Blue Nile is an online jewellery retailer founded in 1999. It is based in Seattle, Washington. In February 2017, it became a subsidiary of Bain Capital. In 2022, Blue Nile was acquired by Signet Jewellers.
The company that became Blue Nile began in 1995 when Doug Williams of Williams & Son Inc. of Seattle started a website to sell diamonds online.[3] Mark C. Vadon, then a management consultant at Bain & Company, purchased a diamond engagement ring from the site in 1998.[3] In 1999, Vadon raised $6 million to purchase 85% of the company and improve the website.[3] The company's name was changed to Blue Nile in November 1999.[4] During the next year, the company raised an additional $44 million.[3] Investors included Bessemer Venture Partners, Kleiner Perkins Caufield & Byers.[4] Blue Nile raised $76 million in its IPO on May 18, 2004. Merrill Lynch & Co., Bear Stearns Cos. and Thomas Weisel Partners LLC managed the IPO, sharing fees of $5.4 million.[4] The initial public offering of shares in Blue Nile Inc, rose 39% in first-day trading, closing at $28.40.[citation needed]
Although the company had $44 million in revenue in 2000, it lost $30 million because it spent $40 million in television advertising.[3] Its investors contributed an additional $7 million in 2001.[3] In 2006, Blue Nile sold $197 million in engagement rings and wedding bands, compared to $186 million for Tiffany & Co.[5]
In November 2011, CEO Diane Irvine, who had been with the company for 12 years and its CEO since 2008, abruptly resigned.[6] Irvine was replaced on an interim basis by senior vice president and general manager of international Vijay Talwar.[7] In March 2012, Harvey Kanter, former CEO of MooseJaw, was named the new CEO.[8]
In 2015, Blue Nile reported net sales of US$473 million and net income of US$9.7 million.[1] Blue Nile promotes itself as a supplier of ethically sourced diamonds and endorses a zero-tolerance policy towards conflict diamonds.[9]
In the summer of 2015, Blue Nile opened their first showroom at Roosevelt Field Mall on Long Island, New York. The company has since opened showrooms at shopping malls in White Plains NY, Tysons Corner VA, Salem NH, Tigard OR, and Bellevue WA
Vadon had been CEO of the company since its inception, but in 2008, he ascended to the post of executive chairman. In 2011, following the resignation of CEO Diane Irvine, he took on a more active role in the company.[citation needed]
Diane Irvine (2008-2011)edit
Irvine was promoted from President to CEO in 2008 and ran the company for 3 years. During her tenure as CEO she helped grow Blue Nile from sales of $14 million to over $300 million.[11]
Harvey Kanter (2012-2017)edit
Harvey was appointed as Blue Nile's CEO February 2012 and was at the helm of the company for 5 years before stepping down to give way to Jason Goldberg.[12] He came to the Seattle-based e-tailer from Moosejaw Mountaineering and Backcountry Travel Inc., a Detroit-based maker of outdoor gear and apparel.[12] Harvey is currently the Chairman of the Board at Blue Nile. While CEO Kanter led the once publicly traded diamond company to be purchased by Bain Capital Private Equity and Bow Street LLC for $500 million.[13]
Jason Goldberger (2017-2019)edit
In June 2017, former Chief Digital Officer of Target, Jason Goldberger, was appointed Blue Nile's CEO. Goldberger also spent time at Gilt Groupe, Hayneedle and Amazon.[14] Goldberg departed Blue Nile in 2019 [15] while the interim position was held by Eric Anderson from Bain Capital Private Equity.
Sean Kell (2019-Current)edit
Before joining Blue Nile in 2019,[16] Sean served as Chief Executive Officer of A Place for Mom,[17] where he was responsible for overall brand management and business expansion. Sean has led digital innovation and product management across leading online retail organizations including Expedia, Hotels.com and Starbucks.[citation needed]
Acquisitionedit
Bain Capital Private Equity and Bow Street LLC acquired Blue Nile in February 2017, for $40.75 per share (approximately $500 million).[18] First announced in November 2016, shares of Blue Nile Inc. rose 34%.[19]
Signet acquired Blue Nile for $360 million in 2022. [20]
^"Protect your jewelry for all its worth". Jewelersmutual.com. Retrieved May 17, 2016.
^"Circle of Excellence Award Winners at BizRate". Bizrate.com. Bizrate Insights. September 26, 2016. Retrieved June 8, 2017.
^"Blue Nile CEO resigns after profits fail to sparkle, drop 33%". www.bizjournals.com. Retrieved February 11, 2020.
