The Hour Glass Limited
| Industry | Watch Retailer |
|---|---|
| Founded | 1979 |
| Headquarters | Singapore |
Key people |
Dr Henry Tay (Executive Chairman) Dr Jannie Chan (Executive Vice Chairman) |
| Products | Wristwatches |
| Revenue |
 SGD$734.9 million (2015) |
|
SGD$57.9 million (2015) | |
| Website | www.thehourglass.com |
The Hour Glass Limited (SGX:AGS)[1] is a luxury watch retail group in Asia. The group currently owns and operates 41 retail stores across 9 cities.[2] Headquartered in Singapore, it reported revenues of $734.9 million for FY 2015.[3] Net profit was up by 5% to S$57.9 million from S$54.9 million in FY2014, outperforming a contracting regional luxury market.[4] 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.[5][6]
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.[7]
History
The Hour Glass was founded in 1979 by the husband and wife team, Dr. Henry Tay and Dato' Jannie Tay.[8] 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.[9]
References
- ↑ "TheHourGlass Share Price Chart". Yahoo! Finance. Yahoo! Finance. Retrieved 17 August 2015.
- ↑ "About". The Hour Glass. Retrieved 7 August 2015.
- ↑ Jeffrey, Tan (27 May 2015). "Hour Glass sees FY15 net profit rise 5% to $57.9 million on quality control, cost management". The Edge Media Group. The Edge Markets. Retrieved 17 August 2015.
- ↑ Fiona, Lam (27 May 2015). "Hour Glass FY2015 net profit up 5%". Singapore Press Holdings. The Business Times. Retrieved 17 August 2015.
- ↑ "Annual Report". The Hour Glass. Retrieved 7 August 2015.
- ↑ Greg, Brown (31 October 2014). "Singaporean watch retailer The Hour Glass seizes prime Sydney CBD site". The Australian. The Australian Business Review. Retrieved 17 August 2015.
- ↑ "The Hour Glass completes acquisition of home-grown Watches of Switzerland". The Straits Times. Retrieved 7 August 2015.
- ↑ "5 Things You Should Know About The Hour Glass". The Motley Fool. The Motley Fool. Retrieved 17 August 2015.
- ↑ Stephen, Wyatt; Adina, Wong. "The Hour Glass Company: The March of Time". Institutional Knowledge at the Singapore Management University. Singapore Management University. Retrieved 17 August 2015.