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Published: Thursday January 3, 2013 MYT 12:00:00 AM
Updated: Monday April 22, 2013 MYT 4:33:24 PM

A ticking success

IT HAS been well over a year since Sincere Watch Sdn Bhd welcomed watch aficionados to its flagship boutique in Starhill Gallery.

And so far, the first year of the luxury watch retailer’s fourth boutique in Kuala Lumpur’s has turned out to be a rather rewarding one.

Sincere opened its doors in October 2011, in what executive director Tay Liam Khoon describes as a time of uncertainty. But much care and effort have been put into marketing the gallery and ensuring an exquisite retail experience for its clientele. And Tay is pleased with what the gallery has achieved thus far.

“December 2011 was a time of uncertainty but at the same time we were confident that products from the luxury watch market were still in good demand.

“We spent considerable resources on our marketing front to promote our flagship boutique and we felt that we had succeeded at putting our name on the map as one of the largest and unique luxury watch boutiques in Malaysia and South-East Asia,” Tay said.

Sincere’s 12,000sq ft boutique in Starhill is tastefully styled with an elegant and avant-garde Victorian design thanks to Tay’s interest in the fictional story of Dorian Gray.

Rich shades of velvet colour the boutique, giving the gallery-styled space a magnificent touch.

This new concept in luxury haute horlogerie, said Tay, allows Sincere to push boundaries and challenge the status quo when it comes to the retailing of fine timepieces. It also enhances customers’ buying experience by engaging their sense of sight, sound and touch.

Since its opening, Tay’s priority was to grow the traffic and sales at the new outlet.

Sincere’s efforts include hosting horlogerie events and increasing the number of brands exclusive only to Sincere.

At the moment, Franck Muller, Roger Dubuis, CVSTOS, A. Lange & Sohne, Backes & Strauss and Christophe Claret are among Sincere’s most cherished brands available. Other luxury brands carried by Sincere are IWC, Breitling, Piaget, Rolex, TAG Heuer, Bulgari, Corum and Tudor.

“Thus far, we are pleased with the results and we hope that traffic and sales will continue to improve over the months,” Tay said.

“As the flagship boutique of Sincere Malaysia, we have placed a high priority on sales and marketing activities to promote it since its opening. In terms of performance, it is the largest contributor amongst all our other retail boutiques,” he added.

However, Tay noted that the luxury watch segment has seen a dip due to the slowdown in the global economy

“Despite the slowdown, Sincere has been able to maintain its market share and presence by having strong exclusive brands in our portfolio,” he said.

But the dip in the luxury watch market drew interest from buyers with large coffers.

In the middle of last year, Sincere Malaysia’s Singapore-based parent company made headlines after it was acquired by Hong Kong billionaire Chu Yuet-Wah. Chu, 53, paid S$232mil (RM577.7mil) for a 75% stake in the Hong Kong-listed Sincere and made an offer to buy the remaining 25%.

Nonetheless, the luxury watch industry has somewhat stabilised since early this year due to cautious purchasing.

“We are also blessed with better-than-usual domestic consumption,” Tay said.

Local demand for luxury watches is on the rise and Tay said domestic demand is giving the market a good boost.

“Apart from offering a unique luxurious shopping experience with our signature interior design and large range of brands, we particularly pride ourselves on offering brands that are only available from Sincere. Being exclusive is paramount and by focusing on this area, we are set to distinguish ourselves further,” he said.

With the success of the flagship’s maiden year, Sincere looks set to keep time running for awhile.

Tags / Keywords: Community, News, Business, On The Watch, Sincere


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