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Signet Bets on Bridal Resurgence With Diamonds Direct Deal

  • Deal to help company capitalize on rebound in wedding jewelry
  • Signet raises forecast for same-store sales, total revenue
Wedding ring on her finger

Photographer: khoa vu/Moment RF/Getty Images

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The owner of Kay Jewelers and Zales agreed to buy Diamonds Direct USA Inc. from Blackstone Inc. and other shareholders for $490 million, betting on a robust return of the U.S. bridal business as pandemic restrictions subside.

The cash deal will add 22 stores and 500 employees to Signet Jewelers Ltd.’s network. It will also bring higher-end bridal customers who typically spend more on engagement rings and other wedding accoutrements than shoppers at the company’s other brands, according to Chief Executive Officer Gina Drosos.