In today’s top retail news, Signet Jewelers is making another acquisition to expand its reach, while appointment shopping is catching on among consumers. Also, Dr. Martens and Nordstrom are partnering on an in-store pop-up in New York City, and Vroom is acquiring United Auto Credit to bolster its lending product.
Diamond jewelry retailer Signet Jewelers has agreed to acquire destination jeweler Diamonds Direct for $490 million in cash, with the transaction expected to close in the fourth quarter of the 2022 fiscal year. Signet said it intends to use the acquisition to improve its scale in purchasing, connected commerce, targeted marketing and jewelry services.
Making an appointment to shop, a practice started by many retailers during the pandemic, is sticking around at many merchants as consumers continue to utilize the service. Fokke de Jong, founder and CEO of Suitsupply, said consumers have gotten more efficient about how they go about their lives, and making an appointment to shop can be one way to ensure item availability and attention from sales associates.
Nordstrom has opened a pop-up partnership with footwear brand Dr. Martens on the New York City store’s revolving Center Stage, allowing customers to shop from a limited-release collection of 30 products through Nov. 7. Nordstrom will also bring elements of the Dr. Martens pop-up and an extended merchandise selection to several other locations, including four stores in California, one in Utah and one in Oregon.
Online automobile eCommerce startup Vroom is moving to acquire automotive finance firm United Auto Credit Corporation (UACC) for $300 million in an all-cash transaction. The acquisition will help Vroom drive its strategy to integrate captive financing operations to strengthen and expand sales, boost revenues, reduce costs per unit and bring continuing value to shareholders.