^ ab"Blue Nile CEO Harvey Kanter Steps Down". National Jeweler. Retrieved February 11, 2020.
^"Blue Nile to Be Acquired by Investor Group for $500M". National Jeweler. Retrieved February 11, 2020.
^Rey, Jason Del (June 8, 2017). "Target's former e-commerce chief is now the new CEO of the online jeweler Blue Nile". Recode. Retrieved June 9, 2017.
^"Blue Nile CEO Jason Goldberger departs, third exec to leave online jeweler since acquisition in 2017". GeekWire. January 17, 2019. Retrieved February 11, 2020.
^"Blue Nile Names Sean Kell Its New CEO". JCK. August 21, 2019. Retrieved February 10, 2020.
^Inc, Blue Nile. "Blue Nile Announces Sean Kell as Chief Executive Officer". www.prnewswire.com (Press release). Retrieved February 10, 2020. {{cite press release}}: |last= has generic name (help)
^"DEFM14A". www.sec.gov. Retrieved April 13, 2017.
^Symington, Steve (November 7, 2016). "Why Blue Nile Inc. Stock Skyrocketed 34% Today". The Motley Fool. Retrieved March 21, 2017.
^"Diamonds.net - Signet Buys Blue Nile for $360M". www.diamonds.net. August 9, 2022. Retrieved August 10, 2022.
External linksedit
Official website
October 29, 2023
blue, nile, company, this, article, contains, content, that, written, like, advertisement, please, help, improve, removing, promotional, content, inappropriate, external, links, adding, encyclopedic, content, written, from, neutral, point, view, january, 2023,. This article contains content that is written like an advertisement Please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view January 2023 Learn how and when to remove this template message Blue Nile is an online jewellery retailer founded in 1999 It is based in Seattle Washington In February 2017 it became a subsidiary of Bain Capital In 2022 Blue Nile was acquired by Signet Jewellers Blue Nile Inc TypePrivate companyIndustryRetailFounded1999FounderMark VadonHeadquartersSeattle Washington USANumber of locations25 StoresKey peopleSean KellProductsDiamonds amp JewelryRevenueUS 480 million 2015 1 Operating incomeUS 16 05 million 2015 1 Net incomeUS 10 53 million 2015 1 Total assetsUS 157 4 million 2015 1 Total equityUS 18 46 million 2015 1 Number of employees1000 2023 2 ParentSignet JewelersWebsitewww bluenile com Contents 1 History 2 CEOs 2 1 Mark Vadon 1999 2008 2 2 Diane Irvine 2008 2011 2 3 Harvey Kanter 2012 2017 2 4 Jason Goldberger 2017 2019 2 5 Sean Kell 2019 Current 3 Acquisition 4 References 5 External linksHistory editThe company that became Blue Nile began in 1995 when Doug Williams of Williams amp Son Inc of Seattle started a website to sell diamonds online 3 Mark C Vadon then a management consultant at Bain amp Company purchased a diamond engagement ring from the site in 1998 3 In 1999 Vadon raised 6 million to purchase 85 of the company and improve the website 3 The company s name was changed to Blue Nile in November 1999 4 During the next year the company raised an additional 44 million 3 Investors included Bessemer Venture Partners Kleiner Perkins Caufield amp Byers 4 Blue Nile raised 76 million in its IPO on May 18 2004 Merrill Lynch amp Co Bear Stearns Cos and Thomas Weisel Partners LLC managed the IPO sharing fees of 5 4 million 4 The initial public offering of shares in Blue Nile Inc rose 39 in first day trading closing at 28 40 citation needed Although the company had 44 million in revenue in 2000 it lost 30 million because it spent 40 million in television advertising 3 Its investors contributed an additional 7 million in 2001 3 In 2006 Blue Nile sold 197 million in engagement rings and wedding bands compared to 186 million for Tiffany amp Co 5 In November 2011 CEO Diane Irvine who had been with the company for 12 years and its CEO since 2008 abruptly resigned 6 Irvine was replaced on an interim basis by senior vice president and general manager of international Vijay Talwar 7 In March 2012 Harvey Kanter former CEO of MooseJaw was named the new CEO 8 In 2015 Blue Nile reported net sales of US 473 million and net income of US 9 7 million 1 Blue Nile promotes itself as a supplier of ethically sourced diamonds and endorses a zero tolerance policy towards conflict diamonds 9 In the summer of 2015 Blue Nile opened their first showroom at Roosevelt Field Mall on Long Island New York The company has since opened showrooms at shopping malls in White Plains NY