Majors

Signet to Buy Blue Nile in $360M Deal

MajorsAug 09, 2022

Signet to Buy Blue Nile in $360M Deal

The jewelry giant said the acquisition will allow it to tap into a pool of customers who are younger, more affluent and ethnically diverse.

20220809_Blue Nile showroom.jpg
Signet Jewelers Ltd. announced Tuesday that it plans to acquire Blue Nile Inc. in an all-cash transaction expected to close in the third quarter of Signet’s current fiscal year. Pictured here is the Blue Nile showroom in Silicon Valley in California.
Akron, Ohio—Signet Jewelers Ltd. is making another acquisition.

The jewelry giant announced Tuesday morning that it has signed a definitive agreement to buy Blue Nile Inc. for $360 million in cash.

The Seattle-based retailer, which was founded in 1999 and was an early disruptive force in fine jewelry e-commerce, recorded sales of more than $500 million in calendar year 2021, Signet said.  (National Jeweler’s estimates put Blue Nile’s 2021 sales at $741.1 million, making it No. 10 on the most recent list of $100 Million Supersellers.)

The company started as an online-only retailer but has cultivated a physical footprint over the years, opening a total of 22 “asset light” showrooms, small stores where customers can try on jewelry but still buy through the website.

Two private equity firms took Blue Nile private in 2017 but it was set to become a public company again in a deal expected to close in the fourth quarter, trading independently on the NASDAQ. 

Signet said it sees the acquisition as a way to expand its bridal offerings and digital capabilities while also growing what it refers to as its “Accessible Luxury” portfolio, with Blue Nile joining Jared, James Allen and recently acquired Diamonds Direct. 

Buying Blue Nile also brings the jeweler an “attractive” customer demographic that is younger, more affluent and ethnically diverse, Signet said.

“Blue Nile is a pioneer and innovator in online engagement rings and fine jewelry, providing a unique and highly desirable shopping experience for customers,” Signet CEO Virginia Drosos said. 

“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.”  

 Related stories will be right here … 

The purchase of Blue Nile is the latest in a string of acquisitions for Signet.

The jeweler, which is the largest in North America in terms of both sales and store count by a wide margin, bought subscription service Rocksbox in April 2021 and followed up with the $490 million all-cash purchase of Charlotte, North Carolina-based chain Diamonds Direct that October.

At the same it released the Blue Nile news, Signet announced that it is downgrading its outlook for the fiscal year, which is an unusual move, noted industry analyst Paul Zimnisky.

 
The retailer said it now expects fiscal year sales to be in the range of $7.60 billion to $7.70 billion, down from $8.03 billion to $8.25 billion.

“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said, a trend particularly noticeable with higher price point items.

Drosos said the revised guidance is still about 25 percent higher than the annual revenue Signet recorded in FY20, pre-pandemic. 

She added the company’s transformed operating model and strong balance sheet give it “dry powder,” even in a down market, to invest in expansion among its banners and with the acquisition of Blue Nile. 

The retailer noted that its revised outlook for the fiscal year does not account for potential worsening of the macroeconomic environment or the pending acquisition of Blue Nile.
Signet will fund its acquisition of Blue Nile with cash on hand.

It is currently expected to close in the third quarter of Signet’s current fiscal year. (Signet’s fiscal year runs from the beginning of February through the end of January. The company is currently in fiscal year 2023.) 

The companies made regulatory filings regarding the transaction in July and the applicable waiting period has passed but the transaction is still subject to other customary closing conditions. 

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Pope Francis
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ Ring

Before Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.

1998 Cosmograph Daytona, Ref.16516 Rolex
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s Sale

The one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.

Jeweler Constance Polamalu at Bloomstone, a store that specializes in lab-grown diamonds
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Surveillance footage Tiffany & Co. Seattle robbery
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies

The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.

Weekly QuizMay 08, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Foundrae Ingot Pendant
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical Metalsmiths

The donation was the result of the brand’s annual Earth Day Ingot event.

Eiseman Jewels ribbon cutting ceremony
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and Better

Located in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Malyia McNaughton and Elyssa Jenkins-Pérez
MajorsMay 13, 2025
BIJC Launches New Education Fund

BIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.

Harwell Godfrey Snake Giza Ring, Foundrae Mind, Body Soul Story Necklace, Tiffany & Co. Tiffany Titan By Pharrell Williams Bracelet
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past Decade

As a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.

Lightbox’s Reminiscence Poet earrings in 14-karat white gold with lab-grown diamonds
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says

The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.

Stock image of shipping containers
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal

Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.

Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum

“Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.

2025 CASE Award Submission Graphic
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025

The deadline to submit is June 16.

Lugano Diamonds store in Greenwich, Connecticut
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal Investigation

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Coeur Percé Scapular Necklace and Love Baby Locket
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s Day

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

Gemfields emeralds
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in Zambia

The miner announced plans to recommence open-pit mining at Kagem.

Stock image of a man’s hands in handcuffs
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.

2025 Met Gala jewelry
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry Moments

Associate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.

instappraise-1.png
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal Format

Sponsored by Instappraise

Brilliant Earth three stone Sabine diamond engagement ring
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1

CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.

Exterior of Margot McKinney Beverly Hills Location
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New Boutique

The brand’s first independent location outside of Australia has opened in Beverly Hills, California.

Cathy Marsh
IndependentsMay 08, 2025
Verragio Announces New Regional Sales Manager

Cathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.

Pandora gold and silver charm bracelet
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for Tariffs

The company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.

Headshot of Smart Age Solutions CEO Emmanuel Raheb
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and Beyond

Connecting with your customers throughout the year is key to a successful holiday marketing push.

Gemfields rough emeralds
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest Auction

Its commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.

Logo for “In the Loupe,” Punchmark’s podcast
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest

National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy