Shares of Signet Jewelers jumped more than 3% in early trade on Tuesday after the world’s largest retailer of diamond jewelry announced the acquisition of Rocksbox, an innovative jewelry rental subscription platform. The financial terms of the deal were not disclosed. The acquisition, which was driven by Signet’s (SIG) “Inspiring Brilliance” strategy, is likely to fuel growth in the services category and online services. Furthermore, the company expects Rocksbox to attract self-purchasing women customers, a demographic where Signet is currently under-developed, and expand the company’s market share. Signet is focused on developing its services business, which forms part of the company’s Inspiring Brilliance growth strategy.
https://www.tipranks.com/news/signet-acquires-rocksbox-expands-services-offerings