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Precious metals retailer Degussa closing outlet in S'pore

Its exit comes as retail market for precious metals slows in the city-state

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Degussa had hoped to use Singapore as a stepping stone for its expansion into Asia, its CEO, Wolfgang Wrzesniok-Rossbach, told BT in a 2015 interview. The group has no plans to enter other Asian markets at this stage.

Singapore

An increasingly competitive retail market for gold and silver in Singapore has claimed its first scalp.

Degussa, one of Europe's largest gold and precious metals retailers, will shutter its retail outlet in Singapore only two years after opening, due to margin pressures.

sentifi.com

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