• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

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

 
 
 

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

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

20 self-made teenage millionaires

From selling lemonade to building webpages, these young entrepreneurs made a pretty fortune!

 
 

Luxury living

Top 10 richest musicians of all time
10 most expensive cars In the world
10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made

Money Clinic

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

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...