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NPD Group Buys Jewelry Specialist
In the US, retail information firm The NPD Group has announced the acquisition of Randolph, NJ-based LGI Network, which provides retail point-of-sale information on fine watches and branded jewelry. Financial terms were not disclosed.
LGI's Time Tracker and Branded Jewelry Tracker services collect information from a panel of retailers including leading specialty stores and independents. Together with NPD's panel of department stores and its tracking of sales of fashion watches and other accessories, this will give 'the industry's first holistic view of the watches and jewelry marketplace' according to NPD.
LGI will continue to operate independently for the first two years and its President, Fred Levin, will report to Rupert Walters, Group President for Entertainment & Communications, Beauty, Fashion & Sports at The NPD Group.
Walters says the deal gives NPD 'strategic coverage of a key market segment' and adds: 'LGI's people, products, and expertise in the luxury market will enable us to introduce more services more quickly in the U.S. and will also provide a solid foundation for international expansion in the future.'
Levin says NPD shares his firm's 'commitment to safeguarding our brand and retailer's confidential data and maintaining strict objectivity standards' and says the buy will enable his company 'to offer our industry's first 360 degree view of what is happening at retail'.
Web sites: www.npd.com and www.lginetwork.com .
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