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Harry Winston Disappears from the Diamond Scene.
The end of a glorious era in couture jewelry? In the current climate of faceless corporate homogenized leadership, even the upper-crust jewelry boutiques have not gone unscathed.
The Aber Diamond Corporation has entered into an agreement to purchase full interest in retailer Harry Winston for about $157 million.
Aber purchased 51 percent share in Harry Winston for $85 million in April 2004, and had since increased equity to 53 percent.
"The past two and half years have demonstrated the tangible benefits of linking the marketing of rough diamonds to a high-end diamond retailer in the form of improved margins at both ends of the business," said Robert Gannicott, chairman and CEO of Aber. "This acquisition solidifies our position as the world’s premier publicly traded diamond company."
The full ownership of Harry Winston strengthens Aber’s strategic position as a diamond company comprising the two most profitable segments of the diamond pipeline -– mining and retailing the company reports.
The history of the House of Harry Winston dates back nearly 100 years and includes some of the most famous diamonds in the world, from the legendary Hope Diamond, now on permanent display at the Harry Winston Pavilion at the Smithsonian Institution, to the magnificent jewels owned by royalty, movie stars and heads of state. Harry Winston’s dimensional and fluid designs, flawless craftsmanship and unparalleled quality have set the standards for diamond jewelry.
Wonder if Aber will put up a corporate billboard/sign in front of the the flagship New York Winston Emporium here in New York, much the same way as corporations are doing on sports stadiums around the country?!
"Aber Field" just doesn't have the same ring.
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