Fink’s, Virginia and North Carolina’s biggest luxury watch and jewelry retail group, has expanded its network to 10 showrooms with the acquisition of Rone Regency in Chattanooga, Tennessee.
The group is also set to open a flagship in Virginia Beach in October as it focuses on locations where it can operate from larger stores with the best brands.
Rone Regency was authorized to sell Rolex, TAG Heuer and Breitling. Fink’s is adding Tudor to the portfolio.
“[All stores] will all have the right mix of product and be delivering considerable value. They are bigger, better stores. We are closing all our smaller under-performing stores,” Marc Fink, the group’s chief executive, told WatchPro in our Big Interview in May this year.
Rone Regency Jewelers was founded in 1944 and has been owned by Bob and Sherry Mason since 1970.
Matthew Fink, president of Fink’s, says the Masons share his company’s values and the Chattanooga showroom is in a great location.
“We feel that they have a similar way of doing business, are in a growing city in the southeast and we instantly connected with the owners Bob and Sherry. We knew that it would be a win-win partnership because of our relationship with them,” he reports.
Discussions with Rone Regency started at the beginning of 2020, before the pandemic, but paused as both businesses were dealing with the challenges of Covid-19. The deal eventually closed in early September.
The strain that lock downs, shielding and social distancing have put on retail was not a factor in the sale, Mr Fink tells WatchPro, but it has certainly been a challenge.
“This year has been a roller coaster and there is no way to predict the coming six months. Currently we have rebounded to prior Covid levels and are truly thankful for the hard work of our associates and the loyalty of our client base. This business is a special one that jewelry and timepiece purchases can persevere even through a global pandemic,” Mr Fink says.