Australian jewellery retailer Kennedy is offloading its Patek Philippe boutique in Chadstone to an overseas timepiece company in what it calls a “strategic portfolio decision”.
The retailer confirmed it has signed a deal to sell the boutique in Chadstone to Cortina Watch, a Singapore-based timepieces and accessories company. The deal is made with a cash consideration of A$24.5 million, and is set to be complete before the end of FY26.
“This transaction allows Kennedy to refine its portfolio, reallocate capital and focus on long-term priorities that support its next phase of growth,” a Kennedy spokesperson shared.
“We are working closely with Cortina to ensure continuity and a seamless transition for customers, partners and staff.
“Kennedy’s next phase, including further announcements, will be revealed in the coming months.”
The move also comes over six months after Kennedy sold its Rolex license to The Hour Glass, another Singaporean retail business. It is believed these transactions will help realise value from mature assets and bolster the balance sheet, possibly to help for future investments. In October last year, the retailer registered a new entity, according to ASIC, titled Kennedy Consolidated Asset Management Pty Ltd.
Kennedy operates a diversified luxury watch and jewellery platform across Australia, spanning mono-brand and multi-brand retail assets. It sells through a dedicated website and through six retail locations.
The move comes as the luxury market globally weathers headwinds post-COVID. Dean Mintz, the founder and CEO of luxury platform Cettire, told investors in August 2025 that there was a slowdown in demand for luxury goods. Headwinds included persistently high inflation and the flow-through impact to reduced consumer spending, as well as growing trade and geopolitical tensions, according to Mintz.
Research firm McKinsey & Company shared similar sentiments in a January 2025 State of Luxury report.
“Several of the industry’s growth-driving engines have stalled. Price increases have reached a ceiling, and higher prices are negatively affecting demand from aspirational luxury consumers,” McKinsey & Company shared. “Macroeconomic headwinds – especially in the key China market, which drove more than 18 percent growth annually from 2019 to 2023 – are weighing heavily on the sector.”
Parent company Cortina Holdings confirmed in an announcement last month that it has been exploring strategic avenues to help expand its operations in the Australian market. The brand already operates a specialist Franck Muller boutique in Melbourne, and has operations in Malaysia, Thailand, Indonesia, Hong Kong, Macau and Taiwan.