The Sundance jewelry chain announced a whopping $3.8 billion valuation on Thursday, adding a $1.9 billion acquisition in the US, with the purchase of a jewelry line of its own.
The acquisition of Sundance’s U.S. brand, Sundance, also includes a $600 million spin-off into a new jewelry line called Sundance Jewelry and Gifts.
That $600m will fund the company’s expansion into the retail space, said Sundance CEO and founder Michael Gifford in a statement.
The $3 billion deal will allow Sundance to expand into new categories such as luxury watches, watches, jewelry, handbags, and handbags.
Sundance is also looking at opportunities to sell its own jewelry line, Giffard said in a blog post.
“Sundance Jewelers will continue to be a leader in luxury and luxury accessories, with our expertise in creating unique collections and providing innovative products, all for the ultimate price,” Giffords wrote.
“With the new investments, we are now able to accelerate the development of our U.K. store, with more than 250 stores and more than 400 employees in the UK, while building a strong brand across Europe, Asia and Africa.”
The company will also add the Sundance Brand to its portfolio of brands, including Giffards.
The Sundance brand has been around since the 1960s and is widely recognized for its high quality and craftsmanship.
It is often compared to Louis Vuitton, but the two are in different business categories, according to Giff.