Watches of Switzerland boosts luxury portfolio with acquisition of Roberto Coin
Watches of Switzerland Group has acquired luxury jewellery brand Roberto Coin for $130 million.
Founded in the Italian city of Vicenza, the company designs and manufactures delicately handcrafted jewellery under the Roberto Coin brand.
Selling to major department stores, jewellery chains, and independent jewellers in more than 400 points of sale, it is the sixth largest jewellery brand in the US by sales at retail value.
The company’s US subsidiary has exclusive rights to import and distribute Roberto Coin jewellery throughout the US, Canada, the Caribbean and Central America.
The acquisition builds on Watches of Switzerland Group’s decade-long partnership with Roberto Coin. The brand’s products are currently available in 16 Watches of Switzerland Group showrooms in the US.
Roberto Coin posted an annual revenue of $146.2 million and a pre-tax profit of $30.1 million in the year to 31 December 2022. Preliminary and unaudited revenue for 2023 was $138.7 million while pre-tax profit was $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.”
Roberto Coin will continue to operate as an independent, standalone company within the Watches of Switzerland Group following the acquisition. Furthermore, the Coin family will retain a seat on the board of directors of Roberto Coin Inc while Peter Webster will remain as president.
Roberto Coin, founder and chief executive of Roberto Coin, said: “Today’s announcement marks a significant step change in the development of Roberto Coin Inc.
“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 benefiting from their wealth of luxury retail and digital experience to unleash the growth potential of the Roberto Coin brand across our chosen markets.”
