Watches of Switzerland buys Roberto Coin Inc for $130m
Watches of Switzerland Group
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17:00 07/11/24
Watches of Switzerland Group said it had bought Roberto Coin Inc for $130m as it looks to expand into the luxury jewellery market.
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An associate company of Italy's Roberto Coin SPA, the company has exclusive perpetual rights to import and distribute the Italian firm's jewellery throughout the US, Canada, Caribbean and Central America.
WOS said $10m of the takeover cash would be deferred for one year, conditional on the future profitability of the acquired business.
"Luxury branded jewellery is a core pillar of the group's growth strategy; the trend within the global luxury jewellery market is towards branded jewellery which made up 27% of the market in 2024, up from 17% in 2019," WOS said.
"The acquisition builds on the group's proven capabilities in showcasing luxury brands across both watches and jewellery and will significantly enhance our strategic positioning in the luxury branded jewellery category in the US, the world's largest luxury jewellery market on a per capita basis."
WOS chief executive Brian Duffy said 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".
Reporting by Frank Prenesti for Sharecast.com