Signet announced it has completed its acquisition of R2Net, the owner of e-tailer JamesAllen.com.
The acquisition was announced last month.
According to a statement, James Allen’s sales have grown two and a half times over the last two years. R2Net is expected to contribute approximately $80 million to $90 million to Signet’s revenue in fiscal 2018, the company said.
R2Net brands will largely operate as an independent division of Signet under the leadership of James Allen cofounder and CEO Oded Edelman. Edelman will also become Signet’s chief digital innovation advisor.
Signet paid $328 million in cash for the company. The transaction was financed with a term loan from JPMorgan Chase. It is expected to be repaid by the end of fiscal 2018.