Whoopee: the very fun holiday game of “Who’s Going to Buy Who Next Year?” has officially begun with a launch entry from Bernstein Research, an arm of AllianceBernstein. And what are they thinking? Watches. Watches and jewellery galore.
And just like that – OK, just like that with $750 million plus the assumption of up to US$250 million of pro forma net debt – Swatch becomes a major luxury jewellery player. Today they announced the acquisition of the luxury arm of Harry Winston Diamond corporation. It is an image-changing buy.
It seems to me Chanel is fast becoming the Swatch of luxury – and no one is really paying attention.
Today WWD is reporting that the couture house’s affiliate, Paraffection, has acquired French super-glove-maker Causse, which joins the other EIGHT specialist ateliers they have bought up in the past decade including embroiderer Lesage and button maker Desrues. The spin goes: Chanel is preserving French know-how for posterity (and indeed, according to our piece on manufacturing in France, if you don’t, say, use Lesage for embroidery, you would probably need to go to India to find the same skills). But at the same time they are acquiring a monopoly on said skills. Which is where the Swatch comparison comes in.