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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."