Signet Jewelers signed a definitive agreement to acquire online jewellery retailer Blue Nile for $360 million in an all-cash transaction. Blue Nile delivered revenue of more than $500 million in the calendar year 2021, Signet said.
The strategic acquisition of Blue Nile accelerates Signet’s efforts to expand its bridal offerings and grow its Accessible Luxury portfolio while extending its digital leadership in the jewellery category – all to further enhance shopping experiences for consumers and create value for shareholders, it added.
Signet noted that Blue Nile brings an attractive customer demographic that is younger, more affluent, and ethnically diverse, which will broaden its customer acquisition funnel. Upon closing, Blue Nile will be strategically positioned at the top tier of Signet’s Accessible Luxury banners along with Jared, James Allen and Diamonds Direct.
“Blue Nile is a pioneer and innovator in online engagement rings and fine jewellery, providing a unique and highly desirable shopping experience for customers,” said Signet Chief Executive Officer Virginia C. Drosos. “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.”
“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,” said Sean Kell, CEO of Blue Nile. “We’re equally thrilled to join a purpose-inspired and sustainability-focused company that shares our core values and has been recognised as a certified Great Place to Work®.”