Birks Group Inc. has finalised its acquisition of European Boutique’s luxury watch and jewellery business for C$9 million, further expanding its footprint in the Canadian luxury retail space. The deal also includes a licensing agreement to operate the Canadian brand Diamonds Direct.
European Boutique, based in Toronto, runs four multi-brand stores and three mono-brand boutiques for Omega, Breitling, and Montblanc across key malls in the Greater Toronto Area, alongside an established national e-commerce platform, European.ca.
Jean-Christophe Bédos, President and CEO of Birks Group, said the acquisition complements Birks’ existing portfolio. “We are delighted to complete the acquisition of European. The European stores have prime locations in important malls in the Greater Toronto Area and carry high-end luxury brands which will complement Birks Group’s offering.”
The Sutkiewicz family, founders of European, said, “After nearly 50 wonderful years of serving our loyal clients, we are proud to have sold our family business to Birks Group, a well-respected and trusted pan-Canadian retailer of fine jewellery, watches and gifts that shares the same commitment to quality and customer service as European.”