Singapore-based luxury watch retailer The Hour Glass has finalized a major acquisition, buying the Australian Rolex business from Kennedy Watches & Jewellery for AU$90 million (US$58.8 million). This deal marks a significant expansion of The Hour Glass’s presence in Australia’s premium timepiece market.
The purchase includes four flagship Rolex boutiques located in major Australian cities. These are situated in Melbourne’s Chadstone Shopping Centre, Sydney’s Martin Place and The Star Casino, as well as Perth’s Crown Casino. These locations are key retail spots for high-end shoppers and Rolex fans alike.
According to information provided, the deal covers much more than the stores themselves. Kennedy Watches & Jewellery has transferred not only the leases and store inventory but also the staff and all existing distribution agreements tied to the Rolex outlets.
James Kennedy, the CEO of Kennedy Watches & Jewellery, shared that this was the right time to sell. He explained that the Swiss brand may eventually choose to sell directly to customers, reducing the need for local licensing partners. Despite this sale, his company still retains a strong portfolio of more than 20 watch and jewellery brands.
The Hour Glass had initially revealed plans for the acquisition in April. The company made the purchase through its fully owned Australian subsidiary. In a public statement released last month, The Hour Glass confirmed that it had completed the acquisition of ACN 685 541 851 Pty Ltd, the special purpose vehicle (SPV) created for this transaction, for AU$90 million.
Following the acquisition, the SPV was renamed THGRAU Pty Ltd. This new entity now operates as an indirect but fully owned subsidiary of The Hour Glass.
This strategic move enhances The Hour Glass’s retail footprint in Australia, a market where it already maintains a presence. The company is known across Asia for its strong focus on luxury watches, operating multiple boutiques in countries including Singapore, Malaysia, Vietnam, Japan, Hong Kong, and Thailand.
Industry experts see the acquisition as a smart step. Rolex is one of the most sought-after brands in the world, with long waiting lists and high resale values. Securing flagship outlets in Australia gives The Hour Glass access to a loyal and growing base of luxury watch buyers.
For Kennedy Watches & Jewellery, the decision to sell is part of a wider strategy. With direct-to-consumer sales becoming more common in the luxury world, brands like Rolex are rethinking how they reach their customers. Retailers are adapting by focusing on a broader mix of brands and services.
The acquisition also reflects a shift in the global luxury retail landscape. More regional companies like The Hour Glass are stepping up to play key roles in brand distribution and customer engagement. This shift is especially important as luxury shoppers expect high service levels, exclusive access, and personalized experiences.
For Australian watch buyers, the change may bring a renewed focus on customer service and in-store experiences. The Hour Glass has a reputation for curating high-end environments and offering detailed product knowledge. Its regional experience could lead to more refined shopping experiences at the newly acquired Rolex locations.
This deal also shows how luxury retail is evolving. With digital technology, global logistics, and shifting consumer habits, companies must be quick to adapt. The Hour Glass’s acquisition positions it to better compete in this new world.
While Kennedy Watches & Jewellery moves forward with a diverse brand lineup, The Hour Glass now holds a powerful role in the Australian luxury watch market. This acquisition strengthens its global network and gives Rolex fans in Australia continued access to the world’s most iconic watch brand under new management.
