harry winston , inc .
harry winston inc. - company profile, information, business description, history, background information on harry winston inc .
swatch group acquires the jewelry and watch brand harry winston inc. - swatch group
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information about harry winston inc. s us defined benefit plan is as follows :
for harry winston inc. us employees. the benefits for the harry winston inc. plan are based on years of service and the employee' s compensation. in
the significant assumptions used for harry winston inc. s us plan are as follows :
name of company effective interest country of incorporation harry winston diamond mines ltd. 100% canada harry winston diamond limited partnership 100% canada harry winston diamond (india) private limited 100% india harry winston diamond international n. v. 100% belgium harry winston technical services inc. 100% canada 6019838 canada inc. 100% canada harry winston inc. 100% us harry winston sarl 100% france harry winston japan, k. k. 100% japan harry winston (uk) limited 100% uk harry winston inc. taiwan branch 100% taiwan harry winston s. a. 100% switzerland harry winston (hong kong) limited 100% hong kong harry winston commercial (beijing) co. , ltd 100% china harry winston n. a. pte ltd. 100% singapore
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, harry winston inc. amended its defined benefit pension plan. the amendment froze plan participation effective
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( i) information about harry winston inc.' s us defined benefit plan is as follows :
( iii) the significant assumptions used for harry winston inc.' s us plan are as follows :
harry winston timepieces combine the high quality craftsmanship of harry winston jewels with the time honored tradition of swiss watchmaking .
ask a question about working or interviewing at harry winston, inc. . our community is ready to answer .
the asset allocation of harry winston inc. s us pension benefits at january 31, 2009 were as follows :
furniture, equipment and other includes equipment located at the companys diamond sorting facility and at harry winston inc. salons .
capital lease obligations represent future minimum annual rentals under non - cancellable capital leases for harry winston inc. retail exhibit space .
harry winston' s son ronald buys out his brother bruce winston' s share of business .
the company also owns a 100% interest in harry winston inc. , the premier fine jewelry and watch retailer. the results of harry winston inc. , located in new york city, us, are consolidated in the financial statements of the company .
the retail segment has pledged 100% of harry winston inc. s common stock and 66 2 / 3% of the common stock of its foreign subsidiaries to the bank to secure the loan. inventory and accounts receivable of harry winston inc. are pledged as collateral to secure the borrowings of harry winston inc. in addition, an assignment of proceeds on insurance covering security collateral was made .
2000: harry winston' s son ronald buys out his brother bruce winston' s share of business .
) private limited and $ nil was drawn by harry winston diamond international n. v. the facility is guaranteed by harry winston diamond corporation .
harry winston debuts water by harry winston, a collection of jewels exploring the extraordinary wonders of the world’s most precious elements – rare gemstones and water .
operating lease obligations represent future minimum annual rentals under non - cancellable operating leases for harry winston salons and office space. harry winston inc. s new york salon lease expires on december 17, 2010 with an option to renew .
the retail segment consists of the companys ownership in harry winston inc. this segment consists of the marketing of fine jewelry and watches on a worldwide basis .
attributed to the harry winston s. a. plan. the harry winston japan, k. k. plan is non - funded with a benefit obligation of
harry winston, inc. is founded in new york city by mr. harry winston - an innate gemologist, intuitive businessman, and dedicated philanthropist - marking the start of a remarkable legacy that will continue to be celebrated for years to come .
amfar: : in the spotlight: : harry winston, inc. announces milestone partnership with amfar: : the foundation for aids research: : hiv / aids research
real property is comprised of land and a building that houses the corporate activities of the company and various leasehold improvements to harry winston inc. salons and corporate offices .
. harry winston inc.' s funding policy for the us plan is to contribute amounts to the plan sufficient to meet the minimum funding requirements set forth in the
the following table sets forth the compensation awarded, paid to or earned by the corporations named executive officers during the three most recently completed fiscal years ended january 31, 2008. thomas j. oneill, has an executive position with the corporation and with its wholly owned subsidiary, harry winston, inc. ronald winston has an executive position with harry winston, inc. :
harry winston introduces its first collection of timepieces, entering the world of fine watchmaking .
harry winston diamond corporations results of operations include results from its mining and retail operations .
the luxury brand segment consists of the company' s ownership in harry winston inc. this segment consists of the marketing of fine jewelry and watches on a worldwide basis .
today, harry winston’s design philosophy is perpetuated in every fine watch that bears his name .
harry winston, inc. acquires the 101. 73 - carat winston legacy diamond. the flawless, colorless pear - shaped stunner is described by christie’s auction house as “the most perfect diamond ever offered for sale at auction. ”
the harry winston retail segment sponsors three separate defined benefit pension plans covering substantially all of its employees in the united states, japan and switzerland. the principal pension plan is the harry winston employee retirement plan for harry winston inc. us employees. the benefits for the harry winston inc. plan are based on years of service and the employees compensation. in april 2001, harry winston inc. amended its defined benefit pension plan. the amendment froze plan participation effective april 30, 2001. harry winston inc. s funding policy for the us plan is to contribute amounts to the plan sufficient to meet the minimum funding requirements set forth in the employee retirement income security act of 1974. plan assets consist primarily of fixed income, equity and other short - term investments. the other two defined benefit pension plans are sponsored by retail segment subsidiaries harry winston japan, k. k. and harry winston s. a. , which converted their previous pension plan arrangements into defined benefit plans effective february 1, 2007. pension liabilities for these two non - us plans are funded in accordance with local laws and regulations .
rothschild advised harry winston on the transaction. ($ 1 = 0. 9123 swiss francs )
harry winston opens a timepiece manufacture in geneva, switzerland, the watchmaking capital of the world .
