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Jewellery retailer TLV to enter retail segment in China via joint venture
TLV Holdings has entered into a joint venture (JV) agreement with one of the biggest jewellery consortiums in Guangdong province, Maoming LiuTao Zhubao Chuangyi Chanye Co, to sell its jewellery in China.
In Singapore, TLV has a retail network of 17 outlets under its "Taka Jewellery" brand; it also provides pawnbroking services as well as the retail and trading of pre-owned jewellery and watches, under the "Top Cash" brand.
Under the proposed JV company, Maoming Liutao Gaoda Zhubao Co will have an initial registered capital of 20 million yuan (S$4.1 million), with Taka HK Venture subscribing for a 49 per cent stake. Based on TLV's 70 per cent interest in Taka HK Venture, its interest in the proposed JV will be 34.3 per cent.
With this, TLV - which was previously selling its jewellery to China on a wholesale basis - will be able to enter the retail segment.
Michael Teo, managing director of TLV, said: "We will be leveraging our JV partners' strengths and resources, and together with our wide range of jewellery products and designs at competitive pricing, to cater to the growing jewellery consumer market in China."