Data provided by McGregor BFA
All data is delayed
Loading...
See More

Swatch Group acquires Harry Winston

Jan 14 2013 10:45 Reuters


Related Articles

Swatch sees healthy 2013

Franc's rise should be curbed: Swatch

Swatch stock falls as founder dies

Richemont up as Swatch keeps target

De Beers earnings halve

Gold inches up on stronger euro

 
Zurich - Swatch Group said on Monday it was buying watch and jewellery brand Harry Winston and its 535 employees for $750m, plus up to $250m of net debt, to boost its high-end watch portfolio.

"Harry Winston does brilliantly complement the prestige segment of the Group. We are proud and happy to welcome Harry Winston to the Swatch Group family - diamonds are still a girl's best friend," Chairwoman Nayla Hayek said in a statement.

The move comes as watchmakers compete to snap up watchmaking know how and production facilities and is Swatch Group's first big takeover in years.

The world's biggest watchmaker, which already owns high-end brands Breguet, Blancpain and Jaquet Droz, acquired several component makers over the last years, but its last buy of a watch brand was more than a decade ago.

Swatch Group said the transaction did not include the mining activities of Harry Winston Diamond Corp.

"The Harry Winston brand now has a new home that can provide the skills and support that it deserves to realize its true potential," said Robert A. Gannicott, chairman of the board and chief executive of Harry Winston Diamond Corp.

The transaction is subject to the approval of regulatory authorities. 
  

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

swatch  |  retail industry  |  companies
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

The ANC's election claims examined - Report

In the run-up to the 7 May election, the ANC says it has a “good story to tell” about its performance over that period. This is the first of two reports evaluating key claims.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...