Swatch buys Harry Winston jewellery business
January 14, 2013 – Harry Winston is selling its high-end watches-to-necklaces division to Swatch Group in a $750 million cash deal.
The deal reverses a 2004 acquisition which turned Harry Winston into a miner and jeweller.
For Swatch, the transaction is evidence of the benefits of strong Asian demand for watches, handbags and other high-end items.
Swatch Group is already the world’s biggest watchmaker by sales, with 8.1 billion francs sales in 2012 thanks to brands such as Omega.
Buying Harry Winston allows it to enter high-end jewellery, a market dominated by Richemont with its flagship brand Cartier.