Watches of Switzerland has acquired distribution rights for jewellery brand Roberto Coin in the US.
Following a $USD130 million ($AUD196.42 million) deal, the group has announced plans to expand the Italian jewellery brand’s wholesale business to independent retailers.
In a statement, Watches of Switzerland said it would explore the international market and increase the number of its own stores carrying the brand — currently 16. Additionally, it plans to open brand-only stores.
Roberto Coin will operate as a standalone company within the Watches of Switzerland Group. The Coin family will retain a seat on the board of directors, and co-founder Peter Webster will remain president of the brand.
Roberto Coin is sold through 400 points of sale in the US. Brian Duffy, CEO of Watches of Switzerland, said it was an exciting opportunity.
“It is a hugely popular, growing brand, occupying a strong position in the market,” he said.
“We believe there is a significant opportunity to leverage our proven retail expertise in luxury branded jewellery.
He added: “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.”
In the statement, Roberto Coin was listed as the sixth largest jewellery brand in the US – trailing only Tiffany & Co., Cartier, David Yurman, Van Cleef & Arpels, and Bulgari.
The statement noted that preliminary financial results indicate the brand’s revenue of $USD138.7 million ($AUD209.57 million) in the past year.
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