Author Topic: Parkson unit acquires Watatime Group stake  (Read 4877 times)

Offline Jules Vega

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Parkson unit acquires Watatime Group stake
« on: January 06, 2014, 06:59:12 AM »
Parkson unit acquires Watatime Group stake
3 January 2014


STORY BY
BERNAMA
www.bernama.com
Parkson Holdings Bhd’s wholly-owned unit, Corporate Code Sdn Bhd, has signed a share sale agreements with two vendors to acquire equity interests in Watatime Group of Companies for RM15 million. Corporate Code, a dormant company, was acquired by Parkson on Jan 2, 2014 for RM2.

In a filing to Bursa Malaysia today, Parkson said the acquisition included 50% stakes in five Watatime Group’s subsidiaries, 31.07% stake in Watatime (Subang) Sdn Bhd and 39.42% equity interest in Watatime (M) Sdn Bhd.

Parkson said the acquisition of Watatime Group, a luxury watch segment retailer with the most number of outlets in Malaysia, would complement the existing range of merchandise including fashion and lifestyle products offered by the group.

Offline Jules Vega

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Re: Parkson unit acquires Watatime Group stake
« Reply #1 on: January 06, 2014, 07:01:00 AM »
Luxury watches going the departmental store way?

Soon you can pick up a luxury timepiece as you shop for bags, clothes and your children's  school shoes.....

Buying experience going out the door?

Offline chrisyen

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Re: Parkson unit acquires Watatime Group stake
« Reply #2 on: January 06, 2014, 07:19:05 AM »
Watatime sellling mid high brands watches.... matching Parkson positioning ...

Offline grifterfmj

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Re: Parkson unit acquires Watatime Group stake
« Reply #3 on: January 06, 2014, 07:42:48 AM »
nice, can go to Parkson and look at watches too..

AFAIK watatime has like rolex, tag, longines, omega, b&r etc

Offline dpkong

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Re: Parkson unit acquires Watatime Group stake
« Reply #4 on: January 06, 2014, 05:54:09 PM »
nice, can go to Parkson and look at watches too..

AFAIK watatime has like rolex, tag, longines, omega, b&r etc

But I seriously doubt you will see Rolex or Omega being sold in Parkson stores.

Offline Everdying

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Re: Parkson unit acquires Watatime Group stake
« Reply #5 on: January 06, 2014, 06:35:50 PM »
this was a timebomb waiting to happen from rumors i heard few months ago already.

but yea, i doubt you will see omega etc in parkson.

Offline Empty Tree 8

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Re: Parkson unit acquires Watatime Group stake
« Reply #6 on: January 07, 2014, 06:34:06 AM »
Assuming similar performances for all 7 companies and the price for the stakes purchased, the valuation for Watatime is in the region of RM45 million. Not bad for the sellers, given that they still retain majority control of the presumably, more profitable branches.

But big corporate players' forays into the business of retailing luxury timepieces has not always been a bed of roses. Case in point is the Sapura Group's entry, together with Francis Sew, into Swiss Union.....that sort of ended in a very sour note. And Valiram's venture is only so so and yet to see full returns on their investment.   

Offline chrisyen

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Re: Parkson unit acquires Watatime Group stake
« Reply #7 on: January 07, 2014, 06:43:46 AM »
watatime owned by 2 families, one more active another not so, already not in very good term maybe...
so the family not so active sold off all their shares to Parkson!

Parkson direction shifted since last year !
saw CEOs from estee and FJ joined them many months ago....