The Hour Glass

The Hour Glass Limited is a Singapore-based specialty retailer focused primarily on luxury watches. Founded in 1979 by Dr. Henry Tay and Dato' Dr. Jannie Tay, the group began with a store at Singapore's Lucky Plaza, established in partnership with Metro Holdings. At a time when specialist luxury-watch retail was less developed in the region, the store introduced a dedicated retail format centered on high-end timepieces and international watch brands. The company developed from a Singapore retail operation into a regional luxury-goods group. Its principal business is the operation of multi-brand and standalone boutiques representing a number of luxury watch manufacturers. The group has established a presence in Singapore, Kuala Lumpur, Bangkok, Phuket, Ho Chi Minh City, Hanoi, Hong Kong, Tokyo, Sydney, Melbourne and Brisbane. Its retail portfolio includes stores operating under The Hour Glass identity as well as other specialist formats, allowing it to serve customers across different segments of the Swiss and international watch market. The group also owns Watches of Switzerland, a Singapore watch-retail chain focused on mid-tier to high-end Swiss timepieces. The Hour Glass acquired Watches of Switzerland from the Jay Gee Melwani Group in October 2014. This acquisition expanded the group's retail platform beyond its established luxury-watch positioning and added a complementary business serving a broader range of watch consumers. Alongside watch retail, The Hour Glass has participated in the distribution of luxury watches in the region and has developed interests in luxury property. The company owns high-end retail and commercial properties in Asia, which support its retail strategy and provide an additional asset base. In 2015, the group purchased two high-end Australian properties for a reported A$37.2 million, illustrating the role of property investment within its wider corporate activities. Leadership has remained closely associated with the founding Tay family. Dato' Dr. Jannie Tay served as managing director during the company's first 25 years and was executive vice chairman from 1979 to 2004. In 2005, Michael Tay, the son of the founders, became executive director. The company is publicly traded in Singapore under the ticker AGS. Its brand proposition combines access to prestigious watchmakers, specialist product knowledge, boutique-led retail, and a regional network in important Asian and Australian luxury markets.

The Hour Glass was established in Singapore in 1979 by Dr. Henry Tay and Dato' Dr. Jannie Tay. Its first shop opened at Lucky Plaza in cooperation with Metro Holdings. The format was distinctive for its period because it was devoted specifically to high-end watches and presented specialist products in a dedicated luxury-retail environment. Dato' Dr. Jannie Tay became an important early leader of the business. She served as managing director for the company's first 25 years and later held the position of executive vice chairman through 2004. During the founding family's tenure, The Hour Glass expanded beyond its original Singapore store. The company bought out Metro Holdings' interest in 1987 and began developing overseas operations. It also explored adjacent luxury categories, including perfume and jewellery, while building a role as a regional distributor of luxury watches. The company's subsequent development centered on regional specialist retail. It established multi-brand stores and standalone boutiques in major Asian and Australian cities, including Singapore, Kuala Lumpur, Bangkok, Phuket, Ho Chi Minh City, Hanoi, Hong Kong, Tokyo, Sydney, Melbourne and Brisbane. Through these locations, the group acts as an official retailer for a number of luxury watch brands. The combination of multi-brand stores and dedicated brand boutiques gives the company both a broad retail platform and formats tailored to individual watchmakers. In 2005, Michael Tay, the son of the founders, became executive director, marking a further transition of leadership within the Tay family. The company is listed on the Singapore Exchange under the ticker AGS and continued to operate as a regional luxury-watch group. The Hour Glass has also diversified through ownership of Watches of Switzerland, a Singapore chain selling mid-tier to high-end Swiss timepieces. The group acquired the chain from the Jay Gee Melwani Group in October 2014. This transaction broadened its retail architecture by adding a business positioned below, or alongside, the group's most exclusive luxury-watch boutiques. Property has been another element of the group's activities. The Hour Glass owns high-end retail and commercial properties in Asia, linking its real-estate holdings to the locations and asset requirements of luxury retail. In 2015, it acquired two high-end Australian properties for A$37.2 million. As described in available reference material, the company therefore combines luxury-watch retail, brand distribution, complementary watch formats and property ownership rather than operating solely as a conventional store chain.

• 2015

  Australian property expansion

  [1]The Hour Glass (company)en.wikipedia.org

  The Hour Glass purchases two high-end Australian properties for a reported A$37.2 million.

• 2014

  Watches of Switzerland is acquired

  [1]The Hour Glass (company)en.wikipedia.org

  The group buys Watches of Switzerland from the Jay Gee Melwani Group for a reported S$13.3 million.

• 2005

  Michael Tay becomes executive director

  [1]The Hour Glass (company)en.wikipedia.org

  Michael Tay, son of the founders, assumes the role of executive director.

• 2004

  Jannie Tay's executive vice-chairmanship ends

  [1]The Hour Glass (company)en.wikipedia.org

  Dato' Dr. Jannie Tay's tenure as executive vice chairman concludes after the company's first 25 years of development.

• 1987

  Metro Holdings interest is bought out

  [1]The Hour Glass (company)en.wikipedia.org

  The Hour Glass eventually acquires Metro Holdings' share in the business.

• 1979

  The Hour Glass is founded

  [1]The Hour Glass (company)en.wikipedia.org

  Dr. Henry Tay and Dato' Dr. Jannie Tay establish The Hour Glass in Singapore.

• 1979

  First store opens at Lucky Plaza

  [1]The Hour Glass (company)en.wikipedia.org

  The company's first specialist watch store opens at Lucky Plaza in partnership with Metro Holdings.

A specialist luxury-watch retailer and regional distribution group serving affluent consumers through multi-brand and brand-specific boutiques, complemented by a broader Swiss-watch retail format and luxury-property holdings.

• Luxury watch retail · 1979

  Luxury watch boutiques

  The Hour Glass operates multi-brand and standalone boutiques selling prestigious mechanical and luxury watches. Its stores act as official retail points for a number of international watch brands and provide a specialist environment for customers seeking high-end timepieces.

• Swiss watch retail

  Watches of Switzerland

  Watches of Switzerland is a Singapore retail chain owned by The Hour Glass. It focuses on mid-tier to high-end Swiss timepieces and complements the group's more narrowly luxury-oriented boutique network.

• Wholesale and distribution

  Luxury watch distribution

  The group has participated in regional luxury-watch distribution, supporting its relationships with watch manufacturers and its network of official retail locations across Asian markets.

• Luxury property

  Luxury retail and commercial properties

  The Hour Glass owns high-end retail and commercial properties in Asia. These assets form a complementary business activity and can support the group's presence in strategically important luxury-retail locations.

• 2015

  Purchase of Australian high-end propertiesStrategy

  Background

  The group's activities include ownership of luxury retail and commercial property in addition to watch retail and distribution.

  Action taken

  The Hour Glass purchased two high-end Australian properties.

  Aftermath

  The purchases expanded the group's property holdings in Australia and reinforced its broader luxury-retail asset strategy.

  Reported property purchase price. A$37.2 million (2015)

  Source

• 2014

  Acquisition of Watches of SwitzerlandM&A

  Background

  The Hour Glass sought to broaden its retail presence beyond its core luxury-watch boutique network.

  Action taken

  The group acquired Watches of Switzerland from the Jay Gee Melwani Group for a reported S$13.3 million.

  Aftermath

  The transaction added a Singapore chain serving mid-tier to high-end Swiss-watch customers to The Hour Glass retail portfolio.

  Reported acquisition price. S$13.3 million (October 2014)

  Source

1. 1The Hour Glass (company)en.wikipedia.org
2. 2The Hour Glass official websitethehourglass.com