Birks Group has acquired Canadian jewellery and watch retailer European Boutique in a transaction valued at CAD 9 million. The deal includes seven retail stores and a national e-commerce platform. European Boutique was previously operated by the Sutkiewicz family.
Retail Operations Included in the Acquisition
The acquisition includes four multi-brand European Boutique locations in shopping centres across the Greater Toronto Area, offering luxury jewellery and watches from brands including TAG Heuer, Gucci, and Diamonds Direct. It also covers three mono-brand boutiques representing Omega, Breitling, and Montblanc.
As part of the transaction, Birks has entered into a licensing agreement to operate the Diamonds Direct brand in Canada. The agreement enables Birks to expand its offering in the branded diamond jewellery category.
The purchase also includes European Boutique’s national e-commerce website, giving Birks a broader digital retail capability alongside its physical store presence.
Funding Structure and Strategic Intent
To fund the acquisition, Birks secured a CAD 13.5 million loan from senior lender SLR Credit Solutions. It also received CAD 3.8 million in additional capital from Mangrove Holding, a controlling shareholder, to support business operations. Both loans are due for repayment by the end of 2026.
Birks stated it is evaluating further transactions, including potential equity or debt funding and acquisitions, to support its strategy.
Transition and Integration Plans
Commenting on the acquisition, Birks Group CEO Jean-Christophe Bédos said:
“The European stores have prime locations in important malls in the Greater Toronto area and carry high-end luxury brands which will complement Birks Group’s offering. We now enter into a period of transition where we will be liaising closely with the European team and we look forward to welcoming Jordan Sutkiewicz, Michelle Ceresney and European’s employees to the Birks family.”
