MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement PlansHe retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.
FinancialsAug 24, 2017
Signet to Acquire JamesAllen.com Owner for $328M
The jeweler said it will operate JamesAllen.com as an independent division while also adding parent company R2Net’s technology to its own stores’ websites.
A screenshot from JamesAllen.com, which allows users to build their own engagement rings on its website.
New York--Signet Jewelers Ltd. has acquired R2Net, the owner of online retailer JamesAllen.com, for $328 million in cash, the retailer announced Thursday morning.
The acquisition allows Signet to add what new CEO Gina Drosos described as a “very strong, fast-growing e-commerce brand” to its portfolio and gives the retailer control of R2Net’s technology arm, Segoma Imaging Technologies, which Drosos said will enable it to “deliver a new-generation digital shopping strategy for jewelry.”
These technologies 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.
Signet will be bringing the JamesAllen.com executive team on board, including co-founder and CEO Oded Edelman, who will become Signet’s chief digital innovation adviser, reporting directly to Drosos.
Drosos said for now, the plan is to operate JamesAllen.com as an independent division of Signet, while also applying R2Net’s technologies to their stores’ websites and using it in stores. Over time, the retailer will look at whether a showroom-type concept makes sense for JamesAllen.com.
Signet took out a short-term loan to pay for the acquisition, which it will repay with proceeds from the sale of its prime-only credit accounts under its credit outsourcing program.
The transaction is expected to close in the third quarter and is subject to customary closing conditions and regulatory approval.
The announcement came as Signet released its results for the second quarter ended July 29, the first call it has held since Mark Light stepped down and Drosos became CEO at the end of July.
Same-store sales were up 1 percent, driven by e-commerce platform improvements--online sales were up 18 percent in the quarter--Mother’s Day, which is typically split between Q1 and Q2 but fell squarely in Q2 this year, and a July bridal event.
This included a 7 percent increase in same-store sales at Piercing Pagoda and 3 percent at Kay Jewelers. Comps were essentially flat for both Jared the Galleria of Jewelry and Zales in the quarter.
Signet’s total sales were $1.40 billion, a 2 percent year-over-year increase.
Operating income was $135.6 million, or 9.7 percent of sales, compared with $119.9 million, or 8.7 percent of sales, in the prior-year period.
So far this year, Signet has closed 98 stores, mostly regional brands and underperforming mall stores, and opened 53, for a net loss of 45 stores.
On
Thursday morning’s call, the company also provided an update on the outsourcing of its credit portfolio.
Signet said that part one of the plan, the sale of $1 billion of prime-only credit accounts, is on track for completion in October. The retailer also said that its lease-purchase program has been rolled out ahead of schedule.
Signet said that part one of the plan, the sale of $1 billion of prime-only credit accounts, is on track for completion in October. The retailer also said that its lease-purchase program has been rolled out ahead of schedule.
More on Financials
The Latest
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
