Industry Watch Retailer Website www.thehourglass.com Revenue 734.9 million SGD (2015) Net income 57.9 million SGD (2015) | Products Wristwatches Headquarters Singapore Founded 1979 | |
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Stock price AGS (SGX) SGD 0.67 0.00 (0.00%)31 Mar, 1:50 PM GMT+8 - Disclaimer Key people Dr Henry Tay (Executive Chairman); Dr Jannie Chan (Executive Vice Chairman) Subsidiaries The Hour Glass (Australia) Pty Ltd. Profiles | ||
The Hour Glass Limited (SGX:AGS) is a luxury watch retail group in Asia. The group currently owns and operates 41 retail stores across 9 cities. Headquartered in Singapore, it reported revenues of $734.9 million for FY 2015. Net profit was up by 5% to S$57.9 million from S$54.9 million in FY2014, outperforming a contracting regional luxury market. In addition, the group also deals in luxury properties and owns high-end retail and commercial properties throughout Asia. Most notably was their recent purchase of two high-end Australian properties for $37.2 million in 2015.
The group also owns Watches of Switzerland, a watch retail chain in Singapore that deals with middle to high-end Swiss timepieces. The group acquired the chain in October 2014 from the Jay Gee Melwani Group for $13.3 million.
History
The Hour Glass was founded in 1979 by the husband and wife team, Dr. Henry Tay and Dato' Jannie Tay. Dato' Jannie was the managing director of the company, and was instrumental in leading it for the first 25 years. Their first shop was opened in Lucky Plaza, a shopping mall along Singapore's renowned Orchard Road shopping belt through a partnership with Metro Holdings. The couple's concept of positioning luxury watches as upmarket collectors’ items, or investment opportunities proved to be so successful which led to their eventual leveraged-buyout of Metro Holdings in 1987.