Singapore-based The Hour Glass has acquired the Australian Rolex licence business from Kennedy Watches & Jewellery for $90 million.

The deal includes four Rolex flagship stores at Chadstone in Melbourne, Star Casino and Martin Place in Sydney, and Crown Casino in Perth, according to the Australian Financial Review.

Kennedy has transferred the leases, inventory, staff, and the underlying distribution agreements for those boutiques.

James Kennedy, CEO of Kennedy Watches & Jewellery, told the AFR that it was the right time to sell the licence as the Swiss watchmaker may sell directly to shoppers in the future.

He added that his business still had more than 20 watch and jewellery brands following the deal.

In an announcement issued last month, The Hour Glass said it had completed the acquisition of ACN 685 541 851 Pty Ltd (SPV) for a consideration of $90 million.

The deal, first revealed in April, was made via The Hour Glass’s wholly-owned subsidiary in Australia. 

Following the deal, SPV changed its name to THGRAU Pty and is now an indirect wholly-owned subsidiary of the Singaporean company.

The Hour Glass already has boutiques in Australia as well as stores across Singapore, Malaysia, Vietnam, Japan, Hong Kong and Thailand.