Swatch Group, being the largest watch maker in the world ,has decided to buy watch and jewellery brand Harry Winston and its 535 employees for $750 million and $250 million of net debt to complement its high-end watch portfolio.
"Harry Winston does brilliantly complement the prestige segment of the group," Chairwoman Nayla Hayek said in a statement. "We are proud and happy to welcome Harry Winston to the Swatch Group family - diamonds are still a girl's best friend."
The Winston Empire was reportedly on the look out for potential buyers for the luxury watch division of the company.
"The Harry Winston brand now has a new home that can provide the skills and support that it deserves to realize its true potential," said Robert A. Gannicott, chairman of the board and chief executive of Harry Winston Diamond Corp.
Having started as a small jeweler in New York in 1924, Harry Winston was made famous by a reference in Marilyn Monroe's song "Diamonds Are a Girl's Best Friend" in the film "Gentlemen Prefer Blondes".
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