A Strategic Move to Enhance Global Presence in the Luxury Jewellery Market
In a significant move that is set to reshape the landscape of the luxury jewellery market in North America, Watches of Switzerland Group has announced its acquisition of the U.S. arm of the Italian jewellery brand, Roberto Coin, for a substantial $130 million. This acquisition not only strengthens Watches of Switzerland’s portfolio but also secures exclusive distribution rights for Roberto Coin jewellery in the United States, Canada, the Caribbean, and Central America.
Roberto Coin
Founded by the visionary designer Roberto Coin, the brand is celebrated for its exquisite craftsmanship, innovative designs, and the enchanting use of precious gems. According to the latest figures, Roberto Coin Inc. ranks as the sixth-largest jewellery brand in the U.S. by sales, boasting an annual revenue of $146.2 million and a profit before taxes of $30.1 million for the fiscal year that concluded on December 31, 2022.
The relationship between Watches of Switzerland and Roberto Coin is not new; it spans over a decade of collaboration in the U.S., where Watches of Switzerland has featured Roberto Coin’s luxurious creations in many of its Mayors’ showrooms. Brian Duffy, the CEO of Watches of Switzerland Group, expressed his enthusiasm about the acquisition: “It is a hugely popular, growing brand, occupying a strong position in the market, underpinned by product quality, design creativity, and imagination.”
More Than Just a Sale
Peter Webster, a pivotal figure who has managed Roberto Coin’s U.S. operations for decades, will continue as president of Roberto Coin Inc. He will be supported by his existing team and will report to David Hurley, Watches of Switzerland’s president for North America and deputy CEO. In a gesture that underscores the importance of continuity and respect for brand legacy, the Coin family will retain a seat on the Roberto Coin Inc. board of directors.
A Win-Win for All
Reflecting on the acquisition, Roberto Coin himself remarked on the significant development this represents for the brand. “We are delighted to have partnered with the Watches of Switzerland Group, which has a real understanding and appreciation of our unique, world-class brand and products, and can accelerate our retail strategy in North and Central America,” he said.
The transaction, completed entirely in cash with $10 million deferred for one year contingent on future profitability, was financed through a new $115 million term loan facility. Despite this change, Roberto Coin Inc. will operate as an independent, standalone entity within the Watches of Switzerland Group, ensuring that its unique brand identity and operational autonomy are preserved.
As Watches of Switzerland and Roberto Coin embark on this new chapter together, the synergy between the two brands is expected to foster greater innovation, expand market reach, and solidify their positions as leaders in the global luxury jewellery market. This acquisition not only highlights the growing importance of jewellery brands within broader retail strategies but also sets the stage for exciting developments in the luxury sector where heritage and modernity meet.
