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Signet Completes R2Net Acquisition
It now has access to the company’s digital technology as well as an e-commerce brand attractive to millennials through JamesAllen.com.
A screenshot from JamesAllen.com, which allows users to build their own engagement rings on its website
Hamilton, Bermuda--Signet Jewelers announced Tuesday that it has completed its acquisition of R2Net, the owner of online retailer JamesAllen.com.
It paid $328 million in cash.
The move will bring together Signet’s jewelry retail platforms with R2Net’s digital technology to help execute the former’s customer-first omnichannel strategy while also adding a millennial online retail brand to its portfolio, Signet said.
JamesAllen.com’s sales have grown by 250 percent in the last two years, it noted, as consumers embrace its innovative technologies.
These include a diamond imaging camera, which can create 360-degree HD images with a 40x super-zoom and can be used on any device; 3-D imaging technology that allows shoppers to pair loose diamonds with rings; a ring try-on app; and 24/7 customer service and chat capabilities.
When it first announced the deal last month, Signet said that over time, the retailer will look at whether a showroom-type concept makes sense for JamesAllen.com.
It also said it sees “significant” growth opportunities from the implementation of R2Net’s technologies across its physical and e-commerce platforms. Implementation of select technologies will be designed to ensure there is no disruption during the upcoming holiday season.
R2Net is expected to contribute approximately $80 million to $90 million to company revenue in fiscal 2018.
The company’s brands will operate largely as an independent division of Signet under the leadership of Oded Edelman.
In addition to this role, Edelman also will serve as chief digital innovation advisor of Signet, reporting directly to and assuming responsibility for driving Signet’s digital innovation strategy.
“We are pleased with the rapid completion of the R2Net acquisition, which supports our focus on enhancing omnichannel consumer experience and building a culture of innovation and agility across our organization,” Signet CEO Virginia C. Drosos said.
“This strategic acquisition will allow us to accelerate digital innovation and create an engaging and exciting shopping experience, seamlessly integrated across Signet’s physical and online retail platforms. Together with the R2Net team, we believe we can lead transformation in the jewelry sector by digitizing how we engage, communicate and serve consumers whenever and wherever they desire.”
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