April 5, 2006
Tourneau to Open 30 Stores in Asia
Luxury watch company Tourneau, New York, N.Y., is expanding into Asia with the planned opening of up to 30 stores in China, Hong Kong, Taiwan and Macau.
The expansion is part of a joint venture with Hong Kong-based timepieces manufacturer and distributor Peace Mark China Investment Ltd. and will operate under the name Peace Mark Tourneau (Holdings) Ltd.
Tourneau currently markets more than 100 watch brands at retail locations in the U.S. and Caribbean. The joint venture marks the watch company's first foray into Asia.
The joint venture, with an initial capitalization of $12 million, was finalized in Basel, Switzerland, during the 2006 Watch and Jewelry Fair last week.
"With the current opportunities resulting from the strengthening of the Chinese economy and the anticipated long-term growth from continued development of the region, we see an untapped market for luxury timepieces in mainland China and an underdeveloped market for high-end retail throughout the region," says Tourneau President Howard R. Levitt in a release. "We expect to ... capture a marked share of the luxury timepiece market in Greater China."