Montreal-based Birks Group announced Tuesday that it has purchased another Canadian retailer of luxury watches and jewelry, European Boutique, from that business’ founders, the Sutkiewicz family.
The price was $9 million Canadian, or approximately $6.5 million in U.S. dollars.
European Boutique operates four multibrand luxury watch and jewelry stores, as well as three mono-brand boutiques (for Omega, Breitling, and Montblanc), in shopping centers in and around Toronto.
As part of the acquisition, Birks has entered into a licensing agreement to operate the Canadian brand Diamonds Direct—which does not appear related to the Diamonds Direct chain owned by Signet.
Birks president Jean-Christophe Bédos said in a statement: “The European stores have prime locations in important malls in the greater Toronto area and carry high-end luxury brands which will complement Birks Group’s offering.”
In connection with the purchase, Birks Group obtained a new term loan of CDN$13.5 million (about US$9.4 million) from one of its senior lenders, SLR Credit Solutions. Birks said the money will fund the acquisition and “ordinary course working capital.” The loan is repayable, in full, on Dec. 24, 2026.
(Logo courtesy of Birks Group)
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