DIAMOND RETAILER JAMES ALLEN RECEIVES $140 MILLION INVESTMENT
R2Net, which owns the diamond e-commerce platform JamesAllen.com, has received a $140 million from equity firm Francisco Partners , IDEX Online report. According to other news reports, this gives Francisco Partners a near 50% stake in the company, valuing R2Net at approximately $300 million.
Matt Spetzler, Partner at Francisco Partners, said: “Anyone who has ever bought a diamond or an engagement ring appreciates how intimidating the process can be for the consumer. What we love about JamesAllen.com is they are using innovative technology to bring simplicity, vast selection, pricing transparency and overall value to the process by letting consumers shop directly for the exact diamond they want, but at a much lower price”.
R2Net’s co-founder and CEO Oded Edelman said: “We have a shared vision that consumers deserve a better diamond buying experience and we are demystifying the process. We provide better pricing and better value by utilizing innovative technologies that enhance everything from our diamond marketplace to the end consumer experience”.
According to the report, “JamesAllen.com has tripled in size in the last two years, aided by its 360° Diamond Display Technology and innovative virtual showroom experience”.