Watches of Switzerland Group to buy Roberto Coin’s US ops
Italian jewellers are clearly in fashion. Just a day after Richemont announced itâs buying Vhernier, UK-based Watches of Switzerland Group had its own big news â itâs buying Roberto Coin Inc (the American arm of the Italian brand) for $130 million.
It said itâs a âsignificant milestone in the group’s luxury branded jewellery strategyâ. The deal was completed this week.Â
The ultimate brand owner, Roberto Coin S.p.A., was founded in the Italian city of Vicenza, and designs and manufactures handcrafted jewellery with a ruby signature under the Roberto Coin brand. Its American arm is the sixth-largest jewellery brand in the US by retail value.
And that unit has exclusive perpetual rights to import and distribute the brandâs jewellery throughout the US, Canada, Caribbean and Central America.
The acquired company will continue to operate as an independent, standalone business within WOSG, while the Coin family will retain a seat on the unit’s board and Peter Webster will remain as President of Roberto Coin Inc.
Thereâs a clear commercial impetus behind the deal. WOSG said that the US precious jewellery market is âby far the world’s largest, 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, Bulgari and David Yurmanâ.
The brand sells to major department stores, jewellery chains, and independent jewellers via more than 400 points of sale
This acquisition builds on WOSGâs âsuccessful partnershipâ with Roberto Coin, which spans over a decade with the brand available in 16 WOSG showrooms in the US.
Itâs an interesting purchase given that watches, rather than jewellery, make up the biggest chunk of WOSGâs sales.
But WOSG said that luxury branded jewellery is a âcore pillarâ of its growth strategy and âthe trend within the global luxury jewellery market is towards branded jewellery which made up 27% of the market in 2024, up from 17% in 2019â.
Weâre told the acquisition âbuilds on the group’s proven capabilities in showcasing luxury brands across both watches and jewellery and will significantly enhance our strategic positioning in the luxury branded jewellery category in the USâ.
The company said it will be able to âleverage its operational and retailing expertise to drive incremental growth in the Roberto Coin Inc business, both across wholesale distribution and well as direct to consumer (DTC)â in WOSGâs retail boutiques and online.
It expects margin gains through securing product direct from Roberto Coin S.p.A. and plans to grow the high-end Roberto Coin Collection. And it sees expansion opportunities in wholesale and aims to grow that part of the business, expanding the specific US wholesale network with independent retailers but also growing the export market outside of the US.
As mentioned, that will all happen under the continued leadership of Peter Webster, whoâll be reporting to David Hurley, WOSGâs President North America and Deputy CEO.
WOSG’s own boutiques will also be key and it will increase the number of points-of-sale within the showroom portfolio while opening new monobrand boutiques and franchise stores.
And as well as investing in marketing, including digital, to drive brand awareness, it wants to develop the online proposition.
As for that purchase price, WOSG said $10 million of it is deferred for a year and contingent on the future profitability of the acquired business.
Roberto Coin Inc achieved annual revenue of $146.2 million and pre-tax profit of $30.1 million for the audited financial year ended 31 December 2022. Gross assets at that date were $87.9 million. 2023 preliminary and unaudited revenue was $138.7 million and profit before taxation $30.2 million.Â
WOSG CEO Brian Duffey said of all this: âWe 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.
âWe believe there is 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.
âToday’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.â
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