Swatch to buy Harry Winston

Swatch, the world’s leading watchmaker, has announced that it has agreed to buy the high-end

jewellery arm of Harry Winston in a deal worth one billion dollars.

The Swiss group will pay 750 million dollars to acquire the high-profile company and all of its activities related to jewellery and watches, including the 535 employees worldwide and the production company in Geneva, Switzerland. Then the watch brand will add up to 250 million dollars to take over its net debt, a statement confirmed.

The transaction, which still needs the go-ahead from regulatory authorities, does not include the mining activities of the Harry Winston Diamond Corporation, which will be renamed Dominion Diamond Corporation.

American jeweller Harry Winston is renowned worldwide and was most recently showcased at the annual Golden Globe Awards in Hollywood at the weekend when Jessica Alba wore a Mrs. Winston by Harry Winston diamond cascading drop necklace valued at 5.8 million dollars.