). this facility is secured by inventory owned by harry winston japan, k. k .
mr. kelly was unable to attend the event; he saw the presentation via a video feed. the award, a beautiful harry winston midnight timepiece, was gifted to mr. kelly. presenting sponsors for the saturday evening gala were harry winston, inc. and audi of america .
harry winston launches the lily cluster collection, a contemporary interpretation of the iconic winston cluster motif, inspired by the refined shape of lilies in bloom .
harry winston moves his salon to 718 fifth avenue, marking one of the largest moves in jewelry history. the location will remain the permanent home to harry winston’s flagship salon, design studio, and archives .
for further details and information concerning harry winston diamond corporations mineral reserves and resources, readers should reference harry winston diamond corporations annual information form available through urltoken and http: / / investor. harrywinston. com .
2012 2011 accrued benefit obligation discount rate - hw inc. 4. 84% 5. 24% expected long - term rate of return - hw inc. 7. 50% 7. 50% discount rate - harry winston japan, k. k. 1. 46% 1. 58% expected long - term rate of return - harry winston japan, k. k. -% -% discount rate - harry winston s. a. 2. 50% 2. 75% expected long - term rate of return - harry winston s. a. 3. 50% 3. 75% benefit costs for the year discount rate - hw inc. 5. 24% 5. 56% expected long - term rate of return on plan assets - hw inc. 7. 50% 7. 50% rate of compensation increase - hw inc. -% -% discount rate - harry winston japan, k. k. 1. 58% 1. 84% expected long - term rate of return on plan assets - harry winston japan, k. k. -% -% rate of compensation increase - harry winston japan, k. k. 4. 21% 4. 36% discount rate - harry winston s. a. 2. 50% 2. 75% expected long - term rate of return on plan assets - harry winston s. a. 3. 50% 3. 75% rate of compensation increase - harry winston s. a. 3. 00% 3. 00 %
harry winston retail segment expects to contribute to $ 0. 9 million to its pension plan in calender 2009
harry winston introduces the groundbreaking opus series, creating a new limited edition timepiece annually in partnership with renowned horologists .
harry winston introduces the world' s first timepiece crafted in zalium – an innovative, zirconium - based alloy .
harry winston inc. expects sales in the luxury diamond jewelry industry to continue to be negatively impacted by economic conditions through at least the first half of the fiscal year. the company has implemented a series of cost reduction measures to align its cost structure with the realities of the economy. the strength of the harry winston brand and international distribution network has positioned the company to withstand the unprecedented economic challenges currently being faced throughout the world. harry winston inc. will continue to focus on providing our customers with the highest level of quality and service in our industry .
summary discussion harry winston diamond corporation is a specialist diamond company focusing on the mining and retail segments of the diamond industry. the company supplies rough diamonds to the global market from production received from its 40% ownership interest in the diavik diamond mine, located off lac de gras in canadas northwest territories. the company also owns a 100% interest in harry winston inc. , the premier fine jewelry and watch retailer operating under the harry winston ® brand .
swatch group ltd. issued a brief statement friday saying that nayla hayek, chairwoman of the swiss holding company and daughter of the company’s founder nicolas hayek, has been named ceo of harry winston, inc. , effective immediately .
at january 31, 2009 and 2008, harry winston inc. has recorded a liability of $ 6. 0 million and $ 5. 8 million, respectively, in connection with a deferred compensation plan for a key executive. according to the terms of this plan, the executive is entitled to deferred compensation of $ 5. 0 million, which vests in equal installments on the first through the third anniversaries of the executives first day of employment with harry winston inc. on each vesting date, the vested portion of the deferred compensation will be paid to the executive unless the executive provides harry winston inc. with prior written notice to defer receipt of all or a portion of the vested portion of the deferred compensation. all such vested amounts deferred at the request of the executive will be distributed to the executive upon the executives termination of employment with harry winston inc. the deferred compensation bears interest at libor .
founded in 1932, harry winston, inc. is a younger jeweler compared to many established brands that are well known across the world. over his lifetime, founder harry winston continued to grow and shape his famed jewelry house into one of the most respected in the world. his dedication, passion and unique approach to his business allowed him to build a brand that’s become synonymous with elegance and glamour. keep reading to learn about the history of harry winston .
