Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
Blue Nile to Be Acquired by Investor Group for $500M
Bain Capital Private Equity and Bow Street have entered into an agreement to buy the online retailer and take it private.
Seattle--Blue Nile announced Monday that is has entered into a definitive agreement to be acquired by Bain Capital Private Equity and Bow Street LLC.
Under the terms of the proposed all-cash deal, Bain and Bow will acquire all outstanding shares of the online retailer’s common stock for $500 million.
Stockholders will receive $40.75 per share, a premium of 34 percent over Blue Nile’s Nov. 4 closing price.
Blue Nile, which trades on NASDAQ as NILE, will become a private company, with its headquarters staying in Seattle.
The transaction is expected to close in the first calendar quarter of 2017, though the e-tailer does have a 30-day “go-shop” period in which it can solicit acquisition proposals from other companies.
Monday morning’s news release on the acquisition did not provide any details on possible changes in executive management.
National Jeweler will follow up with a more in-depth story on the acquisition in Tuesday’s daily newsletter.
News of Blue Nile’s pending sale came as the e-tailer, which is struggling to compete with other online jewelry sellers and the improved websites of brick-and-mortar retailers, announced another quarter of weak sales.
Net sales in the third quarter ended Oct. 2 were down 4 percent year-over-year to $105.1 million while net income slipped from $2.0 million to $1.3 million.
U.S. engagement ring sales fell 9 percent year-over-year in the period to $59.5 million, while sales of non-engagement jewelry in the United States rose 1 percent to $25.3 million.
International sales totaled $20.3 million, a 2 percent increase compared with the third quarter 2015.
Gross profit for the quarter totaled $20.6 million, or 19.6 percent of net sales, compared with $21.2 million, or 19.3 percent of net sales, in the third quarter 2015.
The Latest
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.