Signet Jewelers: R2Net To Bring $80M-$90M Added Value In Fiscal 2018September 14, 17
(IDEX Online) – Signet Jewelers Limited has completed its acquisition of R2Net, the owner of online jewelry retailer JamesAllen.com and Segoma Imaging Technologies.
“We are pleased with the rapid completion of the R2Net acquisition, which supports our focus on enhancing OmniChannel consumer experience and building a culture of innovation and agility across our organization,” said Virginia C. Drosos, Chief Executive Officer of Signet. “This strategic acquisition will allow us to accelerate digital innovation and create an engaging and exciting shopping experience, seamlessly integrated across Signet’s physical and online retail platforms. Together with the R2Net team, we believe we can lead transformation in the jewelry sector by digitizing how we engage, communicate and serve consumers whenever and wherever they desire.”
Signet sees significant growth and value creation opportunities from the implementation of R2Net’s technology across its physical and online retail platforms. The implementation of select technologies will be designed to ensure no disruption during the Holiday season. The transaction is anticipated to be accretive to Signet’s earnings per share in the first full year of operations.
In Fiscal 2018, R2Net is expected to contribute approximately $80 million to $90 million to revenue and 130 to 140 basis points to same store sales, the jeweler said.
R2Net brands will largely operate as an independent division of Signet under the leadership of Oded Edelman. In addition to this role, Edelman will become Chief Digital Innovation Advisor of Signet, reporting directly to Drosos and assuming responsibility for driving Signet’s digital innovation strategy.