StanChart, L Capital on the watch with Sincere
Standard Chartered Private Equity Limited (SCPEL), the investment arm of UK-headquartered Standard Chartered Bank, has led a consortium comprising L Capital, LVMH Moet Hennessy Louis Vuitton’s investment firm, and a former managing director of Peace Mark Holdings, in a deal that took nearly 80% of Sincere Watch, the Singapore-based luxury watch retailer.
Sincere Watch has been up for sale since September last year, after Peace Mark, its Hong Kong-based owner, was revealed to have difficulties over repayments for $230 million owed to more than 50 creditors....
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