30 Aug '12, 10am

#Rolex, #Patek call time on Sincere tie-up

#Rolex, #Patek call time on Sincere tie-up

Hong Kong billionairess Chu Yuet-Wat's joy at sealing a $232 million deal to buy Singapore-based luxury watch chain Sincere Watch has been tempered by a bombshell. Rolex and Patek Philippe have served notice that they no longer want Sincere as their retailer. The two are among the best-known names in high-end timepieces. The reasons for snapping their ties with Sincere are unclear but Kingston Chu, the new owner's 27-year-old son who has been appointed executive director at Sincere, says it still came as a surprise, despite forewarnings. "To be fair, they gave some indications about what might happen," he says. "But after considering carefully, we went ahead to close the transactions because the company was not in the wrong." Sincere, which has a presence in South-east and North-east Asia, has always had a great relationship with both Rolex and Patek, according to him. "We...

Full article: http://business.asiaone.com/Business/News/Story/A1Story20...

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