ZURICH, Jan 14: Swatch Group, the world’s leading watchmaker, said on Monday it would acquire the US jeweller and watchmaker Harry Winston for up to $1.0 billion.

The Swiss group, most known for its brightly-coloured plastic watches, said it would pay $750 million to acquire the company and thus expand its luxury offerings and take a first step into high-end jewellery.

The deal would also involve a maximum of $250m to take on Winston’s net debt, a statement said.

The transaction, which still needs green lights from regulatory authorities, does not include the mining activities of the Harry Winston Diamond Corporation, Swatch said.

Swatch added that it would take over the Harry Winston brand and all the activities related to its jewellery and watches business, including 535 of its employees worldwide and its production site in Geneva.

Harry Winston’s chief executive Robert Gannicott also hailed the deal. “The Harry Winston brand now has a new home that can provide the skills and support that it deserves to realise its true potential,” he said in the statement.—AFP