SurveysJul 15, 2022
Signet Moves Up NRF’s List of ‘Top 100’ RetailersMajorsAug 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.
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 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.”
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.
Strange times, re: Signet $SIG, I don’t think I’ve ever seen a company announce an acquisition and cut guidance in the same release
— Paul Zimnisky, CFA (@paulzimnisky) August 9, 2022
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.
“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.
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.
More on Majors
The Latest
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
Weekly QuizMay 28, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsJun 01, 2026
Design Atelier Brands Have a Big Night at Emotional Couture Design AwardsThe show started by honoring Mildred Marcano, ended with a tearful Beth Anne Bonanno, and recognized a dozen-plus designers in between.
SourcingJun 01, 2026
RapNet Rebranding as Rapaport TradeThe revamped online diamond marketplace will feature pricing intelligence and data-driven tools for more efficient buying and selling.
SourcingJun 01, 2026
Gemfields’ Higher-Quality Emerald Auction Achieves $26.8MThe miner said demand for higher-quality emeralds is stable, but there is notable caution in the market.
CollectionsMay 29, 2026
Cultus Artem’s Necklace Is the Oasis in Las Vegas’ DesertThe “River of Heaven” necklace, our Piece of the Week debuting at Couture, combines 26 salt and pepper diamonds spaced by Tahitian pearls.
IndependentsMay 29, 2026
Meet the 2026 Retailer Hall of Fame InducteesThis year’s inductees include second-, third-, and fourth-generation jewelers.
Events & AwardsMay 28, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerThe author, speaker, and entrepreneur will give his presentation, “Spiritual Billionaire,” on Saturday morning.
Events & AwardsMay 28, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach on Sunday night.
CollectionsMay 28, 2026
Meet The 17 Newcomers to Couture’s Design AtelierThese up-and-coming jewelry brands are bringing their distinct aesthetic and unique point-of-view to the Design Atelier for the first time.
GradingMay 28, 2026
GCAL By Sarine Launches 8X Cushion CutThe lab’s proprietary diamond cut grade has been expanded to include the popular fancy shape.
Events & AwardsMay 27, 2026
5 Security Tips for Las Vegas Jewelry Market Week 2026This year, it’s what could happen outside of show hours that worries JSA Executive Vice President Scott Guginsky.
ColumnistsMay 27, 2026
What Jewelers Can Learn From Luxury Fashion’s Digital PlaybookHigh-end fashion houses know how to emotionally connect with customers online. Retail jewelers should take note, Emmanuel Raheb writes.
Events & AwardsMay 27, 2026
Couture’s ‘The Iridescence’ Will Showcase 7 Emerging Jewelry DesignersThe designers are the third cohort of mentees from the show’s Belonging @ Couture mentorship program.
ColumnistsMay 26, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
Events & AwardsMay 26, 2026
12 JCK Talks Sessions to Add to Your Las Vegas ScheduleThe trade show’s education series returns, with sessions on retail trends, AI, watches, marketing, corporate responsibility, and more.
Events & AwardsMay 26, 2026
CBG Brings Its Curated Designer Project to Las Vegas ShowThe Curated Designer Project has expanded to highlight eight independent jewelry designers during CBG’s Las Vegas show.
