Swatch Group acquires jewellery and watch brand Harry Winston Inc.
January 14, 2013: The Swatch Group Ltd. has announced its acquisition of 100% shares of the US company HW Holdings Inc., owner of Harry Winston Inc. The Swatch Group Ltd. has acquired the brand and all the activities related to jewellery and watches, including the 535 employees worldwide and the production company in Geneva (Switzerland).
The acquisition sum amounts to US$ 750 million plus the assumption of up to US$ 250 million of pro forma net debt. The transaction does not include the mining activities of Harry Winston Diamond Corporation in Toronto.
Mr Robert A. Gannicott, Chairman and CEO of Harry Winston Diamond Corporation said, “The Harry Winston brand now has a new home that can provide the skills and support that it deserves to realize its true potential.”
Ms Nayla Hayek, Chairwoman of The Swatch Group Ltd., says “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.”