Hour Glass acquires Kennedy’s Australian Rolex licence
Singapore’s The Hour Glass will pay A$90 million for Kennedy Watches & Jewellery’s rights to sell Rolex in Australia, taking control of four flagship boutiques and their associated leases, inventory and staff.
Transaction snapshot
Deal value: A$90 million
Deal multiples: N/A
Deal type: Licence sale and asset transfer (100 per cent of Rolex retail operations)
Investors: The Hour Glass
The transaction covers Rolex stores at Chadstone in Melbourne, The Star and Martin Place in Sydney, and Crown in Perth. All leases and distribution agreements move to The Hour Glass, expanding the Singapore-listed retailer’s established Australian footprint.
Kennedy chief executive James Kennedy said divesting the licence reduces reliance on a single brand amid speculation that Rolex may eventually move to direct-to-consumer sales. He added that Kennedy still represents more than 20 watch and jewellery marques and will now focus on growth in high-end jewellery, including Graff diamonds and Mikimoto pearls, while preparing to open a Franck Muller boutique on Sydney’s Castlereagh Street.
Founded by Jannie Chan and now led by her son Michael, The Hour Glass operates boutiques across Asia and already partners with Rolex in multiple markets. The Australian purchase follows the group’s April completion of a local special-purpose vehicle acquisition for the same consideration, reinforcing its long-term commitment to the market.
Kennedy retains an 86 per cent shareholding in the fifty-year-old family business and has signalled plans to buy out minority interests over time. The sale proceeds strengthen the balance sheet and free capital for new brand opportunities, positioning the company for its next phase without the operational concentration risk of a single-watch marquee.
