THE SWATCH GROUP BUYS HARRY WINSTON



The Swatch Group is buying american jewerly and watch company Harry Winston for US$ 1 billion, which includes the Harry Winston brand and all its jewelry and watch activities, including its 535 employees worldwide and production company in Geneva, according to WWD.  The Swatch Group will pay US$ 750 million for the acquisition and take on up to US$ 250 million of net debt.

Harry Winston has stores (called salons) in New York, Paris, London, Beijing, Shanghai, Hong Kong, Singapore and Tokyo.

The transaction will not include, however, the mining activities of Harry Winston Diamond Corp., which will change its name to Dominion Diamond Corp. once the deal is concluded.




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