Over the last couple of years, New Zealand (particularly Auckland and Queenstown) has seen a number of Luxury brands set up a brick-and-mortar presence and the rush clearly shows no signs of slowing down anytime soon.
Today, The Hour Glass, one of the world’s leading specialist luxury watch retailers, announced its long-term commitment to the “Land of the Long White Cloud” with an NZ $80 million investment in Auckland’s retail and property sector.
The investments entailed acquiring Mansors Jewellers, a family-owned business managed by three generations since it began in 1953, located at 154 Queen Street followed by the acquisition of Blackett’s Building, a 901 sqm commercial retail and office property located at 90–92 Queen Street and 112-116 Queen Street, a 835 sqm five-storey building comprising of retail and office space.
Commenting on the sale of Mansors Jewellers to The Hour Glass, Mr David Mansor said: “Despite being approached by other interested parties, I am pleased to have finally selected the right buyer for the business. The timing is right for me to move on to pursue my other interests”.
Mansors currently represents a curated selection of luxury brands including Rolex, Cartier and Chopard and also manages New Zealand’s only officially certified Rolex service centre.
Mr Michael Tay, Group Managing Director of The Hour Glass said: “The Hour Glass’ core mission is to advance watch culture around the world. Recognising the bourgeoning community of watch enthusiasts in New Zealand, we are delighted with this opportunity to acquire stewardship of Mansors, a key historic player in Auckland’s fine watch and jewellery sector.”
According to The Hour Glass, The Group’s rationale to make these acquisitions were driven by the country’s fundamentals: a highly developed free-market economy; strong governance framework and its fast developing luxury market. The Group, which already has a combined network of 43 boutiques throughout the Asia Pacific views New Zealand as a greenfield luxury watch market.
This announcement follows the multimillion-dollar revamp of The Hour Glass’ Melbourne boutique (poised to be the largest destination for fine timepieces in the Southern Hemisphere), both, once again, clear indicators of the bourgeoning community of watch enthusiasts in Oceania.
For more information visit www.thehourglass.com