Swatch Group AG, which bought the Harry Winston watch and jewelry brand for about $1 billion in March, agreed to take over Dubai retailer Rivoli Investments LLC, gaining a network of 360 businesses across the Middle East.
Last year, Marc Kaye suffered a cash shortage. He had tuition to pay at three colleges -- including Harvard and Columbia -- and his insurance business wasn’t generating enough commissions to cover the bills.
OAO Lukoil, Russia’s largest non- state oil producer, is close to appointing BHP Billiton Ltd.’s former diamond marketing head to sell the precious stones from its Grib mine, according to people with knowledge of the matter.
Harry Winston Diamond Corp.’s $1 billion sale of a luxury unit to Swatch Group AG provides the cash to invest more in diamond mining, a business that last year was more than twice as profitable as jewelry.
Swatch Group AG, the biggest maker of Swiss timepieces, said Nayla Hayek will replace Frederic de Narp as leader of the Harry Winston luxury jewelry and watches unit following its acquisition of the brand earlier this year.