Swatch Group acquires Harry Winston for $1 billion
Swiss based Swatch Group Ltd. acquires 100% of the shares of the US company HW Holdings Inc., owner of Harry Winston Inc., including the brand, all the activities related to jewelry and watches, 535 employees worldwide and the production company in Geneva. The first flagship store of Harry Winston under new ownership will be on Rue du Rhone, in Geneva, due to open this Spring.
The acquisition sum amounts to USD 750 million plus the assumption of up to USD 250 million of pro forma net debt and the transaction does not include the mining activities of Harry Winston Diamond Corporation in Toronto (Canada).
For the Swatch Group which already owns several luxury watch brands such as Blancpain, Breguet, Omega and Longines, the acquisition comes as a strategic addition of high jewelry to the portfolio of the brand, competing groups such as LVMH and Richemont each owning high jewelry brands. Additionally, Swatch Group is the ideal owner in terms of further developing Harry Winston’s watches division.