SINGAPORE - Mainboard-listed fashion retailer F J Benjamin Holdings has clinched an exclusive distributorship for Baume & Mercier watches in Singapore and Malaysia with effect from April 1.
The agreement is valid for three years, with the possibility of another two-year extension based on certain commitments, the company said in a regulatory filing on Friday (March 29).
The Baume & Mercier brand was founded in 1830, and specialises in luxury dress watches.
F J Benjamin will be responsible for the daily operations, sales and support, as well as marketing and communications to strengthen Baume & Mercier's brand awareness in the two markets, the company said.
Nash Benjamin, chief executive of F J Benjamin, said: "We are delighted to be appointed exclusive distributor for Baume & Mercier which enjoys a long history in luxury Swiss watchmaking, and is distributed in over 100 countries today. We look forward to developing further the presence of the brand in our markets."
Romain Lambert, managing director of Baume & Mercier, South-east Asia and Oceania, said: "We are excited to partner with F J Benjamin in Singapore and Malaysia... It is clear that there is an untapped opportunity to develop a stronger retail network in order to service current and potential Baume & Mercier customers."
F J Benjamin is currently on the Singapore Exchange's watch-list for posting three years of pre-tax losses and failing to maintain a market capitalisation above S$40 million. It faces a December 2019 deadline to exit the list by posting a profit and raising its market cap, or it could face delisting.
The counter closed flat at 3.1 cents apiece on Thursday and had not seen any trades as at 10.14am on Friday.