Swiss Watchmaker Swatch Acquires Harry Winston

The deal is valued at close to $1 billion. Harry Winston is a symbol of luxury. It regularly loans out its diamond studded creations to stars for their walk down the red carpet. Swatch may be best known for its colorful plastic watches.

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STEVE INSKEEP, HOST:

And today's last word in business comes to us courtesy of Marilyn Monroe in the film "Gentlemen Prefer Blondes."

(SOUNDBITE OF SONG, "DIAMONDS ARE A GIRL'S BEST FRIEND")

MARILYN MONROE: (Singing) But square cut or pair shape, these rocks don't lose their shape. Diamonds are a girl's best friend.

RENEE MONTAGNE, HOST:

With that in mind, Swiss watchmaker Swatch required one of the most famous brands in the diamond business - the high-end jeweler, Harry Winston. The deal is valued at close to a billion dollars.

INSKEEP: Harry Winston, of course, is a symbol of luxury, which regularly loans out diamond studded creations to stars for their walk down the red carpet. And now Swatch, best known for its colorful plastic watches, is hoping some of that style will rub off.

MONTAGNE: Swatch's chairman said diamonds are still a girl's best friend.

And that's the business news on MORNING EDITION from NPR News. I'm Renee Montagne.

INSKEEP: And I'm Steve Inskeep.

(SOUNDBITE OF SONG, "DIAMONDS ARE A GIRL'S BEST FRIEND")

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