By Anthony DeMarco, Contributor
Harry Winston Diamond Corp. said Thursday that it has received regulatory approval to complete the sale of its luxury diamond jewelry and timepiece division, Harry Winston, Inc., to the Swatch Group. The Toronto-based company said it expects the transaction to close on or around March 26. …read more
Source: FULL ARTICLE at Forbes Latest
By Elizabeth Doerr, Contributor
After perusing the just-released Forbes list of billionaires, I was surprised to find that I recognized several names – five to be exact. Why did I recognize them? They are related to the watch industry, of course, and as such are affiliated with names as prestigious and famous as LVMH, Hermès, Bulgari, Gucci, PPR, Richemont, Cartier, Montblanc, Graff, Swatch Group, Breguet, and Blancpain. …read more
Source: FULL ARTICLE at Forbes Latest
Switzerland‘s biggest watch maker, Swatch Group AG, says it has agreed to pay about $1 billion to acquire Canada’s Harry Winston watch and jewelry brand.
The Biel, Switzerland-based company says it will pay $750 million to acquire the brand from Toronto-based Harry Winston Diamond Corp. and will also assume as much as $250 million in debt.
The acquisition includes the Harry Winston production company in Geneva and more than 500 employees globally.
Swatch Group‘s chairwoman, Nayla Hayek, said in a statement Monday that the addition of a jewelry-watch brand “brilliantly complements the prestige segment” of Swatch’s portfolio, helping it compete against luxury watch makers.
Harry Winston Diamond Corp.’s chairman, Robert Gannicott, said that his company would change its name to Dominion Diamond Corporation.
The deal is subject to regulatory approval.
Source: FULL ARTICLE at Fox World News
