Britain’s biggest jewellery and watch retailer, Aurum Holdings, has today announced the completion of the transaction to acquire Mayor’s Jewelers, Inc.
The cost of the acquisition is confirmed at approximately $108 million.
Mayors, a luxury jewellery retailer, is a strong market leader in the important USA markets of Florida and Georgia with a portfolio of 17 stores, 15 of which have Rolex agencies, having successfully retailed since 1910.
The acquisition of Mayors is a pivotal step in the strategy and plan for Aurum Holdings’ entry into the US Market. In addition to a successful retail chain in Florida and Georgia, the Mayors acquisition also provides Aurum with a HQ and resource centre in Fort Lauderdale Florida.
Mayors has followed a strategy of investment for high quality growth, which is complimentary to Aurum’s strategy in the U.K. The acquisition by Aurum Holdings will accelerate further the investment in Mayors’ store portfolio, systems and marketing.
“We are delighted to complete the transaction of Mayors by the Aurum Group,” shares Aurum Holdings chief executive officer, Bridan Duffy. “We now enter into a period of transition where we will be liaising closely with the Birks team and we look forward to welcoming 326 members of the Mayors team to the Aurum family.”
Jean-Christophe Bédos, president and chief executive officer of Birks Group, comments: “We are very pleased with this transaction because it does not end our relationship with Mayors. In fact, Mayors will continue to carry the Birks fine jewelry brand in its stores in Florida and Georgia. In addition, the Birks fine jewelry brand was successfully launched in the UK on October 9th, 2017 in 14 Mappin & Webb and Goldsmiths stores including on their respective e-commerce sites. These are significant steps towards our goal of becoming an internationally-renowned luxury jewelry brand. We would like to thank all our colleagues and friends at Mayors for their dedication and great work as part of the Birks Group. We wish them much success under the leadership of Aurum.”