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.
Editors' Picks
Sponsored by
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
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Weekly QuizApr 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
SourcingApr 09, 2026
AGA To Honor ‘Quiet Leadership’ With New AwardThe Alan Hodgkinson Medal recognizes gemologists who are consistently generous with their time and expertise.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
WatchesApr 09, 2026
Oris Names New CEO, CFOThe Swiss watchmaker is changing up its executive leadership team as part of a restructuring.
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
SourcingApr 08, 2026
Sale of 42-Carat Blue Diamond Gives Petra a Boost in Q3The big diamond’s sale added to the company’s revenue though the market remains “challenging” overall, particularly for smaller goods.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
