Although smartphones today have an inbuilt clock system that you can check whenever you want, nothing can compare to the…
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Harry Winston
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Swatch Group finalized its deal today to buy luxury jeweler Harry Winston for $1 billion while also taking on $250 million of pro forma net debt. Harry Winston will be the first major jewelry brand added to the watch-making behemoth. While the group’s name is generally synonymous with the candy-colored plastic watches made popular in the ’80s, industry insiders probably know the brand for its collection of luxury watchmaking brands like Omega, Jacquet Droz, Brequet, and Blancpain, some of whose mechanical watches sell in the six-figure range.
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The Swatch Group got hitched today to Harry Winston, plucking up the über luxe bauble purveyor for $750 million, pending regulatory approval on the deal. The Swiss firm, perhaps best known for its affordable, colorful watch selection, was purportedly willing to dole out up to $1 billion for the purchase. Swatch will now helm Harry Winston’s jewelry and watches business, an outfit comprised of a Geneva production company and 535 employees, as well as up to $250 million in net debt.