Signet Jewelers, one of the world's largest fine jewelry retailers, has signed an agreement to acquire online fine jewelry retailer, Blue Nile, Inc., for $360 million in an all-cash transaction.
“By joining Signet, we will extend our premium brand and fine jewelry offering to millions of new customers while bringing new capabilities to our leading e-commerce business that will drive additional growth opportunities for Blue Nile,” added Sean Kell, CEO of Blue Nile.
The company was created during the infancy of the Internet with the premise that choosing an engagement ring can be a simple process and can be done online. Education and disclosure helped consumers make informed decisions when choosing a diamond engagement ring. Within 10 years it became one of the largest diamond and diamond engagement ring retailers in the U.S. and one of the early high-growth eCommerce darlings.
The company’s new Fiscal 2023 estimates are total revenues of approximately $7.60 billion to $7.70 billion and non-GAAP operating income to be in the range of $787 million to $828 million. This compares with prior fiscal 2023 guidance for total revenue of $8.03 to $8.25 billion and non-GAAP operating income of $921 to $974 million. This revised Fiscal Year 2023 outlook does not include the pending Blue Nile acquisition.