“The Harry Winston brand was competitively priced
compared with its peers and we could bring diamond expertise and
strategic connections to enhance value. Today there is a range of
diamond resource opportunities while the value of heritage luxury brands
has increased dramatically.” Gannicott added.
“This transaction represents a sound return on our original investment. It will leave us well equipped to realize upstream opportunities in an environment where cash has become a strategic resource while preserving and expanding our relationship with the downstream diamond business.” Gannicott explained further.
“Harry Winston brilliantly complements 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.” Nayla Hayek, Chairwoman of Swatch Group, said. The said business deal still needs to be approved by the regulatory board.
Nevertheless, under the Swatch-Harry Winston agreement, Harry Winston Diamond Inc. has agreed to use a new name after the closing of the transaction, and will eventually be called Dominion Diamond Corporation. Both companies are therefore being expected to explore the opportunities for a joint diamond polishing venture.
“This transaction represents a sound return on our original investment. It will leave us well equipped to realize upstream opportunities in an environment where cash has become a strategic resource while preserving and expanding our relationship with the downstream diamond business.” Gannicott explained further.
“Harry Winston brilliantly complements 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.” Nayla Hayek, Chairwoman of Swatch Group, said. The said business deal still needs to be approved by the regulatory board.
Nevertheless, under the Swatch-Harry Winston agreement, Harry Winston Diamond Inc. has agreed to use a new name after the closing of the transaction, and will eventually be called Dominion Diamond Corporation. Both companies are therefore being expected to explore the opportunities for a joint diamond polishing venture.
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