Watches of Switzerland has snapped up Italian jewellery brand Roberto Coin in a deal worth 130 million US dollars (£104 million).
Shares in the London-listed retail group lifted after it confirmed the deal, which comes amid a strategy to grow the luxury branded jewellery operation.
The group, which also owns the Goldsmiths and Mayors jewellery chains, said it will “leverage its operational and retailing expertise” to drive growth at the acquired business.
Watches of Switzerland will finance the deal with a new 115 million dollar (£92.2 million) loan facility.
Roberto Coin was founded in Vicenza, Italy, in 1996 and is now the sixth largest jewellery brand by sales in the US.
It reported annual revenue of 146.2 million dollars (£117.2 million) and a pre-tax profit of 30.1 million dollars (£24.1 million) in 2022.
Brian Duffy, chief executive of Watches of Switzerland, said: “We have partnered with Roberto Coin for over a decade in the US, retailing its elegant jewellery in a number of our Mayors showrooms.
“We believe there is significant opportunity to leverage our proven retail expertise in luxury branded jewellery.
“Today’s strategically and financially attractive acquisition is indicative of our ambition and the momentum we are building in this exciting category.
“It will allow us to take one of the fastest growing jewellery brands in the US and use our retail and operational expertise to accelerate growth and further elevate the Roberto Coin proposition in North and Central America.”
Roberto Coin, founder and chief executive of the eponymous brand, said: “Roberto Coin is synonymous with design creativity, diversity, innovation and imagination.
“We are delighted to have partnered with the Watches of Switzerland Group, who have a real understanding and appreciation of our unique, world-class brand and products, and can accelerate our retail strategy in North and Central America.
“We look forward to benefiting from their wealth of luxury retail and digital experience to unleash the growth potential of the Roberto Coin brand across our chosen markets.”