carrying amount at face value at january 31, 2012 january 31, 2012 borrower secured bank loan (b) (i) $ 200. 5 million $ 200. 5 million harry winston inc. secured bank loan (b) (ii) $ 3. 8 million $ 3. 8 million harry winston s. a. secured bank loan (b) (ii) $ 12. 8 million $ 12. 8 million harry winston s. a. secured bank loan (a) (i) $ 50. 0 million $ 50. 0 million harry winston diamond corporation and harry winston diamond mines ltd. first mortgage on real property (a) (iii) $ 6. 3 million $ 6. 3 million 6019838 canada inc. secured bank advance (d) $ 4. 3 million $ 4. 3 million harry winston diamond (india) private limited secured bank advance (d) $ 7. 5 million $ 7. 5 million harry winston japan, k. k. unsecured bank advance (d) $ 7. 0 million $ 7. 0 million harry winston japan, k. k. unsecured bank advance (d) $ 7. 7 million $ 7. 7 million harry winston japan, k. k. unsecured bank advance (d) $ 1. 3 million $ 1. 3 million harry winston japan, k. k .
harry winston opens his first international salon in geneva, switzerland. a salon in paris, france follows in 1957 .
). harry winston japan, k. k. , also maintains a secured credit agreement amounting to ¥575 million (
the rate of income tax payable by harry winston inc. varies by jurisdiction. net operating losses are available in certain jurisdictions to offset future income taxes payable in such jurisdictions. the net operating losses are scheduled to expire through 2028 .
eventually, harry winston decided to close the premier diamond company and open harry winston inc. n 1932, his ability to produce timeless, exquisite settings drew people in and his jewelry company grew steadily. this all happened around the time he gained possession of a 125. 35 carat, emerald cut diamond which happened to be the largest one on record .
, p. eng. , principal advisor, strategic planning of diavik diamond mines inc. , a qualified person within the meaning of national instrument 43 - 101 of the canadian securities administrators. for further details and information concerning harry winston diamond corporation' s mineral reserves and resources, readers should reference harry winston diamond corporation' s annual information form available through
“the harry winston brand now has a new home that can provide the skills and support that it deserves to realize its true potential, ” said robert a. gannicott, chairman of the board and chief executive of harry winston diamond corp .
( utilization in either us dollars or euros) revolving financing facility for inventory and receivables funding in connection with marketing activities through its belgian subsidiary, harry winston diamond international n. v. , and its indian subsidiary, harry winston diamond (
harry winston inc. has a defined contribution 401 (k) plan covering substantially all employees in the united states. for the fiscal years ended january 31, 2009 and 2008, harry winston inc. elected to increase the employer - matching contribution to 100% of the first 6% of the employees salary from 50% in fiscal 2007 and prior. employees must meet minimum service requirements and be employed on december 31 of each year in order to receive this matching contribution .
us plan assets represented approximately 61% of total harry winston retail segment plan assets at january 31, 2009. the unfunded status of the retail segment plans are comprised of $ 0. 8 million attributed to the us - based harry winston inc. plan, as reported in the table above, and $ 1. 4 million attributed to the harry winston japan, k. k. plan. the harry winston japan, k. k. plan is non - funded with a benefit obligation of $ 1. 4 million. the harry winston s. a. plan was fully funded at january 31, 2009 with a benefit obligation of $ 4. 3 million offset by plan assets of $ 4. 5 million .
robert a. gannicott – chairman of the board and chief executive officer of harry winston diamond corporation commented: «the harry winston brand now has a new home that can provide the skills and support that it deserves to realize its true potential. »
the harry winston gallery opens at the smithsonian institution in washington, d. c. , housing the famed hope diamond .
since swatch group acquired harry winston in january 2013, it hasn’t revealed much about its plans for the luxury retail brand. however, one thing it has openly done is keep with the harry winston tradition of flamboyant purchases of statement diamonds and gems .
the most logical target for harry winston is the diavik mine, located near ekati in the n. w. t. harry winston already owns 40% of the mine, and majority owner rio tinto ltd. is interested in selling its 60% stake. the two sides held negotiations last year before harry winston elected to do the ekati deal instead, according to reports .
the first event sponsored by harry winston will be amfar’s new york gala, taking place on february 11 in new york city .
and 2011, harry winston inc. elected to increase the employer - matching contribution to 100% of the first 6% of the employee' s salary from 50% in fiscal 2007 and prior. employees must meet minimum service requirements and be employed on
at january 31, 2009, $ 18. 4 million, $ 4. 7 million and $ 1. 5 million were drawn under the companys revolving financing facilities relating to its belgian subsidiary, harry winston diamond international n. v. , its israeli subsidiary, harry winston diamond (israel) limited and its indian subsidiary, harry winston diamond (india) private limited, respectively .
