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30-08-2012, 09:29 AM
Patek Philippe is breaking up with Sincere?
Rolex, Patek call time on Sincere tie-up
Iconic brands to end partnership with watch chain
By
Chuang Peck Ming
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BTS 20120830 PSINCERE 139032
Mr Chu: His family went ahead and sealed the $232m Sincere deal even though Rolex and Patek had given some indications about what might happen - PHOTO: ARTHUR LEE
[SINGAPORE] Amid the celebrations, came a shock.
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.
Rolex, Patek call time on Sincere tie-up
Iconic brands to end partnership with watch chain
By
Chuang Peck Ming
print |email this article
BTS 20120830 PSINCERE 139032
Mr Chu: His family went ahead and sealed the $232m Sincere deal even though Rolex and Patek had given some indications about what might happen - PHOTO: ARTHUR LEE
[SINGAPORE] Amid the celebrations, came a shock.
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.