Two men were arrested in Hong Kong shortly after they allegedly snatched three Audemars Piguet watches worth more than HK$5 million from a store in the shopping hub of Tsim Sha Tsui on Sunday.

Police received a report from a female employee of Mariane Jewellery and Watches Company on Hankow Road at about 5.30pm that two men had entered the premises and snatched three high-end Swiss timepieces.

The men who had posed as customers grabbed three Audemars Piguet watches before fleeing the scene, a police source said. The haul was worth HK$5.37 million.

Before the theft, at about 4.05pm, two suspects had entered the premises, inquiring about the watches.

At about 5.28pm, one of them opened the shop door, while the other suspect snatched the watches before they both fled, the source said.

Two shop workers pursued the suspects, both aged 23, and managed to stop one of them on nearby Ashley Road. Police later caught the other one on Haiphong Road.