and nayla hayek, chairwoman of the swatch group ltd. , says «harry winston does brilliantly complement the prestige segment of the group. we are proud and happy to welcome harry winston to the swatch group family – diamonds are still a girl’s best friend. »
the other annual compensation for ronald winston represents us $ 38, 152 related to allowances for life insurance and an automobile lease with related costs in each of 2006 to 2008. in addition mr. winston earned a fee of us $ 81, 000 in 2007 and us $ 108, 000 in 2006 for services rendered under a management agreement with harry winston, inc. and hw holdings, inc for advisory services provided by mr. winston as a shareholder of hw holdings, inc. perquisites and other personal benefits for the other named executive officers are not included since they do not exceed the lesser of $ 50, 000 and 10% of the total annual salary and bonus for the named executive officers .
harry winston diamond corporation (the company) is a specialist diamond company focusing on the mining and retail segments of the diamond industry .
harry winston japan, k. k. , maintains unsecured credit agreements with three banks, each amounting to ¥1, 250 million (
the company is exposed to competition in the retail diamond market from other luxury goods, diamond, jewelry and watch retailers. the ability of harry winston inc. to successfully compete with such luxury goods, diamond, jewelry and watch retailers is dependent upon a number of factors, including the ability to source high - end polished diamonds and protect and promote its distinctive brand name and reputation. if harry winston inc. is unable to successfully compete in the luxury jewelry segment, then the companys results of operations will be adversely affected .
may 15, 2014, geneva, switzerland – harry winston inc. announces the acquisition of a rare 13. 22 - carat, flawless, fancy - vivid blue diamond, which will be called the ‘winston blue. ’ purchased at the christie’s auction, the magnificent pear - shaped stone has been described as the largest of kind .
notwithstanding the current economic conditions, harry winston inc. will continue its plan to strengthen its brand and expand its retail salon network and product offering over the next several years. to that end, one salon is planned to be opened in singapore during in fiscal 2010 .
burleigh, nina ,
the trouble with harry winston ,
new york, january 18, 1999, pp. 46 - 53 .
shor, russell ,
new york judge orders sale of harry winston ,
jewelers circular keystone, march 1998, p. 78 .
leading ladies on the red carpet, for over eight decades, harry winston has been a symbol of the best there is. headquartered in
the company has net operating loss carryforwards for canadian income tax purposes of approximately $ 1. 1 million. harry winston inc. has net operating loss carryforwards for us income tax purposes of $ 54. 9 million and $ 14. 7 million for other foreign jurisdiction tax purposes .
winston discreetly maintains an elite and exclusive clientele. the most powerful industrialists, wealthiest potentates, prominent royal families, and celebrated stars have bought their most treasured jewels from harry winston and continue to do so today .
inspired by the symmetry and beauty of one of nature' s most majestic blooms, harry winston and his designers first introduce the sunflower motif .
parr, karen ,
harry winston buffs its image ,
women' s wear daily, july 13, 1998, p. 8 .
the name “harry winston” is associated with luxury goods rather than the cold and filthy business of mining diamonds in canada’s far north, so it only makes sense that the company plans to change its name. following the close of the swatch transaction, harry winston will become dominion diamond corp .
building on its legacy of philanthropy and charitable giving, international fine jeweler and watchmaker, harry winston, inc. , today announced a groundbreaking new partnership with amfar, the foundation for aids research, that represents the single largest corporate partnership in the foundation’s history. through a wide range of contributions including direct financial support and in - kind donations, harry winston will help advance amfar’s efforts to end the global aids epidemic through innovative research .
at the age of 82, harry winston died in 1978, but his legacy continues today. winston’s son too control of the company and expanded the company further, with locations in asia and a new watch collection. the watch collection has grown with headquarters in switzerland, the watchmaking capital of the world. the harry winston gemstone collection has also continued to grow with the purchase of a diamond that would become the winston legacy diamond in 2013 and the winston blue in 2014, the largest known blue diamond .
as at january 31, 2009, the companys most significant asset is a 40% ownership interest in the diavik group of mineral claims. the diavik joint venture (the joint venture) is an unincorporated joint arrangement between diavik diamond mines inc. (ddmi) (60 %) and harry winston diamond limited partnership (40 %) where harry winston diamond corporation owns an undivided 40% ownership interest in the assets, liabilities and expenses. ddmi is the operator of the diavik diamond mine. both companies are headquartered in yellowknife, canada. ddmi is a wholly owned subsidiary of rio tinto plc of london, england, and harry winston diamond limited partnership is a wholly owned subsidiary of harry winston diamond corporation of toronto, canada .
harry winston incs overall expected long - term rate of return on assets is 7. 50% . the expected long - term rate of return is based on the portfolio as a whole and not on the sum of the returns on individual asset categories. the return is based exclusively on historical returns, without adjustments. harry winston s. a. s overall expected long - term rate of return on assets is 3. 25% . long - term rate of return for harry winston japan, k. k. plan assets is not applicable due to the unfunded status of the plan .
in addition to serving as the night’s presenting sponsor, harry winston, inc. , also donated its premier ladies timepiece for the event’s silent auction and presented honorees – artist ellsworth kelly and event producer todd fiscus – with a harry winston midnight timepiece, for their contributions to raising awareness of hiv / aids. mr. fiscus received the award in honor of his $ 1 million donation of in - kind services to two x two over the years .
the above mineral reserve and mineral resource statement was prepared by diavik diamond mines inc. , operator of the diavik diamond mine, under the supervision of
life magazine reports that harry winston owns the world' s second largest collection of historic jewels. the largest collection is owned by the british royal family .
harry winston already owns 40 percent of diavik, the other major mine in the northwest territories, as well as the noted retailer by the same name .
