Signet Jewelers Limited, the world’s largest diamond retailer headquartered in Akron, Ohio, announced Thursday that it has agreed to acquire R2Net. The acquisition, worth $328 million, will add a fast-growing online jewelry retail brand to Signet’s portfolio.
James Schultz, Oded Edelman, Deal Lederman and Michele Sigler established R2Net, owner of JamesAllen.com, in 2006. The New-York based company operates a 24/7-customer service center in Frederick, Maryland and technology centers in Israel.
R2Net’s technologies include Virtual Ring Sizer, 360° Diamond Display Technology and Ring Try-On mobile app, all of which enable delivery of next-generation digital shopping experience for jewelry.
“This is a highly strategic acquisition for Signet. The James Allen brand and R2Net’s technologies and innovative approach present a unique opportunity to rapidly enhance our digital capabilities and create a distinctive customer shopping experience which more seamlessly integrates our digital and physical retail platforms,” said Virginia C. Drosos, Chief Executive Officer of Signet. “We look forward to the R2Net team, who have been long-term partners on our Jared Design-A-Ring platform, joining the Signet family. Together, we will redefine the jewelry shopping experience and further accelerate our Customer-First OmniChannel strategy.”
Signet currently operates around 3,600 stores under the brands, Zales, Kay Jewelers, H. Samuel, Jared The Galleria Of Jewelry, Peoples and Piercing Pagoda and Ernest Jones.
The transition, subject to regulatory approval and customary closing conditions, is expected to close in the third quarter of fiscal 2018.