Signet, The World'S Largest Jewellery Retailer, Buys Online Jewelry Retailer Owner R2net

The world's largest diamond

Signet Jewelers Limited announced the cash acquisition of R2Net, owner of JamesAllen.com, an online jewelry retailer at a price of 328 million US dollars.

R2Net is also the owner of Segoma Imaging Technologies, which helps R2Net deliver products and enhance shopping experience.

This acquisition can bring Signet jewelry.

Combined with R2Net's innovation capability and digital technology, it promotes customer shopping experience and helps Signet implement Customer-First OmniChannel strategy better. Meanwhile, it brings R2Net's fast-growing online retail brand to its own investment group.

Signet is the largest diamond jewellery retailer in the world. The total number of stores is 3600, and its main brands are Kay Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest, Jared, and so on.

Signet CEO Virginia C. Drosos and R2Net co founder and chief executive Edelman said both sides' cooperation will help enhance Signet's competitiveness in online channels.

The deal is expected to be completed in the third quarter of fiscal year 2018, and it is still subject to regulatory approval. J.P. Morgan will provide regular loans for the paction (before the end of fiscal 2018).

Siget estimates that the paction is expected to be rewarded in the first fiscal year after completion.

After the end of the paction, R2Net will remain independent and the current management team will remain unchanged.

In addition to being president of JamesAllen.com, Mr. Edelman will be the chief digital innovation consultant of Signet, reporting directly to Drosos, mainly responsible for promoting the digital innovation strategy of Signet.

Edelman has already reached an agreement with the founder of R2Net, who will invest part of the proceeds of the paction in Signet's shares after the paction is completed.

J.P. Morgan Securities LLC acted as the financial advisor of Signet in this paction, Weil, Gotshal&Manges LLP served as legal adviser, Meitar Liquornik Geva Liquornik as legal adviser to the company.

About R2Net

R2Net was founded in 2006 and was co founded by Oded Edelman, James Schultz, Michele Sigler and Dean Lederman.

The company is headquartered in New York, the technology innovation center is located in Israel, and the customer service center is located in Frederic, Maryland.

R2Net's patented technology includes 360 degree Diamond Display Technology, Virtual Ring Sizer and Ring Try-On mobile applications.

R2Net operates a strong e-business and supply chain platform that connects the entire ecosystem of the diamond industry, including manufacturers, retailers and consumers.

Owns and operates four different brands: JamesAllen.com, Segoma, D-Market (Diamond Market) and Brio Animation Studio.

Depending on their patented technology, R2Net can display highly magnified 360 degree HD diamond images on D-Market and JamesAllen.com platforms. Retailers, manufacturers and consumers can trade through digital channels, saving a lot of time and cost compared with traditional physical retail methods.

JamesAllen.com is one of the fastest growing jewellery diamond online retailers, and sales have increased more than 2.5 times over the past two years.

JamesAllen.com consumers can directly purchase the designated diamond, then design or customize all kinds of jewelry.

Consumers can use the company's proprietary diamond display technology to view the 15 of more than 10000 different, certified diamonds and hundreds of ring types on each website (the picture is 360 degree panorama, and can be magnified 40 times).

Almost all of JamesAllen.com's businesses operate on the Internet. There are only display shops in New York.

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