. plan assets consist primarily of fixed income, equity and other short - term investments. the other two defined benefit pension plans are sponsored by luxury brand segment subsidiaries harry winston japan, k. k. and harry winston s. a. , which converted their previous pension plan arrangements into defined benefit plans effective
harry winston diamond corporation is a specialist diamond enterprise with premium assets in the mining and retail segments of the diamond industry. the company supplies rough diamonds to the global market from its 40% ownership interest in the diavik diamond mine, located in canadas northwest territories. the companys retail division, harry winston inc. , is a premier diamond jeweler and luxury timepiece retailer with salons in key locations including new york, paris, london, beijing, tokyo and beverly hills .
when a relationship is finally established, each client’s harry winston red carpet experience is handled on a case - by - case basis, but always with kid gloves. every awards season, a red carpet team of 2 - 3 specialists is charged with navigating the logistics and communications maze surrounding a star’s harry winston debut .
the company operates two other revolving financing facilities. the company has available $ 45. 0 million (utilization in either us dollars or euros) and $ 10. 0 million for inventory and receivables funding in connection with marketing activities through its belgian subsidiary, harry winston diamond international n. v. , its israeli subsidiary, harry winston diamond (israel) limited, and its indian subsidiary, harry winston diamond (india) private limited, respectively. borrowings under the belgium facility bear interest at the banks base rate plus 1. 5% and borrowings under the israeli facility bear interest at libor plus 1% . at january 31, 2009, $ 18. 4 million, $ 4. 7 million and $ 1. 5 million were drawn under the companys revolving financing facilities relating to its belgian subsidiary, harry winston diamond international n. v. , its israeli subsidiary, harry winston diamond (israel) limited and its indian subsidiary, harry winston diamond (india) private limited, respectively. harry winston diamond (israel) limited has scheduled repayments of $ 1. 0 million per month on the outstanding balance commencing february 2009. the belgium facility has an annual commitment fee of 0. 75% per annum. both facilities are guaranteed by harry winston diamond corporation .
harry winston meets the duke and duchess of windsor for the first time. prior to their meeting, the duchess, an avid jewelry collector, sends mr. winston a letter stating ,
my friends tell me you have such wonderful things ...
the duke and duchess will go on to purchase several pieces of harry winston jewelry for their personal collection, including the famed mclean diamond .
success brought both media attention and the chance to grow the business. in 1932, he was able to open harry winston inc, under which brand he designed, manufactured and sold his own jewellery. his philosophy was simple but revolutionary: jewellery design should always be dictated by the gemstones themselves, rather than their settings .
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about the harry winston brilliant futures charitable program: supporting local communities and giving hope to those in need is a longstanding house tradition that began with our founder, mr. harry winston. from 1949 - 1953, mr. winston organized an exhibition known as
the court of jewels
– a magnificent traveling collection featuring his most impressive and historic gems – which toured key cities across america raising money for local charitable causes .
harry winston started another jewelry trend in 1944 when he became the first jeweler to lend diamonds to celebrities for the red carpet. he lent diamonds to actress jennifer jones to accept her best actress award at the academy awards. ever since, celebrities take stunning pieces to the red carpet and harry winston became known as “jeweler to the stars. ”
harry winston introduces ultimate adornments, an exceptional high jewelry collection hand - crafted in diamonds and platinum. the intricate collection represents a journey through heritage, traditions, and culture .
the weighted average assumptions used to determine the benefit obligations for harry winston japan, k. k. and harry winston s. a. at january 31, 2009 are a discount rate and expected long - term rate of return of 1. 70% and 0. 00% and 2. 50% and 3. 25% , respectively .
biel / bienne (switzerland) / new york (usa), january 14, 2013 – the swatch group ltd. in biel / bienne acquires 100% of the shares of the us company hw holdings inc. , owner of harry winston inc. , 718 fifth avenue, new york 0019 (ny). the swatch group ltd. acquires the brand and all the activities related to jewelry and watches, including the 535 employees worldwide and the production company in geneva (switzerland). the acquisition sum amounts to
“harry winston has long looked to the glamour of hollywood and the allure of its most famous and important gemstones, as a way to raise awareness and funds for local charitable causes, ” said nayla hayek, ceo of harry winston, inc. “amfar’s history of hosting some of the world’s most prominent charity events to drive support for its pioneering work towards finding a cure for aids, mirrors the same philanthropic principles and beliefs the harry winston brand was founded upon. through amfar, we are proud to not only continue our commitment to bringing more healthy and brilliant futures to all, but also to support the organization’s mission to ending a global epidemic, which continues to impact more than 35 million people worldwide. ”
the above mineral reserve and mineral resource statement was prepared by diavik diamond mines inc. , operator of the diavik diamond mine, under the supervision of calvin yip, p. eng. , principal advisor, strategic planning of diavik diamond mines inc. , a qualified person within the meaning of national instrument 43 - 101 of the canadian securities administrators .
harry winston lead an incredibly interesting life, find out what made him one of the world' s leading jewellers and how his design philosophy is perpetuated in all of his pieces .
