The luxurious Swatch Group is convinced that with the business of Harry Winston, they will expand the prestige segment of the group
The world’s largest watchmaker Swatch buys for 750 million dollar the U.S. jewelry and watch company Harry Winston. In addition to the purchase price, the Swatch Group takes over 250 million dollars in debt of Harry Winston. The Harry Winston Diamond Cooperation from Toronto is not affected by the deal. They will continue to operate independently, but under the name Dominion Diamond Corporation.
Harry Winston – Global Precious Jewelry
Harry Winston was founded in 1932 in New York. The luxury company enjoys still today a high reputation in the world of jewelry and watch manufacturers. For a short time Harry Winston was the owner of the precious jewelry “Hope Diamond”, a blue jewel with 45.52 carats. The ownership of the stone was even held by the French king Louis XIV and Marie Antoinette. Today, the beautiful jewel is viewed in the Smithsonian Institution in Washington. Currently Harry Winston is a worldwide operating company of 535 employees. Famous clients of Harry Winston are Queen Elizabeth II, as well as Madonna, Gwyneth Paltrow and Scarlett Johansson.
Swatch achieves record sales
Last year, the turnover of the Swatch Group was over 8 billion Swiss francs. The Swatch Group is known for the acquisition of different luxury watch brands such as Breguet, Blancpain and Tissot. Currently there is a dispute between Tiffany and Swatch. Swatch reproaches Tiffany to delay and clock the development of the watch business and therefore requests a compensation of 3.8 billion francs. The counterclaim of Tiffany is estimated with 541.9 million, until now they are waiting for the verdict.
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