Kennedy Watches & Jewellery has sold its lucrative licence as Rolex retailer in Australia to Singapore’s The Hour Glass, saying it was the right time to sell as the Swiss watchmaker may sell directly to shoppers in the future.
James Kennedy, who heads the business, said the leases of its four flagship stores – including a prime location at Sydney’s Martin Place – would be taken over by The Hour Glass for $90 million as part of the deal.
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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
