The acquisition will bring together Signet’s jewelry retail business with R2Net’s world-class innovation capabilities and digital technology to create an enhanced customer shopping experience and accelerate Signet’s execution of its Customer-First OmniChannel strategy while adding a fast-growing millennial online retail brand to Signet’s portfolio.
“Together, we will redefine the jewelry shopping experience and further accelerate our Customer-First OmniChannel strategy.” said Virginia C. Drosos, Chief Executive Officer of Signet.
The transaction is currently expected to close in the third quarter of fiscal 2018 subject to customary closing conditions and regulatory approval and will be financed with a term loan provided by JPMorgan Chase Bank, N.A., which is expected to be repaid in full by the end of fiscal 2018.
Following the acquisition, R2Net brands will largely operate as an independent division of Signet and its current leadership team will remain intact.
Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels