Harry Winston sells jewelry division to Swatch for US$750 million
TORONTO – Harry Winston Diamond Corp. is selling its jewelry and watch division, Harry Winston Inc., to Swatch Group of Switzerland for US$750 million.
Swatch, the world’s largest watch company, will also assume $250 million in debt.
The Toronto-based diamond miner and retailer announced early Monday that the transaction is still subject to regulatory approvals.
Harry Winston Diamond (TSX:HW) says it has agreed to change its name to Dominion Diamond Corp. after the deal closes.
The two companies also plan to explore opportunities for a joint diamond polishing venture.
Swatch says Harry Winston will 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,” said chairwoman Nayla Hayek.
News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.