Birks Group and Rideau announce strategic alliance
Birks Group Inc., operator of luxury jewelry stores in the U.S. and Canada, and Rideau Recognition Solutions Inc. have come together, as a definitive asset purchase agreement was recently announced. Birks Group’s Corporate Sales Division, also known as “Birks Business,” was sold to Rideau for CAD $4.625 million, or approximately USD $4.3 million. The Corporate Sales Division services business customers by providing them with unique items for recognition programs, service awards and business gifts.
Under the terms of the agreement, Rideau acquired the existing inventory of the Birks Corporate Sales Division and will continue the employment of the existing employees of the Corporate Sales Division. In addition, as part of the agreement, Birks will supply Rideau with Birks-branded jewelry and watches and Birks will receive ongoing royalty payments from Rideau related to the license of the Birks Business Brand and future sales of Birks-branded products.