Harry Winston SOLD to Swatch
Looking to get a Harry Winston watch so you can walk down the street singing the song “Diamonds Are A Girl’s Best Friend”? Well talk to us Harry Winston sold to Swatch, tell us all about it. Our fabulous bridal cases show off some of the best engagement rings Boca Raton has to offer, and when we have a Harry Winston piece to the collection, it’s nearly always the star of the showcase. But what is Harry’s future now?
Toronto-based Harry Winston Diamond Corp has sold its jewelry division to the Switzerland watch company Swatch in a US$1 billion dollar deal that benefited both companies. The Swatch company will pay Harry Winston Diamond Corp $750 million and accept Harry Winston’s debts of $250 million to complete the deal.
Swatch is eagerly anticipating in adding such a prestigious brand into its heritage luxury line of watches. As the world’s largest maker and seller of watches, Swatch has the resources to expand the Harry Winston brand to fill in the luxury watch gap when Tiffany and Co. ended its partnership with Swatch in 2011.
For Harry Winston, it will change its name to Dominion Diamond Corp to close its end of the deal. It will also hand over 535 employees and a production company to Swatch as part of the deal. The company will now focus its operations back to diamond mining with the large range of diamond resource opportunities available to Harry Winston. Currently, the diamond mining company is one of only a few pure-play diamond operations.
There will be many more opportunities for both companies to profit from each other after this joint deal. Harry Winston will continue to source polished diamonds to the watch maker as the two companies will look into a joint diamond polishing venture. Whatever lies in the future, diamonds and watches will continue to make the perfect combination in jewelry for those customers looking for a great watch brand.
Michelle H for Raymond Lee Jewelers, premiere fine jewelry and luxury watch boutique and buyer.
Harry Winston Diamond Business Sold to Swatch Swatch in $1 billion bid to buy Harry Winston watches and jewellery Harry Winston (HWD) to Sell Luxury Watch Brand in $1B Deal