Deals
LVMH, Standard Chartered to Expand Sincere Watch
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LVMH Moet Hennessy Louis Vuitton SA’s L Capital Asia LLC and Standard Chartered Private Equity Ltd. plan to bolster Sincere Watch Ltd. after taking control of the Singapore-based retailer of luxury timepieces.
L Capital, Standard Chartered and Tay Liam Wee, the company’s chairman and managing director, now own “close to” 80 percent of Sincere Watch, with a group of banks holding the rest, according to a statement handed out in Singapore today. LVMH plans to back Sincere when negotiating for retail space and share its database of high net-worth customers.