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Articles from DIAMOND JEWELLERY (846 Articles), WATCHES (739 Articles)

Swatch has already begun to activate plans for the newly acquired Harry Winston brand
Swatch has already begun to activate plans for the newly acquired Harry Winston brand

Swatch reveals Harry Winston plans

The Swatch Group has released its latest financial results for the first six months of the year as well as plans for its recently acquired Harry Winston brand.

The Swiss watch giant reported an 8.7 per cent gross sales increase to CHF 4.2 billion (A$4.9b) for the period, with positive growth in all regions.

Furthermore, its watches and jewellery segment, said to have been largely responsible for the group’s strong performance, recorded a year-on-year increase of 9.1 per cent.

While the company finalised its takeover of the Harry Winston jewellery and watch division earlier this year, its integration will reportedly only become noticeable in the second half of 2013.

Nevertheless, Swatch has already begun to activate its plans for the brand that it purchased for US$1 billion (A$1.1b).

A company statement reported that the acquisition of Harry Winston not only “rounded off” its broad brand portfolio – which now comprises 20 watch and jewellery brands – but also expanded its high end jewellery segment. 

“The continued integration of the Harry Winston brand will also make a significant contribution, as this brand has huge, almost untapped market potential in the high jewellery and watches activities,” the statement read.

Following the purchase, Swatch settled all debts and expanded its equity capital base and inventory. The latter was said to have been initiated in order to provide customers with greater access and availability to the “best selection of jewellery”. The acquisition also led to a company restructure where the production division was integrated into the watches and jewellery segment.  

As previously reported by Jeweller, the Swiss group, under Harry Winston’s name, bought a flawless 102-carat diamond for US$26.7 million (A$28.8m) in May this year. The investment reportedly “reconfirms the number one position of this high jewellery brand”.

The group expected strong sales in the second half of 2013. 

More reading:

No stopping $1 billion Swatch-Harry Winston sale
Swatch buys Harry Winston for US$1 billion
Diamonds and screen siren's jewellery break records

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Monday, 01 June, 2020 07:37pm
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