, ceo of harry winston, inc .
amfar' s history of hosting some of the world' s most prominent charity events to drive support for its pioneering work towards finding a cure for aids, mirrors the same philanthropic principles and beliefs the harry winston brand was founded upon. through amfar, we are proud to not only continue our commitment to bringing more healthy and brilliant futures to all, but also to support the organization' s mission to ending a global epidemic, which continues to impact more than 35 million people worldwide .
the company tests goodwill for impairment on an annual basis as of january 31 of each year and at any other time if an event occurs or circumstances change that would more likely than not reduce the fair value of the retail reporting unit below its carrying amount. the companys goodwill relates to its retail segment, which was acquired through its purchase of harry winston inc .
the blue stone, newly named “the winston blue, ” joins the 101. 73 - carat “ winston legacy ” colorless diamond, which was purchased by harry winston at christie’s geneva jewelry auction a year ago. the luxury brand paid $ 26. 7 million for the diamond ($ 254, 400 per carat), a world record for a colorless diamond .
gentleman prefer blondes is released. the film’s hit song diamonds are a girl’s best friend, includes the famous line, “talk to me harry winston! tell me all about it! ”
wade, lambert ,
gems in the rough: sibling feud tarnishes the diamond empire built by harry winston ,
wall street journal, february 14, 1996, p. a1 .
celebrities are invited to behold the multi - million dollar, one - of - a - kind treasures housed in any of the 20 harry winston salons worldwide but are also encouraged to collaborate with the company’s in - house design team for special requests (both gwyneth paltrow’s oscars necklace and halle berry’s pumpkin diamond were customized in the workshop above the harry winston fifth avenue showroom) .
, in 1932, the house of harry winston continues to set the standard for the ultimate in fine jewelry and high - end watch making. from the acquisition of some of the world' s most famous gemstones, including the jonker, hope and winston legacy diamonds, to adorning
on february 22, 2008, harry winston inc. entered into a new credit agreement with a syndicate of banks for a $ 250. 0 million, five - year revolving credit facility. there are no scheduled repayments required before maturity. at january 31, 2009, $ 179. 6 million had been drawn against this secured credit facility which expires on march 31, 2013 .
cost of sales for harry winston inc. for the fourth quarter was $ 34. 3 million compared to $ 46. 7 million for the comparable quarter of the prior year. gross margin for the quarter was $ 33. 0 million or 49. 0% compared to $ 38. 3 million or 45. 1% for the fourth quarter of the prior year. excluding the impact of sales of harry winston inc. pre - acquisition inventory, gross margin for the fourth quarter and the comparable quarter of the prior year would have been 50. 1% and 47. 4% , respectively. gross margin in the fourth quarter of the prior year was impacted by a significant sale of a wide range of jewelry items to the russian market, which generated a lower than average gross margin. this sale was made to increase awareness of the harry winston brand in this market, where demand for luxury brands has grown rapidly over the past several years .
the best thing about harry winston is the people. some have been there for 35 years, others for 1 day but the characteristics are the same: passionate people committed to delivering amazing results .
harry winston becomes the
jeweler to the stars ,
as the first to lend diamonds to an actress for the academy awards, dressing the evening' s best actress winner, jennifer jones .
on behalf of the board of directors, management and employees, we invite you to attend harry winston diamond corporation' s annual and special meeting of shareholders on wednesday, june 4, 2008 .
harry winston diamond corporation introduced a defined contribution plan in fiscal 2009 whereby the employer contributes to a maximum of 6% of the employees salary to the maximum contribution limit under canadas income tax act .
since the early 1930s, harry winston jewelry has been stunning people across the globe. he built one of the most prestigious jewelry companies in the world; offering some of the most beautiful jewels, settings and luxury jewelry. you may be wondering how it all began. brigitte kruse & gws auctions llc, is here to share some of the history that is now known as harry winston jewelry .
harry winston donates the hope diamond to the smithsonian institution in washington, d. c. , as a gift to the world. the donation helps to establish the museum' s national gem collection .
the diavik joint venture is an unincorporated joint arrangement. harry winston diamond corporation owns an undivided 40% ownership interest in the assets, liabilities and expenses of the joint venture. harry winston diamond corporation records its proportionate interest in the assets, liabilities and expenses of the joint venture in the companys consolidated financial statements with a one - month lag. the accounting policies described below include those of the joint venture .
