Brothers in sync

Jarod Ng (left) and Joses Ng opened watch retail store Watch Capital in Feb 2021, and its revenue for the year is almost S$29 million.

WHEN THEY WERE YOUNG, Jarod and Joses Ng used to sneak out of the house at night and  take long walks around their estate. They would  dream about how they’d start their own business  and be successful by the time they were 30.

Today, Jarod is 25 and Joses is 22. They  opened watch retail store Watch Capital in Feb  2021, and its revenue for the year is almost S$29  million. In the case of these brothers, dreams do  come true – and quickly.

Joses attributes the dealership’s rapid  success in part to an aggressive marketing  strategy: “We spent a lot on media advertising,  getting ourselves covered by newspapers and  magazines, and pushing out posts on social  media. People saw these stories and posts and  reached out to us, and we were able to build  relationships that way.”

Jarod says they’ve also ensured the store  gives clients what they want: “We stock a wide  range of watches that are in high demand. And  we make the environment in Watch Capital  friendly and approachable: If you walk into our  store without knowing anything about watches,  we’ll patiently tell you everything we know to  help you make your decision.”

Some of their most rewarding experiences  involved talking at length to clients, who  consequently spent months mulling over their  options, before committing to a purchase:  “A luxury watch, after all, is a big ticket item.  We don’t expect our clients to make hasty  decisions,” Jarod says.

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And though they are proud of their store’s  rapid first-year success, they’re quick to say that  the business is a competitive one, with gross  profit margins ranging from 8 to 10 per cent  only. Although they want to stay in the booming  watch business, they’re also looking to venture  into other industries where the margins are  higher and the potential to create new products  – products bearing their own name – is greater.

Watches sold at Watch Capital include (left to right, top) Panerai Luminor GMT, Panerai Luminor Marina, Chopard Mille Miglia, Bell & Ross Military Green Ceramic, (left to right, bottom) Hublot Big Bang Unico, Hublot Classic Fusion Asia Edition, Girard-Perregaux Laureato Skeleton Ceramic, and GirardPerregaux Laureato Skeleton Stainless Steel.

ALL IN THE FAMILY

Growing up, the Ng brothers were constantly  exposed to luxury watches. Their father, an oil man-turned-private investor, is an avid watch  collector who used to take them to watch stores  and give them basic lessons on horology.  

Joses recalls: “When I was in Primary 5, my  father showed me his Panerai Luminor GMT and  helped me understand its technical details. That  was my first encounter with a luxury timepiece,  after years of having a relationship with only a  Casio digital.”

By the time Jarod and Joses were teenagers,  they had squirrelled away enough pocket money  to each buy their first luxury timepiece, a Bell  & Ross BR 03-92 at Watches Of Switzerland in  Paragon.

Joses says: “I still remember the price of the  watches after discount – S$3,200 each – which,  to a 16-year-old teenager, was a lot of money. But  we were happy with our purchases. And it was  an important first step in our watch collecting  journeys.”

Their father saw their love of watches as a  way to instil financial smarts. So when Jarod  was 19, his father offered to help him buy the  Audemars Piguet Royal Oak Offshore Safari he’d  been eyeing. “He said he could pay half, while I  paid the other half,” says Jarod. “That forced me  to figure out how to raise the money quickly so I  could get the watch of my dreams.”

By the time he was 20, Jarod had started  a hobby of buying and selling luxury watches  on the online marketplace Carousell. Having  obsessively studied the market, he found  timepieces put up on Carousell at below-market  prices by sellers who needed cash urgently. He  would purchase and resell them for a profit.

Soon, he had roped in Joses to help with  his thriving business. And when Jarod had  completed his law degree in Durham University,  he was ready to open the Watch Capital store  with Joses, who is currently pursuing law also  in Durham University but via online classes  because of the pandemic.

They appealed to their parents for a S$1.5  million loan in startup capital, and Watch Capital  was born.

EYES ON THE PRIZE

Despite Watch Capital’s swift success, the  brothers are eager to try their hand at something  else. They’re looking into the jewellery business  and recently incorporated Jewellery Capital under  their private investment firm Pallarian Holdings.  Joses says: “We are currently riding on established  watch brands. But we think the real thrill will  come when we manufacture our own goods, post  them online and sell them in our own store. Our  ambition is to have our very own brand of goods.”

One entrepreneur they admire is Richard  Mille, who founded his watch company in 2001  with Dominique Guenat, and quickly catapulted  Richard Mille the brand into the luxury watch  stratosphere with its cutting-edge technology  and materials. Joses says: “Mille focused on  creating unique products and marketed them  aggressively. He used the power of celebrities to  build buzz and credibility. And the watches are,  in themselves, exceptional.”

In fact, the brothers admire several  entrepreneurs such as Mark Zuckerberg and  Elon Musk, so much so that they wanted to forgo  their university education as these men had. “But  we stayed on to complete our degrees to make  our parents happy,” says Jarod. “We think it also  helps build trust and credibility with our clients  when they find out we’ve studied law.”

If they could have any watch in the world,  which would they choose? Joses says: “The  Audemars Piguet Royal Oak Perpetual Calendar  in white ceramic. Compared to other luxury  watches in white, rose or yellow gold, the white  ceramic really stands out.”

Jarod says: “Patek Philippe Sky Moon  Tourbillon, with a minute repeater, perpetual  calendar and moon phases. It’s an extremely  complicated watch and it’s priced in the millions.  If I can purchase this watch, I can finally tell  myself, ‘I’ve made it in life.’”

Photography: Darren Gabriel Leow

Styling: CK Koo

Hair styling: Grego Oh, using Keune

Jarod Ng (left) wears shirt and suit by Louis Vuitton. Joses Ng wear turtleneck and blouson by Prada

Watches sold at Watch Capital include (left to right, top) Panerai Luminor GMT, Panerai Luminor Marina, Chopard Mille Miglia, Bell & Ross Military Green Ceramic, (left to right, bottom) Hublot Big Bang Unico, Hublot Classic Fusion Asia Edition, Girard-Perregaux Laureato Skeleton Ceramic, and Girard-Perregaux Laureato Skeleton Stainless Steel.