Watches of Switzerland Group has completed the acquisition of Roberto Coin Inc., the U.S. division of the renowned Italian jewelry brand, for a sum of $130 million, as announced by the U.K.-based retailer on Thursday.
With this acquisition, Watches of Switzerland secures exclusive distribution rights for Roberto Coin jewelry across the United States, Canada, the Caribbean, and Central America, bolstering its brand portfolio at a time when jewelry brands hold increasing significance.
Internal research highlighted in the acquisition announcement revealed that Roberto Coin Inc. ranks as the sixth-largest jewelry brand in the U.S. based on sales metrics. Its fiscal year ending December 31, 2022, saw annual revenue amounting to $146.2 million, with pre-tax profits totaling $30.1 million.
CEO of Watches of Switzerland Group, Brian Duffy, expressed enthusiasm about the acquisition, emphasizing Roberto Coin’s popularity, growth trajectory, and strong market position attributed to product quality and design innovation.
Watches of Switzerland Group, which already operates Mayors and Betteridge stores alongside the online watch retailer Analog:Shift, presently features Roberto Coin products in 16 of its U.S. stores.
Expanding on their plans post-acquisition, Watches of Switzerland intends to broaden the presence of Roberto Coin products within its retail network, alongside plans to extend wholesale partnerships and explore export opportunities beyond the U.S. market.
Roberto Coin Inc. boasts a vast network of over 400 points of sale, encompassing independent jewelers, department stores, and jewelry chains. Peter Webster, overseeing Roberto Coin’s U.S. operations for decades, will retain his role as President of Roberto Coin Inc., with continued support from his existing team. Webster will report to David Hurley, Watches of Switzerland’s President for North America and Deputy CEO.
Furthermore, the Coin family will maintain a board seat within Roberto Coin Inc., ensuring continuity and alignment with the brand’s heritage and values.
