Swatch snaps up Harry Winston brand
Source: Agencies |
January 15, 2013, Tuesday
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Print Edition
Print Edition
SWITZERLAND'S biggest watch maker, Swatch Group AG, is to acquire Canada's Harry Winston watch and jewelry brand for around US$1 billion, officials from both companies said yesterday.
Swatch will pay US$750 million to acquire the brand from Toronto-based Harry Winston Diamond Corp and also assume up to US$250 million debt.
The acquisition includes the Harry Winston production company in Geneva and more than 500 employees globally.
Swatch's chairwoman, Nayla Hayek, said the "brilliantly complements the prestige segment" of Swatch's portfolio.
Harry Winston Diamond Corp's chairman, Robert Gannicott, said his company would change its name to Dominion Diamond Corp.
"At the time we purchased the Harry Winston brand, resource investment opportunities for diamonds were rare and expensive following the euphoria of the Canadian diamond discoveries, and the involvement of the large international mining companies.
"Today there is a range of diamond resource opportunities while the value of heritage luxury brands has increased dramatically. This transaction represents a sound return on our original investment."
Swatch will pay US$750 million to acquire the brand from Toronto-based Harry Winston Diamond Corp and also assume up to US$250 million debt.
The acquisition includes the Harry Winston production company in Geneva and more than 500 employees globally.
Swatch's chairwoman, Nayla Hayek, said the "brilliantly complements the prestige segment" of Swatch's portfolio.
Harry Winston Diamond Corp's chairman, Robert Gannicott, said his company would change its name to Dominion Diamond Corp.
"At the time we purchased the Harry Winston brand, resource investment opportunities for diamonds were rare and expensive following the euphoria of the Canadian diamond discoveries, and the involvement of the large international mining companies.
"Today there is a range of diamond resource opportunities while the value of heritage luxury brands has increased dramatically. This transaction represents a sound return on our original investment."
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