Signet Jewelers announced that it has agreed to acquire R2Net for $328m (£256m) in an all-cash transaction.
R2Net is the owner of online jewellery retailer JamesAllen.com, as well as Segoma Imaging Technologies, who provides R2Net machines to enable delivery of next-generation digital shopping experience for jewellery.
The acquisition will bring together Signet’s jewellery retail business with R2Net’s innovation capabilities and digital technology to create an enhanced customer shopping experience.
It also aims to accelerate Signet’s execution of its Customer-First OmniChannel strategy while adding a millennial online retail brand to Signet’s portfolio.
Following the acquisition, R2Net brands will largely operate as an independent division of Signet and its current leadership team will remain intact. In addition to his role as president of JamesAllen.com, Edelman will become chief digital innovation advisor of Signet.
Victoria Drosos, CEO of Signet, said: “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.”
Edelman, co-founder and chief executive officer of R2Net, added: “We founded JamesAllen.com with a mission to offer beautiful rings, simplicity, selection, pricing
transparency and overall value to consumers online.”
“By joining forces with Signet, we believe we will be able to accelerate the growth of JamesAllen.com and our adjacent R2Net businesses while continuing to build on our unique culture and technology.”