Swatch to Pay $1 Billion for Harry Winston

Swatch, the Swiss company that owns Omega, Blancpain, Breguet, and a total of 19 brands, will be the new owner of Harry Winston. The company will pay $1 billion for the watch and jewelry business, based in New York, with 25 retail spaces around the world. The sale also includes a factory in Geneva and a total of 535 employees.

“Diamonds are still a girl’s best friend, “ said Swatch chairwoman Nayla Hayek, referring to the song sung by Marylyn Monroe in the film Gentleman Prefer Blondes, which mentioned the Harry Winston brand.

What is not included in this purchase is the 40 percent stake that Harry Winston has in the Canadian Diavik diamond mine. The Harry Winston Company was founded in 1932 but purchased by Aber Corporation in 2006.

Source: CNN Money