The Swatch Group announced Monday that it will acquire the watch and jewelry business of luxury purveyor Harry Winston. The $750 million cash purchase also includes an assumption of $250 million in debt.
The acquisition is the largest in Swatch Group's history and should nicely compliment the company's other prestige brands, such as Omega, Breguet, and Blancpain.
As for Toronto-based Harry Winston, it will shift its focus to diamond mining activities and rename itself Dominion Diamond after completing the sale to Swatch.
Harry Winston has a long association with Hollywood stars dating back to Marilyn Monroe. Its jewels are regularly worn by leading actors at red carpet events.