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Hamilton, Bermuda--Signet Jewelers said Tuesday that it has signed an agreement to acquire online jewelry retailer, Blue Nile, Inc., for $360 million in an all-cash transaction. Signet, in a statement, said Blue Nile delivered revenue of more than $500 million in calendar year 2021.

Calling it a “strategic acquisition,” Signet in its statement says that adding Blue Nile to its portfolio “accelerates Signet's efforts to expand its bridal offerings and grow its ‘Accessible Luxury’ portfolio while extending its digital leadership in the jewelry category.” The company adds that Blue Nile has a younger customer base is younger, more affluent, and ethnically diverse which will broaden its customer base. Blue Nile will be “positioned at the top tier of Signet's Accessible Luxury banners along with Jared, James Allen and Diamonds Direct.”

"Blue Nile is a pioneer and innovator in online engagement rings and fine jewelry, providing a unique and highly desirable shopping experience for customers," Virginia C. Drosos, Signet CEO said in the statement. "Adding Blue Nile to our strong and diversified portfolio of banners will further drive our ‘Inspiring Brilliance’ growth strategy - expanding customer choice, building new capabilities, and achieving meaningful operating synergies that will increase value for both our consumers and shareholders."

"By joining Signet, we will extend our premium brand and fine jewelry offering to millions of new customers while bringing new capabilities to our leading e-commerce business that will drive additional growth opportunities for Blue Nile," added Sean Kell, CEO of Blue Nile.

Signet says the transaction will be funded with cash on hand and is currently expected to close in the third quarter of Fiscal Year 2023. Regulatory filings were made in July and the applicable waiting period has passed.

Signet Jewelers, based in Akron, Ohio, currently owns the jewelry brands Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, JamesAllen.com, in the U.S.; Peoples, H. Samuel, Ernest Jones in the U.K.; and the jewelry subscription service, Rocksbox.