Tourneau Inc., a leading U.S. watch retailer, announced Feb. 23 that it’s in a joint venture to operate a chain of retail stores in China to sell luxury watches. Also involved are Peace Mark (Holdings) Ltd. of Hong Kong, a leading manufacturer of watches, and the International Watch Group of New York City. Together, they formed Peace Mark Tourneau (Holdings) Limited, which will engage in retail distribution of luxury-brand timepieces to the high-end market in mainland China, Hong Kong, Macao, and Taiwan. Its retail outlets will operate under the “Tourneau” name. The first two will open this year in Shanghai; 30 stores are planned within the next five years.

Tourneau, based in New York City, is the world’s largest watch store, offering more than 100 brands plus its own Tourneau brand. It also operates 22 stores across the country and in the Caribbean.

Peace Mark, founded in 1983 and based in Hong Kong, is a leading watch manufacturer, distributor, and retailer of its own and licensed brand timepieces. Its major markets include the United States, China, Europe, and Asia.

International Watch Group, also in New York City, owns and distributes several fashion and watch brands including Lucien Piccard.