Harry Winston is looking to sell its jewelry and watch business to a luxury conglomerate like LVMH or PPR, according to a Reuters story that quotes an unnamed source.
“They are looking to sell these assets and are doing the rounds among potential buyers,” a source told the news agency.
Women’s Wear Daily later ran a similar report.
Harry Winston also owns 40 percent of the Diavik mine in the Northwest Territories, and the company’s CEO has said it is interested in expanding its mining holdings.
PPR currently owns jewelers such as Boucheron and watchmaker Girard-Perregaux; LVMH owns Bulgari, the De Beers retail chain, and several watch brands.
Harry Winston director of investor relations Laura Kiernan tells JCK: “It is the company’s policy not to comment on rumor or speculation.” And Harry Winston CEO Fredric de Narp told WWD: “We are not selling. It’s all speculation.”