Ong Ban, Sincere Fine Watches

Time tells many stories, as the story of Sincere Fine Watches shows. The magazine has tracked some of these stories, now and then, over the last 20 years, but we note one constant: the current CEO of Ong Ban. He has been in the trade longer than this magazine has existed – even longer than Heart Media as a company. The fact that Ong has been in the watch retail business for a long time is nothing out of the ordinary. What sets him apart from most of his peers is that he has been with Sincere Fine Watches the entire time, from its heyday as a family operated business, through all the ups and downs that followed, and now as part of Cortina Holdings. He rose through sales and operations to eventually become CEO in 2008. One constant in Ong Ban’s journey was his passion and enthusiasm for watchmaking, and cultivating an interest in fine watches. One need only start getting lyrical about the watch to make his eyes light up, if only for the chance to talk about some details about the watch at the new SHH boutique in Marina Bay Sands. Ong calls this boutique his “forever home”, for SHH and for him it represents the core competence that has always been the hallmark of Sincere Fine Watches.

From Greubel Forsey Architecture to Lang & Hyne Georg, this is a watch that needs more than magazine ads and a glossy display case; these days, such rare watches are likely to be used before they even arrive in Singapore. A retail operation requires someone of a certain size to deal with competing collectors, as well as a measure of gravitas to possibly get these collectors to agree to display the watches they have purchased in their store. Think of it in the same way as some high-end car dealerships, where some buyers are happy to park their cars in the showroom.

It’s helpful that the SHH store has the right type of space to display watches like this, with Ong noting that he loves hosting collectors who want to hold watch appreciation gatherings in the store’s private space. Needless to say, the introduction of the boutique allowed Sincere to talk about its independent brand, and Ong’s own role in developing this important niche watch collection. There are lots of brand CEOs coming to town because of Sincere’s commitment to develop the market for these brands. Now with the support of Cortina Holdings, this is likely to be a strong growth opportunity, given that Cortina Watch is a partner, not a competitor.

We sat down with Ong for a quick chat about independent watchmaking, the SHH boutique, the interesting story of Sincere Fine Watches, and his own role in the follow-up saga.

Congratulations on the new boutique! Sincere Fine Watches has gone through many changes, in just the time we have known you. Even SHH is now in a very different form from before. Take us through it all.

OK, so I thought I’d first take you back a little bit about the Genuinely Refined Watches, then the SHH. So Sincere and Sincere Haute Horlogerie, from then until now….

From 2005 or from early 1957?

I’ll take you (so far) to 1992 (laughs). (But first prize) – When Sincere Fine Watches is acquired by Cortina Holdings in 2021 (deal closes in March 2021), I think one of the things that Raymond Lim, the chief executive of Cortina Holdings wants to focus on is the strengths and core competencies of Sincere Fine Watches .

We (Sincere Fine Watches team) have always been strong with high-end mechanical watches. We are strong with brand management. And we have a culture and passion within the company on all (horological) educational topics. In short, Sincere Fine Watches is very good at bringing brands with great potential to market – we can spot winners from afar. So, for example, we took a chance on (then unknown) watchmaker Franck Muller and brought the brand to Singapore — this was while watches were still being made in (Muller’s) kitchens. Sincere helped make the brand what it is today. In 1995, we brought in A. Lange & Söhne, while still under the late Gunther Blumlein at LMH (before the acquisition of the brand by what was to become the Richemont Group). Then, in 1998, we (ushered in) the big watch trend when we brought Panerai to Singapore. In 2000, we brought the (and then emerging) independent watchmaking phenomenon to Singapore with FP Journe.

So, what we’re looking to deliver (with the SHH boutique) is an ongoing presentation of what we think is the next great watchmaking star. I think this space is key for customers to come and (find) Moritz Grossmann, Lang & Heyne, Czapek, Louis Moinet, Gronefeld… Most of these brands are relatively new to our market, and we hope to use this new space to attract passionate people about them. This is really our biggest motivation in birthing and opening (SHH boutique in MBS).

You were there through all the changes at Sincere, including those early days when people might not have been convinced about the potential of Panerai and A. Lange & Söhne. So how did you manage to become a constant force, and be able to find so many winners?

So, watches have been around for decades (in Singapore) and for centuries (more broadly). I believe watches will be around for decades and centuries to come. My philosophy is that time is actually timeless.

I told my first employer (in the watch trade, namely Ebel), even if you don’t pay me, I will still enjoy the job! So for me to be able to continue in this industry and have enough energy (to defend myself), the spirit has to be very strong.

