What A Divine Waterford Purse

Gucci, Prada, LVMH, and...Waterford Wedgewood? If Irish tycoon Tony O'Reilly has his way, the crystal and porcelain company he and associates bought control of back in 1990 will become one of the world's big luxury- goods companies. O'Reilly, the former H.J. Heinz CEO, says the company is looking to grow through acquisitions. Among its possible targets are manufacturers of leather goods, fine watches, and perfumes.

Waterford recently upped its profile by paying $110 million for All-Clad, a high-end cookware company. It has also been trying to boost sales of Wedgewood dinnerware in the U.S. by hiring the Duchess of York, Sarah Ferguson, to be its spokeswoman. Waterford, meanwhile, sealed its highest-profile promotion ever by designing and building the big crystal ball to be lowered in New York's Times Square on the Millennial New Year's Eve. "We know what style is," says O'Reilly. "This is a company that should really take off."