Watches of Switzerland Buys Roberto Coin for $130m
May 08, 24
(IDEX Online) - The British retailer Watches of Switzerland Group (WoS) today (9 May) announced it had bought the Italian jewelry brand Roberto Coin Inc for $130m.
The move will give it exclusive and perpetual rights to distribute Roberto Coin jewelry in North and Central America, and the Caribbean.
Roberto Coin, founded in 1996 and now the sixth largest jewelry brand in the US, reported a revenue of $146.2m and a pre-tax profit of $30.1m in 2022.
Brian Duffy, CEO at WoS, described the acquisition as a "significant milestone" that would accelerate its growth in the luxury branded jewelry category.
"We have partnered with Roberto Coin for over a decade in the US, retailing its elegant jewellery in a number of our Mayors' showrooms," he said. "It is a hugely popular, growing brand, occupying a strong position in the market, underpinned by product quality, design creativity and imagination."
Roberto Coin, founder and CEO of Roberto Coin, said: "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."
Pic courtesy Roberto Coin.