Zales owner Signet buys online jewelry brand Blue Nile

Signet Jewelers said Tuesday that it will acquire online jewelry retailer Blue Nile for $360 million in an all-cash deal, in a bid to appeal to younger consumers and grow its bridal business.

Separately, Signet cut its financial forecast for the second quarter and full year fiscal 2023, given “heightened pressure on consumers’ discretionary spending” and other macroeconomic headwinds.

Signet shares rose around 2% in premarket trading.

This story is developing. Please check back for updates.