Business
Acquisition of Roberto Coin Inc.
Acquisition of Roberto Coin Inc..
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n\n9 May 2024\nFOR IMMEDIATE RELEASE\n \n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n\n \nThe Watches of Switzerland Group PLC\nAcquisition of Roberto Coin Inc. for a total consideration of $130 million\n \nTransaction represents significant milestone in the Watches of Switzerland Group's luxury branded jewellery strategy\n \nOn 8 May 2024, the Watches of Switzerland Group ('WOSG' or the 'Group') signed and completed the acquisition of the entire share capital of Roberto Coin Inc., an associate company of Roberto Coin S.p.A. from Roberto Coin S.p.A., Pilar Coin and Peter Webster, Co-Founder and President of Roberto Coin Inc., for a total consideration of $130 million (the 'Acquisition').\n \n \nBackground on Roberto Coin and Roberto Coin Inc.\n \n· 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 world-renowned Roberto Coin brand\n· Roberto Coin is the sixth largest jewellery brand in the US by sales at retail value1\n· Roberto Coin Inc. has exclusive perpetual rights to import and distribute Roberto Coin jewellery throughout the US, Canada, Caribbean and Central America\n· The US precious jewellery market is by far the world's largest jewellery market, and the Roberto Coin brand has developed a strong position in it, competing successfully with other top 10 industry leading brands such as Cartier, Tiffany, Van Cleef & Arpels, Bvlgari and David Yurman1\n· Roberto Coin Inc. sells to major department stores, jewellery chains, and independent jewellers in more than 400 points of sale\n· The Acquisition builds on the Group's successful partnership with Roberto Coin, which spans over a decade; Roberto Coin is currently available in 16 WOSG showrooms in the US\n \n \nStrategic rationale\n \n· 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 20192\n· The Acquisi...