A little black mark on Singagpore Panerai boutique opening

[leeye]

even if Panerai were to honour the transaction with the customer, Panerai/Richemont would still pursue the case with their former employee to recover the money back.

[watchpassionist]

If i will being offer pam382 and pam 372 retail price guess i will also blindly put a deposit of $100k cash advance in order to jump the Q
who care the F got receipt or not. The temptation of profits has made me greedy, insane, out of clear mind.

But sad to say i dunno who is him, never get to know him and never been interested to meet up with him when he gather the fans for kopi talk..
Think my loss is also my blessing in disguise, so till this very day i have no fortune to even smell the Bronzo on my wrist..

[leeye]

If i will being offer pam382 and pam 372 retail price guess i will also blindly put a deposit of $100k cash advance in order to jump the Q
who care the F got receipt or not. The temptation of profits has made me greedy, insane, out of clear mind.

can't agree with your statement. 382 + 372 combined retail value would be around $30k. why would you pay $100k deposit for $30k worth of watches? if i had $100k, i would gladly pay grey dealers a small premium (25% higher @ $38k) to get both watches ahead of everyone and have $62k in my pocket for other watches.

[kelvinlow1123]

After the police are done with the investigation, I jus hope that nobody else is implicated.

[trigger]

Guys, here's the full story.....

Watch boutique's ex-manager allegedly took $109k from clients
He allegedly took $109k from clients but failed to deliver goods; police reports lodged
*Singapore*|*Updated yesterday at 06:00 AM
By Leonard Lim

A former boutique manager at a luxury watch shop has gone missing, after allegedly receiving at least $109,000 as payment for Panerai watches but failing to deliver them.

Police reports have been lodged against Mr Terence Quek by both the distributor for the Italian brand here - Richemont Luxury (Singapore) - and at least three fine watch enthusiasts, who claim to have been cheated.

Mr Quek, believed to be in his 30s, is understood to have been sacked from Richemont last month, and has been uncontactable since last Saturday.

One customer, Indonesian vintage and fine watch dealer Amin Ko, said he gave Mr Quek $60,000 for three Panerai timepieces on Jan 2, while they were having lunch at Lucky Plaza.

'He promised to return in half an hour, but never did. He sent me an SMS to say there were some changes,' said Mr Ko, 42, adding that he was told he would get the watches a few days later.

'But I've not heard from him since.'

Based in Jakarta, Mr Ko has had business dealings with Mr Quek for eight years, and flew here on Tuesday to lodge a police report.

'I had no reason not to trust him. Just last month, I paid $100,000 for more than 10 Panerai watches, which were delivered promptly,' he said.

Another customer, introduced to Mr Quek by a friend in the middle of last October, ordered two of the Italian brand's watches, and paid $29,000.

Mr Quek gave him letters with Panerai's letterhead and official seal as proof of his purchase. Mr Quek also apparently said the name on the cheque should be made out to him as the Officine Panerai boutique was not functioning yet.

The boutique, at Ion Orchard, opened a few weeks ago.

The watches were to be delivered on Dec 1, but this was delayed several times. The 48-year-old customer, who had been collecting watches for five years, said his last contact with Mr Quek was on last Saturday morning.

'He said he would refund me my money at my office, but since then, he has become uncontactable,' said the customer, who declined to be named.

The friend who introduced him to Mr Quek had paid $20,000 for one Panerai watch, which was also not delivered.

Panerai South-east Asia general manager Antonius Kerssenbrock said it intended to honour its commitments to customers.

He added in an e-mail response: 'Our key priority now is to take care of our affected customers to ensure that our clients' rights and benefits are well preserved and protected at all times.'

He said the company was conducting a full investigation into Mr Quek's dealings, and had referred the case to the police.

'Given this, we are not in a position to further comment on the details of this incident.'

A police spokesman confirmed that reports had been lodged, and investigations were ongoing.

It was business as usual on Wednesday at the 120 sq m Panerai boutique - the brand's flagship in the Asia-Pacific and its largest in the world.

But staff clammed up when Mr Quek's name was mentioned, and said all queries should be directed to the management.

Still, those who worked with him painted a picture of a man who dressed well, wearing leather shoes that cost a few thousand dollars, and who regularly snapped up luxury goods from brands such as Gucci.

The episode follows the high-profile case of a former Cortina Holdings employee who stole watches worth $7.6 million during a 2008 Christmas Day theft at the company's Raffles City store. He was given a nine-year jail sentence.

Industry observers said Singapore's growth as a watch hub over the past few years - coupled with top names like Hublot and Panerai opening boutiques to meet rising demand - could tempt some staff to enrich themselves.

Mr Gilbert Cheah, 48, managing director of the Singapore Tatler, which has organised an annual luxury watch exhibition for the past four years, said: 'The CEO of Hublot put it well. In Europe, if you have 10 millionaires, you have one watch sold. In Asia, if you have 10 millionaires, you have each buying 10 watches.

'When there's a demand, there will always be people looking to fill it.'

Prominent local watch collector Bernard Cheong said he has heard stories of staff in the industry disappearing after making large sales.

The 53-year-old said: 'They can easily sell the goods off, along with the authenticity card, to shoppers who just want a nice watch and don't know better.'

limze@sph.com.sg


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[triton]

since the matter is handled by police. let's leave it as it is and treat it as a learning lesson for everyone.

thread is close.