Birks Group has sold its corporate sales division to Montreal-based firm Rideau for an estimated $4.3 million.
According to Jean-Christophe Bédos, president and CEO of Birks Group, the sale “is part of our long-term corporate strategy to focus our efforts and resources on our core objectives to develop and grow the Birks product and retail brands. We will reinvest the funds to continue to strengthen our retail distribution.”
Rideau, which focuses on recognition programs, will be taking over division’s existing inventory and will go on to service its clients. The venture will also entail Rideau being supplied with Birks-branded jewellery and watches while Birks will receive royalties from Rideau related to the Birks business brand and any future sales of its products.
The acquisition will “combine the power of the Birks brand with the strength of Rideau’s technology, distribution capabilities, and leadership in the recognition market,” said Rideau CEO Peter W. Hart in a statement. CJ
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