Tysons Corner VA Salem NH Tigard OR and Bellevue WABlue Nile was designated a Bizrate Circle of Excellence Award winner in 2016 10 CEOs editMark Vadon 1999 2008 edit Vadon had been CEO of the company since its inception but in 2008 he ascended to the post of executive chairman In 2011 following the resignation of CEO Diane Irvine he took on a more active role in the company citation needed Diane Irvine 2008 2011 edit Irvine was promoted from President to CEO in 2008 and ran the company for 3 years During her tenure as CEO she helped grow Blue Nile from sales of 14 million to over 300 million 11 Harvey Kanter 2012 2017 edit Harvey was appointed as Blue Nile s CEO February 2012 and was at the helm of the company for 5 years before stepping down to give way to Jason Goldberg 12 He came to the Seattle based e tailer from Moosejaw Mountaineering and Backcountry Travel Inc a Detroit based maker of outdoor gear and apparel 12 Harvey is currently the Chairman of the Board at Blue Nile While CEO Kanter led the once publicly traded diamond company to be purchased by Bain Capital Private Equity and Bow Street LLC for 500 million 13 Jason Goldberger 2017 2019 edit In June 2017 former Chief Digital Officer of Target Jason Goldberger was appointed Blue Nile s CEO Goldberger also spent time at Gilt Groupe Hayneedle and Amazon 14 Goldberg departed Blue Nile in 2019 15 while the interim position was held by Eric Anderson from Bain Capital Private Equity Sean Kell 2019 Current edit Before joining Blue Nile in 2019 16 Sean served as Chief Executive Officer of A Place for Mom 17 where he was responsible for overall brand management and business expansion Sean has led digital innovation and product management across leading online retail organizations including Expedia Hotels com and Starbucks citation needed Acquisition editBain Capital Private Equity and Bow Street LLC acquired Blue Nile in February 2017 for 40 75 per share approximately 500 million 18 First announced in November 2016 shares of Blue Nile Inc rose 34 19 Signet acquired Blue Nile for 360 million in 2022 20 References edit a b c d e f Blue Nile Inc financials Blue Nile Inc SEC Filing 10 K Archived from the original on February 23 2020 Retrieved September 16 2015 a b c d e f Rivlin Gary January 7 2007 When Buying a Diamond Starts With a Mouse The New York Times Retrieved January 3 2012 a b c Blue Nile IPO Raises 76 million Seattle Post Intelligencer May 19 2004 Retrieved January 4 2012 Barret Victoria Murphy October 25 2007 The Digital Diamond District Forbes Retrieved January 4 2012 Blue Nile CEO resigns abruptly 3Q profit falls nwsource com Retrieved March 23 2018 Brohan Mark Blue Nile hangs out the help wanted sign for a CEO Internet Retailer Retrieved January 3 2012 Blue Nile names Harvey Kanter new CEO Protect your jewelry for all its worth Jewelersmutual com Retrieved May 17 2016 Circle of Excellence Award Winners at BizRate Bizrate com Bizrate Insights September 26 2016 Retrieved June 8 2017 Blue Nile CEO resigns after profits fail to sparkle drop 33 www bizjournals com Retrieved February 11 2020 a b Blue Nile CEO Harvey Kanter Steps Down National Jeweler Retrieved February 11 2020 Blue Nile to Be Acquired by Investor Group for 500M National Jeweler Retrieved February 11 2020 Rey Jason Del June 8 2017 Target s former e commerce chief is now the new CEO of the online jeweler Blue Nile Recode Retrieved June 9 2017 Blue Nile CEO Jason Goldberger departs third exec to leave online jeweler since acquisition in 2017 GeekWire January 17 2019 Retrieved February 11 2020 Blue Nile Names Sean Kell Its New CEO JCK August 21 2019 Retrieved February 10 2020 Inc Blue Nile Blue Nile Announces Sean Kell as Chief Executive Officer www prnewswire com Press release Retrieved February 10 2020 a href Template Cite press release html title Template Cite press release cite press release a last has generic name help DEFM14A www sec gov Retrieved April 13 2017 Symington Steve November 7 2016 Why Blue Nile Inc Stock Skyrocketed 34 Today The Motley Fool Retrieved March 21 2017 Diamonds net Signet Buys Blue Nile for 360M www diamonds net August 9 2022 Retrieved August 10 2022 External links editOfficial website Retrieved from https en wikipedia org w index php title Blue Nile company amp oldid 1180497794, wikipedia, wiki, book, books, library,
