As Cortina Watch celebrates its 50th anniversary this year, CEO Jeremy Lim discusses the luxury watch retailer’s recipe for success and future plans
It’s been a huge year for Cortina Watch. Since the start of 2022, the local luxury watch retailer has been celebrating its 50th anniversary with a slew of events, exhibitions and a series of commemorative edition timepieces made in collaboration with eight partner brands including Cartier, Chopard and Patek Philippe. Later this month, two gala dinners will also be held to officially wrap up the brand’s Golden Jubilee.
The company was first founded in 1972 as a single store in Colombo Court along North Bridge Road by Anthony Lim, who is currently the chairman of Cortina Holdings. Today, it has more than 45 retail outlets across Asia-Pacific in markets like Singapore, Malaysia, Thailand and Hong Kong. Anthony’s sons Jeremy and Raymond Lim have also taken over the reins, as CEO of Cortina Watch and CEO of Cortina Holdings, respectively.
For Jeremy Lim, who was promoted to the position of CEO from COO just last year and leads the watch business, Cortina’s 50th anniversary has been especially significant not just for the celebrations and reflecting on past achievements but also in what it spells for the company’s future.
Read more: An Interview With Jeremy Lim of Cortina Watch: "We Want to Set the Bar Higher"
“A lot of people say that 50 years is a milestone for a company, which is true, but I think internally this 50th anniversary should also act as a springboard for us to really plan for the future,” says Lim. As with any family-run business spanning generations, one key facet is succession planning.
He shares that such plans have already been in the motion for over a year, such as with a restructuring of roles, like him becoming Cortina Watch CEO, his sister Sharon taking on the CEO position at Franck Muller, which Cortina represents in Southeast Asia, as well as the acquisition of Sincere Fine Watches with a new CEO on board.
Beyond the current management, Lim adds that he is grooming the third generation of the family, namely his niece and nephew, who are also working in the company. “Of course, I hope that one day our next generation can run the business, but ultimately different people have different interests, so I won’t force them,” he says. “However, I think it's important that they at least know the business because eventually, they will be shareholders even if they're not active, so I think it's good to be informed.”
Other plans for the company include expansion into new markets, as well as increasing footprint, relocating, and strengthening positions in existing markets, though there are no definite objectives just yet. “In the past few years, it's been a bit difficult to look beyond what we already have because of all the border closures,” Lim explains. “This year, my travels have only been to countries we’re already operating in that we couldn’t physically be in during the pandemic, because we need to ensure we are meeting face-to-face with our partners and showing them we are here and active—it’s important.”
He adds: “This is what we need to see to before we embark on expansion plans. Then, we will also need to physically be in these markets to see how we can embrace the culture, what kind of resources we can put in and what is necessary to open a new market.”
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