The Hour Glass (company)

The Hour Glass Limited (SGX: AGS)[1] is one of the world's leading specialty luxury watch retail groups with an established presence of 40 boutiques in 11 key cities in the Asia Pacific region.[2] The Hour Glass' network of multi-brand and standalone boutiques are all strategically located in the key luxury retail corridors of Singapore, Kuala Lumpur, Bangkok, Phuket, Ho Chi Minh, Hanoi, Hong Kong, Tokyo, Sydney, Melbourne and Brisbane.[3] It takes immense pride in being the official retailer for a carefully curated selection of luxury watch brands including Rolex, Patek Philippe, Audemars Piguet, Hublot, Richard Mille, A. Lange & Sohne, Breguet, Cartier, Jaeger-LeCoultre, IWC, FP Journe, MB&F, Omega, TAG Heuer, Tudor and the like.[4]

The Hour Glass Limited
Public
Traded asSGX: AGS
IndustryWatch Retailer
Founded1979
HeadquartersSingapore
Area served
Singapore, Thailand, Malaysia, Vietnam, Australia, Hong Kong, Japan
Key people
Dr Henry Tay (Executive Chairman)
ProductsWristwatches
Revenue S$691.6 million (2018)
S$50.7 million (2018)
Websitewww.thehourglass.com

The group also deals in luxury properties and owns high-end retail and commercial properties throughout Asia. Most noteworthy was the purchase of two high-end Australian properties for $37.2 million in 2015.[5]

The group also owns Watches of Switzerland, a watch retail chain in Singapore that deals in mid-tier to high-end Swiss timepieces. The group acquired the chain in October 2014 from the Gee Melwani Group for $13.3 million.[6][7]

History

The Hour Glass (“THG”) was founded in 1979 by husband and wife, Dr. Henry Tay and Dato' Dr. Jannie Tay.[10] The first store was opened at Lucky Plaza in partnership with Metro Holdings and was a one-of-its-kind store during its time. Dr. Jannie Tay was the managing director of the company and was instrumental in leading it for the first 25 years.

The couple’s concept of positioning luxury watches as upmarket collectors’ items or as investment opportunities proved to be a resounding success, leading to their eventual buyout of Metro Holdings in 1987. The company ventured into overseas business expansion, and also bought into other businesses, such as perfume, jewellery and also became involved as a key luxury watch distributor throughout the region during Dr. Jannie Tay’s tenure (1979 – 2004) as Executive Vice Chairman of The Hour Glass Limited. In 2005, Michael Tay[11]the son of Dr. Henry and Dr. Jannie Tay, took over as Executive Director and launched The Hour Glass’ two-pronged approach, i.e. to advance watch culture worldwide and attract new segments of watch buyers through creative and innovative consumer-focused strategies.[8][9][10]

References
  1. "TheHourGlass Share Price Chart. Retrieved on 23 November 2018". Yahoo! Finance.
  2. "About The Hour Glass. Retrieved on 17 November 2018". The Hour Glass.
  3. "The Hour Glass Boutiques".
  4. "Brands At The Hour Glass".
  5. "Amy Tan (11 February 2015) Hour Glass records 7% rise in 3Q earnings to $15.1 million. The Edge Singapore Business & Investment Weekly. Retrieved on 17 November 2018".
  6. "Jacqueline Woo (28 October 2014) The Hour Glass completes acquisition of home-grown Watches of Switzerland. The Straits Times. Retrieved on 17 November 2018".
  7. "The Hour Glass buys Watches of Switzerland for S$13.3m. The Business Times. Retrieved on 17 November 2018".
  8. ""5 Things You Should Know About The Hour Glass". The Motley Fool. The Motley Fool. Retrieved on 17 November 2018".
  9. "Board of Directors - The Hour Glass". The Hour Glass. Retrieved 2018-11-23.
  10. "Germaine Cheong (8 December, 2014) The Hour Glass Grows Under Michael Tay's Watch. The Peak Magazine. Retrieved on 17 November 2018".
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