P.M. BRIEFING : Luxury Firm Buys Royal Jewelers

The British royal family’s favorite jewelers, Garrard, was sold to luxury goods firm Asprey today as part of a $135-million takeover deal.

Asprey said it agreed to buy the Mappin and Webb jewelry and silver group, which owns crown jewelers Garrard, from the Sears department store chain.

Asprey’s swoop on Garrard followed two raids on Asprey in which criminals made off with gems worth millions.

The fashionable central London store was the victim of a smash-and-grab theft Monday in which robbers rammed a truck into a display window and snatched a necklace reported to be worth nearly $1.35 million.

Last month an estimated $3.2 million in jewels were stolen from the same shop in New Bond Street by a group posing as customers.

Asprey said Sears already owned 25.45% of Asprey’s ordinary shares. After the merger it will have a 38.5% interest in the earnings of the enlarged Asprey group.