harry winston japan, k. k. maintains unsecured credit agreements with two banks each amounting to $ 8. 4 million (¥750 million). at january 31, 2009, $ 16. 8 million had been drawn against these facilities, $ 5. 5 million of which is long term, with the balance of $ 11. 3 million classified as bank advances. the short - term portion of the credit facilities bear interest at 1. 98% and expire on april 30, 2009, and june 1, 2009, respectively. the long - term portion bears interest at 2. 38% and expires on june 28, 2010. harry winston inc. has also entered into a credit agreement to provide a credit facility to harry winston japan, k. k. secured solely by the inventory of harry winston japan, k. k. in an amount of $ 6. 4 million (¥575 million). this facility bears interest at 2. 30% and expires on june 19, 2009 .
harry winston japan, k. k. maintains unsecured credit agreements with two banks each amounting to $ 8. 4 million (¥750 million). at january 31, 2009, $ 16. 8 million had been drawn against these facilities, $ 5. 5 million of which is long term, with the balance of $ 11. 3 million classified as bank advances. the short - term portions of the credit facilities bear interest at 1. 98% and expire on april 30, 2009, and june 1, 2009, respectively. the long - term portion bears interest at 2. 38% and expires on june 28, 2010. harry winston inc. has also entered into a credit agreement to provide a credit facility to harry winston japan, k. k. secured solely by the inventory of harry winston japan, k. k. in an amount of $ 6. 4 million (¥575 million). this facility bears interest at 2. 30% and expires on june 19, 2009 .
the original mining arm is renamed dominion diamond corporation after the sale of the harry winston luxury business, which started as a small jeweller in new york in 1932 and rapidly became a favourite with movie stars .
well, melanie ,
reconstructing harry ,
forbes, october 1, 2001, p. 93 .
toronto — with a deal in place to sell its luxury retail business, harry winston diamond corp. is in position to acquire more diamond mining assets and become canada’s first home - grown leader in the sector .
thomas j. oneill, age 55, of paris, france, was appointed the president of the corporation and chief executive officer of the corporation' s subsidiaries, harry winston, inc. and h. w. holdings, inc. , on april 15, 2004. prior to his appointment, mr. o' neill was a director and president worldwide, burberry group plc, a british retailer and luxury goods company. mr. oneill' s career in luxury retailing includes senior executive positions with tiffany & co, louis vuitton and lvmh. he is a director of c & j clark limited, u. k .
at january 31, 2009, the companys most significant asset is a 40% ownership interest in the diavik group of mineral claims. the diavik joint venture (the joint venture) is an unincorporated joint arrangement between diavik diamond mines inc. (ddmi) (60 %) and harry winston diamond limited partership (40 %). ddmi is the operator of the diavik diamond mine. both companies are headquartered in yellowknife, canada. ddmi is a wholly owned subsidiary of rio tinto plc of london, england, and harry winston diamond limited partership is a wholly owned subsidiary of harry winston diamond corporation of toronto, canada. the diavik diamond mine is located 300 kilometres northeast of yellowknife in the northwest territories. the company records its proportionate interest in the assets, liabilities and expenses of the joint venture in the companys financial statements with a one - month lag .
inspired by the geometry of nature, harry winston and his designers pioneer the innovative technique of clustering, in which the individual diamonds, not the metal settings, would dictate the jewelry design, therefore maximizing the brilliance of each gemstone. the iconic winston cluster design will continue to inspire the house’s designers for years to come .
harry winston cuts a 75. 52 - carat d - flawless pear - shaped diamond from a 204 - carat piece of rough. the exquisite stone is named the star of independence in celebration of the american bicentennial .
harry winston debuts the new york collection, inspired by the glamour of manhattan. the house debuts histoire de tourbillon, an exclusive collection of timepieces dedicated to the complex craftsmanship of one of fine watchmaking’s most celebrated complications .
during the meeting, we will review harry winston' s business during fiscal 2007 / 08 and our plans for the future. you will also have an opportunity to ask questions and to meet your directors and executives .
on nov. 13, harry winston announced plans to purchase bhp’s controlling interest in the ekati diamond mine in canada’s northwest territories for $ 500 million—a move that will greatly expand the company’s reach in the diamond mining business .
founded in 1932, harry winston is the inventor of modern couture jewelry and is known as the «king of diamonds» and «jeweler to the stars». the company has an unrivalled position as the most exclusive and prestigious jewelry retailer and is known for its expertise, fine craftsmanship, quality gems and innovative gemstone settings. harry winston is renowned for donating the world’s most famous gemstone, the hope diamond, to the smithsonian institution in washington d. c, where it has been one of the world’s most visited exhibitions. in the fall of 2010, the hope diamond was displayed in a special setting designed by harry winston to mark the 50th anniversary of its donation .
