The largest diamond jeweler in the world has just announced plans to buy Charlotte-based Diamonds Direct for $490 million in cash.
According to a press release from the company, Signet Jewelers Limited plans to increase Diamonds Direct profits “by leveraging scale in purchasing, targeted marketing, Connected Commerce and jewelry services“.
“The accretive addition of Diamonds Direct to our portfolio will further drive shareholder value with its distinct bridal-focused shopping experience and add a new entry point as we build lifetime customer relationships and strive to reach our $9 billion revenue goal over time,” said Signet CEO, Virginia C. Drosos. “The Signet team continues to deliver strong business performance as part of our Inspiring Brilliance growth strategy. We are executing on our strategic priorities and investing in our business, while also returning cash to shareholders through our previously announced reinstated dividend and share buy-back program.”
Diamonds Direct started as a small jewelry store in SouthPark in 1995 and has since grown to 22 locations across 13 states. They still operate their flagship store in their original SouthPark location at 4521 Sharon Rd.
What do you think about the merger?