at whether a showroom-type concept makes sense for JamesAllen.com.
Signet took out a short-term loan to pay for the acquisition, which it will repay with proceeds from the sale of its prime-only credit accounts under its credit outsourcing program.
The transaction is expected to close in the third quarter and is subject to customary closing conditions and regulatory approval.
The announcement came as Signet released its results for the second quarter ended July 29, the first call it has held since Mark Light stepped down and Drosos became CEO at the end of July.
Same-store sales were up 1 percent, driven by e-commerce platform improvements--online sales were up 18 percent in the quarter--Mother’s Day, which is typically split between Q1 and Q2 but fell squarely in Q2 this year, and a July bridal event.
This included a 7 percent increase in same-store sales at Piercing Pagoda and 3 percent at Kay Jewelers. Comps were essentially flat for both Jared the Galleria of Jewelry and Zales in the quarter.
Signet’s total sales were $1.40 billion, a 2 percent year-over-year increase.
Operating income was $135.6 million, or 9.7 percent of sales, compared with $119.9 million, or 8.7 percent of sales, in the prior-year period.
So far this year, Signet has closed 98 stores, mostly regional brands and underperforming mall stores, and opened 53, for a net loss of 45 stores.
On
Signet said that part one of the plan, the sale of $1 billion of prime-only credit accounts, is on track for completion in October. The retailer also said that its lease-purchase program has been rolled out ahead of schedule.
The Latest
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.