Watch maker Swatch Group has expanded its brand portfolio with the acquisition of US jewellery and watch label Harry Winston.
Swatch has agreed to buy 100 per cent of the shares of the owner of the brand for US$750 million and take over up to US$250 million in debt. The transaction will exclude the mining activities of Harry Winston in Canada.
“The Harry Winston brand now has a new home that can provide the skills and support that it deserves to realise its true potential,” said Harry Winston CEO Robert Gannicott.
“This transaction represents a sound return on our original investment. It will leave us well equipped to realise upstream opportunities in an environment where cash has become a strategic resource while preserving and expanding our relationship with the downstream diamond business,” he added.
Harry Winston was founded in 1932 and is currently dubbed as “King of Diamonds” and “Jeweller to the Stars”. The diamond jeweller and luxury timepiece retailer has salons in Beijing, Hong Kong, Tokyo and other world’s top cities including New York, Paris and London.
Swatch Group is a multinational holding company active in the manufacture and sale of watches, watch movements and components. It owns the brands including Balmain, Rado, Omega, Blancpain, Tissot, Hamilton, Swatch, Tourbillon, Longines, Breguet and others.