Sincere Watch Ltd is looking to expand its footing in Asian market.
Edipresse Luxury - December 14, 2009
One of Singapore's best-know luxury watch retailers and distributors, Sincere Watch Ltd, is looking to expand its footing in Asian market by announcing its new shareholders, LVMH (through L Capital Asia LLC) and Standard Chartered Private Equity Ltd.
Sincere, LVMH and Standard Chartered now own close to 80% of Sincere Watch, according to Tay Liam Wee, chairman and group managing director, with several banks owning the rest.
Tay said to The Star Online, "With the backing of two of the strongest global icons, we will be able to sharpen our competitive edge and accelerate our growth plans and take our business to a higher level."
Tay added that it intends to leverage on its partnerships to tap on LVMH's global database in the luxury sector. Sincere Watch is also targeting the markets of China, India, Indonesia and Vietnam.
The company is based in Singapore, with businesses in Malaysia and Hong Kong.
