Diamond jewellery retailer Signet Jewelers has closed its $328m acquisition of R2Net, which owns online jewellery retailer JamesAllen.com and Segoma Imaging Technologies.
Through the acquisition, Signet intends to execute omnichannel strategy and add an online retail brand to its portfolio.
The combination is expected to benefit from Signet’s retail platforms, and R2Net’s innovation capabilities and digital technology.
Signet Jewelers CEO Virginia Drosos said: “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 organisation.
“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 jewellery sector by digitising how we engage, communicate and serve consumers whenever and wherever they desire."
Through the implementation of R2Net’s technology across its physical and online retail platforms, Signet expects to create opportunities for growth and value creation.
R2Net is expected to contribute between $80m and $90m in revenue to Signet in fiscal 2018.
Signet operates 3,600 stores under various brands such as Kay Jewelers, Zales, H.Samuel, Ernest Jones, and Piercing Pagoda.