Soo Kee ties up with HK's Global Crown to target China bridal market

Singapore

HOMEGROWN jeweller Soo Kee Group has entered into a joint venture with Hong Kong's Global Crown Group Holding to get a large slice of China's booming bridal market.

The two companies signed a memorandum of understanding on Wednesday to form Diamond Avenue Investments, which will hold the rights to sell diamond products under Soo Kee's bespoke bridal jewellery brand Love & Co in both China and Hong Kong.

The joint venture will be set up with an aggregate initial investment of 50 million yuan (S$10.2 million), with Soo Kee and Global Crown holding 55 per cent and 45 per cent respectively.

CEO of Soo Kee Group Daniel Lim told The Business Times that while the number of couples tying the knot in Singapore is about 30,000 a year, the…