World-renowned Swatch Group which has brands such as Breguet, Blancpain, Jaquet Droz, Omega, Rado, Calvin Klein and Balmain among others to its credit adds another jewel to its crown. They are set to buy American luxury brands Harry Winston’s jewelry wing for $ 750 million in cash to expand its high-end bracelet, rings, and necklaces segment. Apart from that, $250 million of Pro-forma net debt will also be paid. Swatch Group is already the biggest watchmaker by sales. This acquisition allows them to foray into the high-end jewelry market, which Richemont currently dominates with its flagship brand Cartier. The two companies are also looking at opportunities for a joint diamond polishing venture to pool in their manufacturing and diamond know-how.
Harry Winston was established in New York in 1924 and was further popularized by Marilyn Monroe in ‘Diamonds are a Girl’s best friend.’ The last acquisitions made by the Swatch Group were watchmakers Glashuette Original and Jaquet Droz in 2000.
[Reuters]
