January 16, 2013

Swatch not only loves diamonds, but can also afford them

Harry Winston

Swatch, the world’s biggest watches manufacturer – through the synonymous brand and members of the group such as Tissot, Rado, Longines and EUR 300 000 a piece Breguet and Blancpain – has bought the American jeweller Harry Winston through the biggest deal in its history yet.

For USD 750 million and the taking on of a USD 250 million debt, the Swiss have acquired the Harry Winston retail division, including a production facility in Geneva and the jeweller’s ateliers in the US, France, Great Britain, Ukraine, Russia, China, including Hong Kong, Japan, the Philippines, Taiwan and the UAE, but not also the extraction operations, among which the Canada diamonds mine bought in 2012.

Swatch has also tried to expand towards the high end jewellery market, with only the diamonds section amounting to USD 60 billion worldwide, through a collaboration with Tiffany which ended in 2011.

Both the specialists and the markets have appreciated the move, and now Swatch joins Richemont, owning Cartier, and LVMH Moët Hennessy Louis Vuitton, owning Bulgari, with its own great jeweller.

Harry Winston was founded in 1932 and has been part of the Hollywood glamour from Marilyn Monroe and the Golden Age, right up to today’s red carpets.

Harry Winston

 

Photo sources: raredelights.com, harrywinston.com