(Alliance News) - Watches of Switzerland Group PLC on Thursday said it completed the acquisition of Roberto Coin Inc, an associate company of Roberto Coin Spa, for a total of USD130 million.

The Leicester, England-based watch retailer acquired the firm from Roberto Coin Spa, Pilar Coin and Peter Webster, co-founder of Roberto Coin Inc.

Roberto Coin designs and manufactures delicately handcrafted jewellery with a unique ruby signature and is the sixth-largest jewellery brand in the US by sales at retail value. It has exclusive perpetual rights to import and distribute Roberto Coin jewellery throughout the US, Canada, Caribbean and Central America.

The acquisition was financed via a new USD115 million term loan facility.

Watches of Switzerland Chief Executive Officer Brian Duffy commented: "We believe there is significant opportunity to leverage our proven retail expertise in luxury branded jewellery. The luxury branded jewellery category has consistently outperformed the wider jewellery sector, and we see further strategic and operational opportunities for the business within the broader group."

Shares in Watches of Switzerland were up 4.6% at 340.00 pence each in London on Thursday afternoon.

By Sabrina Penty, Alliance News reporter

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