Harry Winston Reportedly Looking To Sell His Business

Written by Laura Rensing

Despite rumors that cropped up last Thursday that Harry Winston retailer was planning on selling the huge jewelry and watch business, it seems that the luxury dealer is not headed to the pawnshop just yet.

The gossip about the possible sale of the huge and esteemed luxury dealer arose Thursday when an unnamed source leaked that the company was looking at restructuring itself and focusing on the mining aspects of the business.

The Harry Winston Diamond Corporation holds a 40% stake in the Diavik Diamonds Project and operates the Diavik Diamond Mines in Canada and was—according to the unknown but supposedly close source—looking at expanding their ventures into mining and their hold on their own diamond mine.

Who was the huge company supposed to be selling to?  PPR and LVMH were supposedly high on the list, but it seems both companies with be left in the rough.

Though Director of Investor Relations Laura Kiernan claimed that “It is the company’s policy not to comment on rumor or speculation,” apparently the whispers were getting out of hand.

In a statement released by Harry Winston, the company “confirms that it has received various indications of interest regarding a potential purchase of its luxury brand segment.  It is not in active negotiations regarding any such transaction.”

Harry Winston CEO Frederic de Narp added “We are not selling.  It’s all speculation.”

It may seem like a lot of drama for a few rumors, but the huge company is one of the most well-known jewelers and watchmakers in the business.  The brand is respected for its direct approach to working with diamonds and suiting them to a clients’ needs.

While the mining division of the company is comparatively new, the jewelry section of the company has been around since 1932.  Named after the famous jeweler Harry Winston (who is perhaps best known for donating the Hope Diamond to the Smithsonian in 1958), the brand has been a household name since Marilyn Monroe mentioned it in the song “Diamonds are a Girl’s Best Friend.”

Ever since, the jeweler has been known as the “King of Diamonds” and “Jeweler to the Stars.”  Since then, the brand has continued to dominate the world of luxury accessories.    Add on their impressive array of diamond mines, and you can see why even a few whispers about the sale can mean big news for the company.

However, it seems that the diamonds at Harry Winston will remain in their original setting—for now.

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