On March 26, Swatch completed its $1 billion acquisition of Harry Winston—a marriage of two of the biggest names in the jewelry and watch worlds.
The acquisition was first announced in January. Swatch did not respond to a request for comment from JCK, and has not commented much publicly on its future plans for the legendary retailer. But Swatch CEO Nick Hayek told The Wall Street Journal that Winston was “a brand with a credible history in jewelry [that will] help us strengthen our position in key markets.
The acquisition’s completion means that the retailer’s former owner—which was until now known as Harry Winston Diamond Corp.—will change its name to Dominion. Dominion is in the midst of acquiring Canadian diamond mine Ekati, and already owns 40 percent of another diamond mine, Diavik. The company originally purchased the retailer in 2004.
While the two companies also announced plans for a joint diamond polishing venture, the plan was not mentioned in the press statements announcing the finalization of the acquisition.
The Harry Winston brand comprises 21 directly operated retail salons worldwide, four licensed salons, and a wholesale line of watches.