MajorsOct 12, 2021
Signet to Acquire Diamonds Direct in $490M DealMajorsNov 22, 2021
Signet Seals the Deal on Diamonds Direct Acquisition
The deal expands the jewelry company's foothold in the bridal space.
Signet Jewelers just acquired Diamonds Direct in a $490 million cash deal.
Akron, Ohio—Signet Jewelers Ltd. has sealed the deal on its acquisition of Diamonds Direct.
The jewelry giant acquired the retailer in a $490 million all-cash transaction and now, the deal has been finalized.
Charlotte, North Carolina-based Diamonds Direct operates 22 stores in 13 states.
Its median annualized revenue totaled $18.5 million over the last twelve months, as per Signet’s press release.
"Diamonds Direct strategically expands our market in accessible luxury and bridal, provides access to a new customer base and furthers our opportunity to build lifetime customer relationships,” said Signet CEO Virginia C. Drosos.
Post-acquisition, the chain’s locations will continue to operate as Diamonds Direct stores, offering its branded products.
The company’s leadership team will also remain in place, with Diamonds Direct President Itay Berger reporting to Drosos.
“Just as we accelerated our digital transformation using learnings from our acquisition of fast-growing digital pure-play James Allen, we believe we can further drive modern consumer experiences learning from Diamonds Direct's differentiated model as they have consistently and profitably grown revenues in highly productive store formats,” said Drosos.
The plan, said Drosos, is to grow the newly acquired company via initiatives like targeted marketing and jewelry services.
Signet is set to report its third-quarter results on Dec. 2 and will include Diamonds Direct’s results within its North America segment rather than reporting it as a separate banner.
The Diamonds Direct deal is the company’s second recent acquisition, scooping up jewelry subscription platform Rocksbox in April.
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