Details are still under wraps until the paperwork is signed, but WatchPro has been told that Californian luxury watch giant Hing Wa Lee Jewelers is about to acquire a business that will add a second city to the Los Angeles-based group.
Hing Wa Lee Jewelers has built one of the West Coast’s most successful Swiss watch retail empires thanks to its position as the leading supplier to Chinese residents and visitors to its two stores in the San Gabriel and Walnut neighborhoods of Los Angeles.
David Lee, the group’s current chief executive, took over the business from his father Hing Wa in the 1990s and pivoted the company away from wholesaling gemstones and jewelry and towards top end Swiss timepieces.
Its two showrooms, which total 26,000 square feet of retail space between them, both have Rolex as their anchor brand and stock around 30 other leading marques ranging from Audemars Piguet to Zenith.
Mr Lee tells WatchPro in The Big Interview for our October edition, that he is close to announcing the acquisition of another jeweler offering top Swiss watch brands, but would not name the company.
He did say that it would broaden the customer base of his business to a new city and it would not be dependent on Chinese customers. The company being acquired will continue to trade under its current name, he added.