Watches of Switzerland makes $177 million acquisition
by Tamanna Bhasin | June 3, 2024 10:51 am
British retailer Watches of Switzerland Group recently announced its acquisition of the U.S. division of Italian jewellery brand Roberto Coin Inc. For a hefty sum of US$130 million (approximately C$177 million), Watches of Switzerland gains exclusive distribution rights to Roberto Coin jewellery across the United States, Canada, the Caribbean, and Central America.
As per National Jeweler[1], the deal’s announcement cites Roberto Coin Inc. as the sixth-largest jewellery brand in the United States by sales, boasting an annual revenue of US$146.2 million (C$199.1 million) and pre-tax profits of US$30.1 million (C$41 million) during the 2022 fiscal year.
Watches of Switzerland Group CEO Brian Duffy says, “We have partnered with Roberto Coin for over a decade in the U.S., retailing its elegant jewelry in a number of our Mayors’ showrooms. It is a hugely popular, growing brand, occupying a strong position in the market, underpinned by product quality, design creativity, and imagination.”
- National Jeweler: https://nationaljeweler.com/articles/12898-watches-of-switzerland-pays-130m-for-roberto-coin-inc
Source URL: https://www.jewellerybusiness.com/news/watches-of-switzerland-makes-177-million-acquisition/