Signet Jewelers Ltd. is acquiring Ultra Stores Inc., a leading outlet jewellery retailer, and looks upon this development as giving it ‘significant share in the outlet jewellery channel’, reports say.

Signet will acquire the retailer for $57 million in cash, from Crystal Financial LLC and its other stockholders. In the deal, Signet will not assume any debt related to the acquisition, reports add.

Ultra Stores, founded in 1991, has its operations mainly in outlet centers and licensed jewelry departments.

Signet looks upon this acquisition to increase its sales profitably and its competitive strengths.