Signet Jewelers, the world’s largest retailer of diamond jewelry and owner of retailers Kay Jewelers, Zales, Jared, H.Samuel, Ernest Jones, Peoples and Piercing Pagoda, among others, has finalized its acquisition of Diamonds Direct USA Inc. for $490 million1 in cash.
Diamonds Direct operates 22 locations with mature stores (defined as having opened in 2018 or earlier) having a median annualized revenue of approximately $18.5 million over the last twelve months.
“Today we officially welcome Diamonds Direct to the Signet team. This immediately accretive acquisition accelerates our growth strategy and gives our customers even more choice across our differentiated banners,” said Signet CEO Virginia C. Drosos. “Diamonds Direct strategically expands our market in accessible luxury and bridal, provides access to a new customer base and furthers our opportunity to build lifetime customer relationships. Just as we accelerated our digital transformation using learnings from our acquisition of fast-growing digital pure-play James Allen, we believe we can further drive modern consumer experiences learning from Diamonds Direct’s differentiated model as they have consistently and profitably grown revenues in highly productive store formats. Our intention is to grow Diamonds Direct while driving operating margin expansion over time through operating synergies in purchasing, targeted marketing, Connected Commerce and jewelry services.
