 |
Swatch Group has acquired 100% of the shares of US company HW Holdings Inc, owner of Harry Winston Inc.
The Swiss watch giant has acquired the Harry Winston brand and all the activities related to jewellery and watches, including the 535 employees worldwide and the production company in Geneva.
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 company’s mining activities.
 |
Harry Winston Diamond Corporation Chairman of the Board and Chief Executive Officer Robert A. Gannicott commented: “The Harry Winston brand now has a new home that can provide the skills and support that it deserves to realise its true potential.”
Swatch Group Chairwoman Nayla Hayek said: “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.”
The transaction is subject to the approval of regulatory authorities.
