Chow Tai Fook wins bid for Peace Mark

Hong Kong - Chow Tai Fook Enterprises' proposed acquisition of some assets of luxury watchmaker retailer Peace Mark has been approved, beating 60 other bidders for the deal.

The group will not show the price tag until the end of October when the deal is finalised. But according to other media, the acquisition deal costs about HK$700 million.

Under the deal, Chow Tai Fook will take control of two factories and over 1,000 retail stores of Peace Mark across China, Hong Kong, Macau and Taiwan.

A distribution of a wide range of luxury brands with mono-brand shops from Omega, Rolex, Cartier, Tissot and Tudor has also been sold.

Cheng yu-Tung, Hong Kong billionaire and chairman of Chow Tai Fook, said the deal will expand the group's retail network in over 100 cities in China and lead the group to dominate the jewelry and watch retail market.

Following its acquisition of Sincere Watch last year, Peace Mark's share price dropped by 59% and was suspended on the Stock Exchange in August this year.