Watches of Switzerland in £104m swoop for jewellery business
Watches of Switzerland, the Leicester-based retailer which runs the Goldsmiths chain, has made a £104.1m acquisition of an Italian handcrafted jewellery business.
Roberto Coin is the sixth largest jewellery brand in the US and turned over £117m in 2022 – along with a profit of £24.1m. The firm’s US subsidiary has exclusive rights to import and distribute Roberto Coin jewellery throughout the US, Canada, Caribbean and Central America.
Roberto Coin has worked with Watches of Switzerland for over a decade and has a presence in 16 of the companies showrooms in the US.
Brian Duffy, chief executive officer of the Watches of Switzerland Group, said: “[Roberto Coin] is a hugely-popular, growing brand, occupying a strong position in the market, underpinned by product quality, design creativity and imagination.
“We believe there is significant opportunity to leverage our proven retail expertise in luxury branded jewellery. The luxury branded jewellery category has consistently outperformed the wider jewellery sector, and we see further strategic and operational opportunities for the business within the broader Group. We are committed to our new wholesale partners and excited to work with them and help them grow with Roberto Coin.
“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 CEO of Roberto Coin, said: “Today’s announcement marks a significant step change in the development of Roberto Coin Inc.
“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 benefitting from their wealth of luxury retail and digital experience to unleash the growth potential of the Roberto Coin brand across our chosen markets.”
Peter Webster, will remain president of Roberto Coin in the US, reporting to David Hurley, president North America and deputy CEO of the Watches of Switzerland Group.
