Watches of Switzerland acquires Roberto Coin

Watches of Switzerland Group has signed and completed the acquisition of the entire share capital of Roberto Coin Inc. for a total cash consideration of $130m (£104.2m) Roberto Coin S.p.A., founded in the Italian city of Vicenza, designs and manufactures delicately handcrafted jewellery with a unique ruby signature under the Roberto Coin brand. The jewellery brand has exclusive perpetual rights to import and distribute Roberto Coin jewellery throughout the US, Canada, Caribbean and Central America and sells to major department stores, jewellery chains, and independent jewellers in more than 400 points of sale According to Watches of Switzerland, the acquisition builds on Roberto Coin’s “proven capabilities in showcasing luxury brands across both watches and jewellery and will significantly enhance its strategic positioning in the luxury branded jewellery category in the US, the world's largest luxury jewellery market on a per capita basis”. The group will also leverage its operational and retailing expertise to drive incremental growth in the Roberto Coin Inc. business, both across Roberto Coin Inc.'s wholesale distribution and direct to consumer ('DTC') in the group's retail boutiques and online.. Roberto Coin Inc. reported an annual revenue of $146.2m (£117m) and profit before taxation of $30.1m (£24.5m) for the audited financial year ended 31 December 2022. 2023 preliminary and unaudited revenue was $138.7m (£111.2m) and profit before taxation $30.2m (£24.2m). Roberto Coin Inc. will continue to operate as an independent, standalone company within the Watches of Switzerland Group. The Coin family will retain a seat on the board of directors of Roberto Coin Inc. and Peter Webster will remain as president of Roberto Coin Inc. Brian Duffy, chief executive officer of the Watches of Switzerland Group, said: "We have partnered with Roberto Coin for over a decade in the US, retailing its elegant jewellery in a number of our Mayors' showrooms. It is a hugely popular, growing brand, occupying a strong position in the market, underpinned by product quality, design creativity and imagination. "We believe there is a significant opportunity to leverage our proven retail expertise in luxury branded jewellery. 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. We are committed to our new wholesale partners and excited to work with them and help them grow with Roberto Coin.” Duffy added: "Today's strategically and financially attractive acquisition is indicative of our ambition and the momentum we are building in this exciting category. It will allow us to take one of the fastest growing jewellery brands in the US and use our retail and operational expertise to accelerate growth and further elevate the Roberto Coin proposition in North and Central America…” Roberto Coin, founder and CEO of Roberto Coin, concluded: "Today's announcement marks a significant step change in the development of Roberto Coin Inc. Roberto Coin is synonymous with design creativity, diversity, innovation and imagination. 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. "We look forward to benefiting from their wealth of luxury retail and digital experience to unleash the growth potential of the Roberto Coin brand across our chosen markets."