LGI specialises in retail point-of-sale information on fine watches and jewellery. This data will be offered alongside NPD’s own information on jewellery sales, collated from its panel of department stores.

NPD said that LGI Network will operate independently for the first two years after the acquisition and its president, Fred Levin, will report to NPD’s group president for entertainment, communications, beauty, fashion and sports, Rupert Walters.

Walters said: “With the acquisition of LGI Network, NPD gains strategic coverage of a key market segment and is well positioned to continue to build our business.

“LGI’s people, and expertise in the luxury market will enable us to introduce more services more quickly in the US and will also provide a solid foundation for international expansion in the future.”