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Harry Winston Finalizes $1 Billion to Swatch Group

Harry Winston logoThe sale of Harry Winston to watchmaking Swatch Group was rumored in October of last year, announced in earlier this year, and finalized March 26, 2013.  The price of the acquisition was $1 billion, Swatch assuming $250 million in debt and Winston netting $750 million.

The Harry Winston Diamond Corp was created in 2006 when Aber Corp, a Canadian diamond mining group, purchased the U.S. based Harry Winston luxury retail business.

Harry Winston Diamond Corp has now sold off the Harry Winston luxury retail division, which is the Harry Winston brand, and will change its name to Dominion Diamond Corp.  Dominion will continue as a diamond mining company that already owns 40 percent of the Diavik mine in Canada and is seeking to acquire the Ekati diamond mine, also in Canada.

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