Sincere strengthens leadership in Asian luxury watch business

SINGAPORE: Sincere Watch Ltd, one of Singapore’s oldest and most established retailers and distributors of brand-name luxury watches, is poised to extend its leadership in the Asian luxury watch industry.

The company last week announced its new major shareholders which now included Standard Chartered Private Equity Ltd (SCPEL), L Capital Sincere Cayman Ltd (L Capital) and Triple A Enterprises Pte Ltd (TAEPL).

Leading these entities are Standard Chartered Bank managing director/global head of private equity Alastair Morrison; L Capital Asia managing director and LVMH Group president of South Asia, Southeast Asia and Middle East Ravi Thakran; and Tay Liam Wee, director of TAEPL and chairman and group managing director of Sincere Watch.

Together, they own close to 80% of the shares in Sincere Watch with the rest owned by a group of banks.

Tay will serve as Sincere Watch’s chairman and group managing director with Morrison and Thakran as non-executive directors of the company.

The company said it was now back on track for strategic expansion to take a bigger slice of the growing Asian luxury watch market after teaming up with the new global partners.

It also said the new consortium of shareholders opened up fresh opportunities for synergistic alliances that could be tapped to enhance Sincere Watch’s core competencies.

Sincere Watch today operates more than 30 boutiques and has more than 70 dealers across its distribution network spanning 11 countries — Australia, China, Hong Kong, Indonesia, Macau, Malaysia, Singapore, South Korea, Taiwan, the Philippines and Thailand. — Bernama