Signet Jewelers Forecasts R2Net To Add $80M-$90M In Fiscal 2018
Signet Jewelers Limited has finalized its acquisition of R2Net, which owns 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 believes that in Fiscal 2018, R2Net will contribute approximately $80 million to $90 million to revenue and 1.3% to 1.4% to same store sales.
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.