Keeping in with the diamond theme, there is talk within the jewellery circles that Harry Winston Diamond Corporation could be looking to off-sell their watch and jewellery business to concentrate on mining.
“They are looking to sell these assets and are doing the rounds among potential buyers,” a source told Reuters.
The value of Harry Winston’s luxury segment, which includes watches, jewellery and retail salons globally is worth around $US766 million.
With these type of rumours, the big players in luxury ie. LVMH and PPR figure prominently among potential acquirers.
LVMH, the world’s biggest luxury group, owns jewellers Fred and Chaumet as well as watchmakers Tag Huer, Hublot and Zenith and is on the lookout for potential acquisitions.
PPR, which owns jeweller Boucheron and watch brands Girard-Perregaux and JeanRichard, has always said it wanted to make acquisitions in “hard luxury,” namely watches and jewellery.
Both PPR and LVMH declined to comment, as did a spokeswoman for Harry Winston.
The news of a potential sale saw shares jump by more than 10 percent.
Harry Winston, which started as a small jeweller in New York in 1924, was made famous by a reference in Marilyn Monroe’s song “Diamonds Are a Girl’s Best Friend.” Every year the firm lends out hundreds of millions of dollars worth of jewels to be worn by actresses on the red carpet events like the Oscars, landing the company endless free publicity in the process.
By Cassandra Murnieks
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