Swatch Group snaps up Harry Winston for $750m

Swiss watch group Swatch said this morning it had acquired luxury jeweller Harry Winston for $750m (£465m), plus up to $250m of net debt.

Swatch, which will acquire Harry Winston’s 535 employees worldwide, will acquire the brand and all activities related to jewellery and watches.

The deal does not include the mining arm of Harry Winston Diamond Corporation.

Nayla Hayek, chairwoman of the Swatch Group, said today: “We are proud and happy to welcome Harry Winston to the Swatch Group family – diamonds are still a girl’s best friend.”

The world's biggest watchmaker, which already owns high-end brands Breguet, Blancpain and Jaquet Droz, acquired several component makers over the last years, but its last buy of a watch brand was more than a decade ago.