Swatch Group acquires Harry Winston for $750 mln

Mon Jan 14, 2013 1:09am EST
 
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ZURICH Jan 14 (Reuters) - Swatch Group said on Monday it was buying watch and jewellery brand Harry Winston and its 535 employees for $750 million plus up to $250 million of net debt to complement its high-end watch portfolio.

"Harry Winston does brilliantly complement the prestige segment of the Group. We are proud and happy to welcome Harry Winston to the Swatch Group family - diamonds are still a girl's best friend," Chairwoman Nayla Hayek said in a statement.

Swatch Group is known for its colourful plastic Swatch watches but also owns high-end brands Breguet, Blancpain and Jaquet Droz.