Signet Jewelers Ltd will acquire online retailer Blue Nile, Inc to bolster its leadership in the bridal jewellery category and further expand its digital footprint. The deal will involve an all-cash transaction of US$360 million. 

According to Signet, this strategic acquisition will also help grow its accessible luxury portfolio, which currently includes Jared, James Allen and Diamonds Direct. Blue Nile also brings with it a younger, more affluent and ethnically diverse customer demographic that could broaden Signet’s customer reach. 

“Blue Nile is a pioneer and innovator in online engagement rings and fine jewellery,” said Signet CEO Virginia C. Drosos. “Adding Blue Nile to our strong and diversified portfolio of banners will further drive our Inspiring Brilliance growth strategy – expanding customer choice, building new capabilities and achieving meaningful operating synergies that will increase value for both our consumers and shareholders.”

The sale is expected to close in the third quarter of fiscal year 2023.

Signet meanwhile is updating its fiscal 2023 revenue guidance to US$7.6 billion to US$7.7 billion from US$8.03 billion to US$8.25 billion, citing high inflation and other economic uncertainties that are impacting consumer spending.