Swatch Group has their sights set on something new: Harry Winston.
As reported by WWD, the brand is looking to make, with their new partnership, a billion dollar brand.
The CEO of Harry Winston and chairwoman of the board at Swatch, Nayla Hayek, told WWD that, while it’s improbable that they’ll reach their billion dollar goal in the next five years, the brand has been working on big plans to making the company more profitable.
What does this mean? Well, first off, that means opening up more Harry Winston stores all over the globe, mostly in Europe, as well as improving their quality and selection of diamonds and other stones.
“Everything is interconnected when you want to really grow and build a business like Harry Winston,” Hayek told WWD. “You have to invest in the stones, you have to invest in more people to create the product, and you have to invest in the whole production process — so this is what we did.”
They sure did! In fact, last year, Harry Winston bought the largest flawless blue diamond in the world for only $23.8 million.
While focusing on the growing watch side of the business, the brand is continuing to work on their image and bring the original Harry Winston back to office, after he ventured to reinvent modern jewelry, and successfully created a reputable name for himself.
This very idea is what convinced Swatch to purchase Harry Winston in the first place. According to Hayek, “You know, if it were just a jewelry brand, it would still be appealing — jewelry is certainly attractive, and of course diamonds are beautiful. But if there weren’t the history behind it, I don’t think we would have bought it.”
The image they want to create is simple: a historical brand with a consistent reputation that gives nothing but the best. Which is why most can’t wait to get their hands on some glittery swatches!