Signet Entering Jewelry Outlet Arena with Cash Purchase of Ultra Stores

(IDEX Online News) – Signet Jewelers is to acquire outlet jewelry retailer Ultra Stores for approximately $57 million in cash. The purchase gives Signet a quick entry into the growing jewelry outlet channel.

Founded in 1991, Ultra Stores is a leading jewelry retailer operating primarily in outlet centers, as well as licensed jewelry departments.

Signet, the largest specialty retail jeweler in the U.S. and UK, is acquiring Ultra Stores from Crystal Financial and its other stockholders. Signet said it will not assume any debt in connection with the acquisition.

“The addition of Ultra will immediately result in our having a significant share of the outlet channel for jewelry,” said Signet CEO Michael W. Barnes. 

“We had identified this rapidly growing channel as an opportunity to profitably increase our sales, enabling us to leverage our competitive strengths and add Ultra’s expertise to our team.”

Ultra Stores’ President and CEO Daniel Marks added, “We look forward to joining Signet and combining our expertise in the jewelry outlet channel with the market leader in the specialty retail jewelry segment.”