Swatch’s Plans for Harry Winston
The Swatch Group plans to turn Harry Winston into a billion dollar company. After acquiring the diamond jewelry and timepiece division of Harry Winston for $1 billion, including $250 million in debt, Swatch is sharing their strategy for expanding the brand. Harry Winston, which has a strong presence in the US and Japanese markets, is ramping up production and expanding its inventory. Nayla Hayek, chairwoman of the board of Swatch Group and CEO of Harry Winston, said she is driving the brand toward $1 billion in sales, but does not expect that target to be reached for another five years.
Rachel Roy Wins First Round
The New York State Supreme Court has granted designer Rachel Roy a preliminary injunction preventing The Jones Group from continuing the sale of her business to Bluestar Alliance for $14.6 million. The preliminary injunction allows Roy’s lawsuit to proceed to trial. Roy released a statement saying, “I am pleased with today’s ruling and that the court has recognized my rights to creative control and approval over the designs and licenses for my brand. I have worked hard to develop the Rachel Roy brand, and my team and I are eager to continue our focus on design, development and production.” The designer has been involved with Jones since 2008 to develop and sell products under the Rachel Roy brand. Agreements included the transfer of intellectual property assets, an asset purchase agreement, a licensing agreement and an employment contract naming Roy as artistic director for the Rachel Roy brand. She is still an employee of Jones, although her business was shut down for $2.2 billion before its acquisition by Sycamore Partners.
Classic Ray-Bans are Revamped
Ray-Ban is giving some of their classic sunnies a makeover. Their iconic styles are being reimagined in new materials just in time for summer. Wayfarers will be available in denim, camouflage and black or brown leather. The Erika frame will feature screen-printed velvet and hues of blue, red, purple, yellow and black. Aviators are reimagined in laser-cut steel and have several new frame options. The new materials collection will be featured in a campaign called “Never Hide What You’re Made Of,” which will feature ads for each of the eight materials. The collection ranges from $135 to $300 and will be available early next month.
Source: WWD, WSJ
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