Key Developments: The Swatch Group SA (UHR.VX)
14 Mar 2014
Latest Key Developments (Source: Significant Developments)
The Swatch Group SA:Says a Dutch court has sentenced Tiffany & Co to pay it 402 million Swiss francs ($448.79 mln ) in damages in a lawsuit following the end of a collaboration between the two groups-Reuters.The Netherlands Arbitration Institute sentenced Tiffany to pay Swatch damages after it pressed claims against the U.S. jeweller in Dec. 2011.Swatch said the court had integrally dismissed a counter-claim filed by Tiffany in Mar. 2012.Tiffany could not immediately be reached for comment. Full Article
Harry Winston Diamond Corp Receives All Required Regulatory Approvals For Sale Of Luxury Brand Segment To The Swatch Group SA
Harry Winston Diamond Corp announced that it has received all required regulatory approvals to the Company's proposed sale of luxury brand diamond jewelry and timepiece division, Harry Winston, Inc., to The Swatch Group Ltd. (the Transaction). The Company expects that closing of the Transaction will occur on or about March 26, 2013. As previously announced, the Company will, in connection with the closing of the Transaction, change name to Dominion Diamond Corporation. Full Article
Reuters reported that The Swatch Group SA said it was buying watch and jewelery brand Harry Winston and its 535 employees for $750 million plus up to $250 million of net debt to complement its high-end watch portfolio. Full Article
- Target Corp has been sued by Swatch Group SA, which accused the second-largest U.S. discount retailer of illegally selling watches that copy its own.