According to Reuters, Harry Winston Diamond Corp. might be looking to sell its watch and jewelry business. According to a source, the brand is looking to concentrate on mining and has been approached by potential buyers. Although the names of the potential buyers haven’t been disclosed, we suspect luxury giants LVMH and PPR to be among the potential acquirers.
Harry Winston’s luxury division which includes its watches, jewelry and retail locations has estimated to be worth $766 million, according to RBC Capital Markets analyst Irene Nattel. If a deal were to go through, analysts predict that it could sell for a premium similar to the 2011 acquisition of Bulgari by LVMH, where LVMH offered a 60 percent premium for the takeover.