And I think this is one of the main reasons why Tulus has been able to weather so many storms; it’s because there is so much passion within the company and genuine love for mechanical watches (among the team).

This affection, this passion is so contagious… and with the collectors and connoisseurs we have served over the years (which I have visited here), they have never seen a change of ownership as a barrier to acquiring a watch. It doesn’t matter to them whether Tulus is owned by a consortium, whether Tulus is in the hands of a liquidator, or in the hands of investors… none of this is a problem for collectors.

I think what’s important is that we continue to involve them in (continuing) their hobby. They are getting excited all the time with awesome watches. And I don’t see this change, with me in this role and outside of me… there will be another team that will continue the work. As long as you have high emotional content in doing business, the business will always run smoothly.

When identifying future stars—Philippe Dufours, Kari Voutilainens, and future Roger Smiths—it’s all about timing; as we go in for (any brand). Was it during conception (when the watch was being planned)? During the introduction (when the watch is shown to potential retail partners)? Or when the brand has done enough work in the market to stabilize itself. It is a soft skill one picks up over years.

What do you think about watches as an investment piece? Is this unprecedented situation threatening the passion for watch collecting?

We never say, to any client, that the watches we sell are for investment. This could be due to the choice of brands we carry, or our merchandising choices. As for the issue of a shortage of watches (available for sale soon, or relatively soon), and the higher demand for watches, I think this is real, and for a number of reasons. I think in the last two years, amidst the pandemic, you’ve created new wealth, which is quite aggressive.

The pandemic has also caused many disruptions to watchmaking (everywhere), and these disruptions are impacting the supply chain. So now, it may take more than a year to get certain parts, like the crown, that might have taken only weeks before. I think with the return of the (now) industrial workforce, hopefully things will improve.

Has the pandemic shown that people are eager to buy online and without any relationship with a particular retailer?

I think when you buy a watch in this space, there are two main factors. One is your relationship with the watch (not really as pictured on the website), and the other is your relationship with your sales adviser. I think these two elements are not easy to replace.

When (considering) these two elements, you’re trying to create a SHH boutique-like space, which is comfortable…. where we can slow down the pace a bit, relative to when you go to a normal shop. In those watch shops, people usually come in and sit at the counter, and don’t look around. They bought what they wanted, made their payment and left. Here at SHH boutique, we deliberately slow down the pace of service. That’s why we also have a private area (which takes up approx. half of the 100 square meter space). Buying watches these days (with the rise of online shopping) has become individualistic (with people buying in solitude, impersonal). I wanted to bring back the community aspect to the hobby of watch collecting.

Was this an idea from the beginning of the SHH shop?

So the brief to the designer was to build a shop that didn’t look like a watch shop. I think that is key (our intention with the SHH store). Interior design has to make sure that, first and foremost, there’s a high level of comfort, OK, and that’s where the product is the star.

So if you look at the look on the outside, it’s pretty common… whether it’s an H. Moser & Cie watch or a Lang & Heyne watch, they all share the same format. But the fact that every watch here has been selected with care, it means the curation process has been done; every watch here meets certain criteria.

This starts at the brand level first… the brands we include here all require a high level of investment on our part, and (rigorous) due diligence. For example, take Greubel Forsey…if you buy Greubel Forsey from us, and 50 years later you need to replace the crystal, we can’t say ‘Sorry, we don’t sell this brand anymore.’ So this means long term partnership sustainability is also part of the criteria what is included here at SHH. We should also take the time to explain brands and watches, because as I explained, most of the brands we bring here are probably not very familiar (compared to staples like Rolex and Patek Philippe).

And for something like a Greubel Forsey watch, I think it’s really important for the collector (or potential customer) to actually feel it. To be honest, getting to feel the watches we carry (in metal) is difficult, because production is small; every part (from the limited production series) that comes to us is probably already applied for. We try our best to have things in store, so again, Greubel Forsey Architecture for example… whoever wants it now, can’t get it. But we have a section in store for Greubel Forsey fans to come and experience, because I think it’s important.

Finally, for our longtime readers, who will remember SHH as Sincere Horlogerie Haute, let us know about the name change, and new logo.

Simply put, we decided to go with SHH because a genuine Horlogerie Haute Horlogerie is more or less! And the logo, it was Kate Lim’s idea (Kate Lim is the daughter of Raymond Lim and General Manager of Sincere Watch Limited) to make the elements of the watch itself part of the design. So this is what a mechanical watch looks like from a caseback!

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