Soo Kee to expand into Thailand through JV
CATALIST-LISTED Soo Kee Group is expanding into Thailand by bringing its bridal jewellery brand Love & Co there through a joint venture.
The group on Thursday signed a memorandum of understanding (MOU) with Thailand's Aurora Group to form a 40:60 joint venture company with an initial paid-up capital of 30 million baht (S$1.21 million). Soo Kee will license and supply intellectual property rights, products and support to the JV, while Aurora will run the operations.
The group's entry into Thailand comes as the increasing affluence and rising consumerism fuel the luxury goods market. At the same time, Thailand's population size of 68 million represents "a huge market of growth opportunities", said Soo Kee.
Its chosen partner, Aurora, is a leading jewellery retailer in Thailand in terms of retail outlets; the group has 180 stores across Thailand.
"Thailand's huge population and growing upper and middle classes provide a large target market for luxury spending," said Soo Kee Group CEO Daniel Lim. "We believe that the sheer size of the country also presents many untapped opportunities for the group and it is important for us to capitalise on these growth opportunities."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Morgan Stanley, Frasers settle UK lawsuit over US$1 billion margin call
Venture posts lower Q1 net profit of S$60.1 million on weaker demand
YHI International COO and subsidiary charged with alleged failure to ensure employee safety, causing death
India's markets regulator puts seven Adani companies on notice for violations
Singapore stocks end week in red; STI down 0.1%
UK's FTSE 100 hits record highs on Anglo-American boost