Channel NewsAsia

The Hour Glass eyes non-watch luxury businesses

Luxury watch retailer The Hour Glass is looking to gourmet patisseries and other high-end products as it expands its business beyond timepieces.

SINGAPORE: Luxury watch retailer The Hour Glass is looking to gourmet patisseries and other high-end products as it expands its business beyond timepieces.

It said this on Wednesday as it unveiled a 4 per cent rise in after-tax profit to S$56.4 million for the financial year ended March. Revenue rose 13 per cent to S$682.8 million.

"Notwithstanding a luxury retail market in Asia that is likely to remain difficult over the current financial year, the group has commenced plans to lay the foundations for a new growth engine through its newly formed Luxury Enterprise Division," it said in a statement.

The Hour Glass said the plans include growing its Laduree franchise in Southeast Asia. Laduree is a well-known Parisian patisserie best known for its macaroons.

The Hour Glass earlier this year appointed industry veteran Ms Lim Jee Yah to spearhead its luxury enterprises business group focusing on non-watch, luxury-related businesses.

Tweet Photos, Videos and Update on this Story to  #cna