cost of sales for harry winston inc. for the fiscal year was $ 147. 5 million compared to $ 141. 5 million for the prior year. gross margin for the fiscal year was $ 133. 5 million or 47. 5% compared to $ 124. 0 million or 46. 7% for the prior year. excluding the impact of sales of harry winston inc. pre - acquisition inventory, gross margin for the fiscal year and the prior year would have been 49. 4% and 50. 3% , respectively. this decrease in gross margin is the result of the product mix sold, in particular a lower proportion of higher - margin sales in the japanese market, an increased contribution of high dollar value transactions which carry lower - than - average gross margins, and higher research and development costs to support the growing watch business .
the weighted average assumptions used to determine the benefit costs for harry winston japan, k. k. and harry winston s. a. at january 31, 2009 are a discount rate, expected long - term rate of return and a rate of compensation increase of 1. 70% , 0. 00% and 4. 42% , and 3. 00% , 3. 25% and 3. 00% , respectively .
harry winston was made famous by marilyn monroe’s reference in the film “gentlemen prefer blondes”. every year the firm lends out hundreds of millions of dollars’ worth of jewels to be worn by movie stars at events like the oscars .
of pro forma net debt. the transaction does not include the mining activities of harry winston diamond corporation (tsx: hw, nyse: hwd) – new: dominion diamond corporation –, in toronto (canada) .
funds in cash collateral and cash reserves are maintained as prescribed under the companys debt financing arrangements and will become available to harry winston diamond corporation for general corporate purposes and for debt servicing as prescribed by the terms of credit facility agreements .
as the celebrity enters the awards ceremony, harry winston must sit back and watch like the rest of us, with fingers crossed that their adorned client is bestowed the honor of stepping onto that stage with an estimated 40 million viewers watching .
it seems that every notable jeweler needs an innovative gemstone setting technique. for harry winston, it was diamond clusters. with this technique, the diamonds would dictate the setting and not the other way around as typical with gem setting prior .
the companys success at marketing rough diamonds and in operating the business of harry winston inc. is dependent on the services of key executives and skilled employees, as well as the continuance of key relationships with certain third parties, such as diamantaires. the loss of these persons or the companys inability to attract and retain additional skilled employees or to establish and maintain relationships with required third parties may adversely affect its business and future operations in marketing diamonds and in operating its retail segment .
vontobel’s rene weber called the purchase “a great fit for a high price”. under swatch group’s ownership, the share of watches at harry winston should rise to 40 - 45 percent from about 25 percent currently and profitability should increase, he said .
the future income tax asset of the company is $ 43. 3 million, of which $ 29. 3 million relates to the retail segment. included in the future tax asset is $ 22. 5 million that has been recorded to recognize the benefit of $ 69. 6 million of net operating losses that harry winston inc. and its subsidiaries have available for carryforward to shelter income taxes for future years. the net operating losses are scheduled to expire between 2014 and 2028 .
the future income tax liability of the company is $ 303. 3 million of which $ 82. 7 million relates to the retail segment. harry winston inc. s future income tax liabilities include $ 56. 7 million from the purchase price allocation. the companys future income tax asset and liability accounts are revalued to take into consideration the change in the canadian dollar compared to the us dollar and the unrealized foreign exchange gain or loss is recorded in net earnings for each year .
prior to this purchase, reports had appeared that harry winston was considering selling its retail arm, presumably to finance its expansion in the mining business. however, the company swiftly denied those reports, and just announced a refinancing for its retail business .
harry winston died in 1978 at the age of 82. his legacy lives on in the company that still bears his name, which maintains salons throughout the world – from its famous headquarters on manhattan’s fifth avenue to london, paris, tokyo and shanghai .
for the most part, in the beginning, harry winston starting purchasing pieces from estate sales and refashioned them. he found that the old pieces weren’t relevant and often looked dated. he refashioned the stones with new settings and sold them at top dollar .
for the fourth quarter, the retail segment recorded a 21% decline in sales over the comparable quarter of the prior year. weak sales in the us and japan were primarily responsible for the overall decrease in sales. harry winston inc. operated a network of 18 retail salons during the current year. the retail segment has implemented a series of measures in response to the global recession, including cost reduction initiatives, close monitoring of inventory levels and a very selective expansion of the retail salon distribution network.
harry winston , inc. is an american luxury jeweler and producer of swiss timepieces . named after its founder , the jeweler harry winston , the company has its headquarters in new york city . harry winston is a wholly owned subsidiary of the swatch group , which acquired it from the toronto based harry winston diamond corporation in january 2013 . 
harry winston, inc. is an american luxury jeweler and producer of swiss timepieces. named after its founder, the jeweler harry winston, the company has its headquarters in new york city. harry winston is a wholly owned subsidiary of the swatch group, which acquired it from the toronto based harry winston diamond corporation in january 2013.
harry winston, inc. is an american luxury jeweler and producer of swiss timepieces. named after its founder, the jeweler harry winston, the company has its headquarters in new york city. harry winston is a wholly owned subsidiary of the swatch group, which acquired it from the toronto based harry winston diamond corporation in january 2013.