Watches of Switzerland Group has acquired Roberto Coin Inc. for $130 million
LONDON: On 8 May 2024, the Watches of Switzerland Group (WOSG) signed and completed the acquisition of the entire share capital of Roberto Coin Inc., an associate company of Roberto Coin S.p.A. from Roberto Coin S.p.A., Pilar Coin and Peter Webster, Co-Founder and President of Roberto Coin Inc., for a total consideration of $130 million.
Roberto Coin S.p.A., founded in the Italian city of Vicenza, designs and manufactures delicately handcrafted jewellery with a unique ruby signature under the world-renowned Roberto Coin brand. Roberto Coin is the sixth largest jewellery brand in the US by sales at retail value.
Roberto Coin Inc. has exclusive perpetual rights to import and distribute Roberto Coin jewellery throughout the US, Canada, Caribbean and Central America.
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
Luxury branded jewellery is a core pillar of the Group’s growth strategy; the trend within the global luxury jewellery market is towards branded jewellery which made up 27% of the market in 2024, up from 17% in 2019.
The acquisition builds on the Watches of Switzerland 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 US, the world’s largest luxury jewellery market on a per capita basis3
The acquisition completed for a total cash consideration of $130 million (of which $10 million is deferred for one year and contingent on the future profitability of the acquired business), subject to working capital adjustments.
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.
The acquisition was financed via a new $115 million term loan facility.
Roberto Coin Inc. will continue to operate as an independent, standalone company within the Watches of Switzerland Group. The Coin family will retain a seat on the Board of Directors of Roberto Coin Inc. and Peter Webster will remain as President of Roberto Coin Inc., supported by the exceptional, experienced and dedicated team he has built over nearly 30 years.
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.”
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