Sincere Watch scion embraces a new idea: sell older models.
Tay Liam Wee is part of the global luxury-watch elite. His father, Tay Boo Jiang, led Singapore’s Sincere Watch to retail prominence. It was sold to Hong Kong rival Peace Mark in 2007 at a market high, and after the global financial crisis dragged the buyer into bankruptcy, the younger Tay fetched his family business back for not even a quarter of what he’d sold it for. A few years later, he flipped the firm again at twice the purchase price. For a bit, that got him a spot on our Southeast Asia Rich List.
So how does the 59-year-old build on that legacy? In used watches, with new-concept global retailer WatchBox, which sells only “pre-owned” timepieces. He’s invested with U.S. industry veteran Danny Govberg and another cofounder, Justin Reis, together raising $100 million more from Singapore private equity firm CMIA Capital Partners to fuel a global expansion.
Bu hikaye Forbes Asia dergisinin September 2018 sayısından alınmıştır.
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Bu hikaye Forbes Asia dergisinin September 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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