SWATCH Watches Purchases Harry Winston for $1 Billion

Swatch, the largest watch maker in the world, has agreed to the acquisition and purchase of the jewelry business of Harry Winston. Agreeing to pay $750 million in cash for Harry Winston, while agreeing to assume $250 million in debt, Swatch’s purchase of the jewelry and watch business, expands its vast portfolio by adding the iconic jewelry brand. Swatch more notably known for its colorful plastic watches, also owns the upscale brands of Omega, Breuget and Blancpain. Swatch has also purchased several makers of components over the years, which allows them to have a great control in the industry regarding the need of timepiece parts to other watch companies, as well. Harry Winston will not sell its divestitures in its mining activities.