Leicester-based Watches of Switzerland Group (WOSG) has acquired handcrafted jewellery firm Roberto Coin Inc., an associate company of Roberto Coin S.p.A., in a $130m deal.
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.
Roberto Coin Inc. will continue to operate as an independent, standalone company within the Watches of Switzerland Group. Peter Webster will remain President of Roberto Coin Inc., reporting to David Hurley, President North America and Deputy CEO of the Watches of Switzerland Group. The Coin family will retain a seat on the Board of Directors of Roberto Coin Inc.
Roberto Coin Inc. achieved annual revenue of $146.2 million and profit before taxation 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.
Brian Duffy, Chief Executive Officer of the Watches of Switzerland Group, said: “We 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, underpinned by product quality, design creativity and imagination.
“We 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.
“Today’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.
“It has been a great pleasure getting to know Roberto and Peter over the last 18 months while we have been discussing this exciting opportunity. We are enormously appreciative of the trust Roberto, his family and Peter Webster have placed in us for this important next stage of the brand’s development. We are delighted to welcome Roberto Coin Inc. colleagues into the Group and look forward to working closely with Roberto and Peter going forwards.”
Roberto Coin, Founder and CEO of Roberto Coin, said: “Today’s announcement marks a significant step change in the development of Roberto Coin Inc.
“Roberto Coin is synonymous with design creativity, diversity, innovation and imagination. We are delighted to have partnered with the Watches of Switzerland Group, who have a real understanding and appreciation of our unique, world-class brand and products, and can accelerate our retail strategy in North and Central America.
“We look forward to benefitting from their wealth of luxury retail and digital experience to unleash the growth potential of the Roberto Coin brand across our chosen markets.”
