Signet Jewelers has recently announced its acquisition of Blue Nile, Inc., a leading online retailer of engagement rings and fine jewelry. In an all cash transaction, Blue Nile was acquired for $360 million.
"Blue Nile is a pioneer and innovator in online engagement rings and fine jewelry, 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," said Signet Chief Executive Officer Virginia C. Drosos.
"By joining Signet, we will extend our premium brand and fine jewelry 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®," said Sean Kell, CEO of Blue Nile.
Signet Jewelers Limited is the world's leading retailer of diamond jewelry. As a purpose-driven and sustainability-focused company, Signet is a participant in the United Nations Global Compact and adheres to its principles-based approach to responsible business. Signet is a Great Place to Work –Certified™ company and has been named to the Bloomberg Gender-Equality Index for four consecutive years. Signet operates approximately 2,800 stores primarily under the name brands of Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, JamesAllen.com, Peoples, H. Samuel, Ernest Jones and the jewelry subscription service, Rocksbox.
Blue Nile, Inc. is a leading online retailer of high-quality, conflict-free, GIA graded diamonds and fine jewelry. The company offers a highly desirable experience for purchasing engagement rings, wedding rings, and fine jewelry by providing expert guidance, in-depth educational materials, and unique online tools that place consumers in control of the jewelry shopping process. Blue Nile has some of the highest quality standards in the industry and offers thousands of independently graded diamonds and fine jewelry. Blue Nile can be found online at www.bluenile.com and at 21 physical showrooms located throughout the United States.
Information originally sourced from PRNewswire.