The watch industry is buzzing as reports surface that famed retailer Harry Winston is in talks with luxury groups to sell the watch and jewelry portion of his eponymous line. Reuters has reported that the move is likely a restructuring, to allow Winston to focus more time on his company’s mining ventures. Last month the Diavik Diamond Mine joint venture, of which Winston holds a 40% stake, reported a dramatic drop in profits in response to lower marketplace demand.
Winston’s jewels and timepieces, which became a household name thanks to a name-drop in Marilyn Monroe’s song “Diamonds are a Girl’s Best Friend”, frequently appear on stars on the red carpet. Reports quote a source close to Harry Winston saying that luxury groups PPR and LVMH are the most likely buyers. LVMH in particular has continued its aggressive market expansion, after picking up Bulgari last year. Representatives for all companies declined to comment at this time, so we’ll have to keep watching to see how this will play out for luxury timepiece lovers everywhere.