Phoon Huat to open more stores this year; on the lookout for deals

PHOON Huat is set to open more stores in Singapore this year, as it crosses a new milestone of US$100 million in revenue.

It is also on the lookout for opportunities to acquire, said Shuichi Sato, chief executive of the home-grown baking supplies retailer, in an interview with The Business Times (BT) on the back of Phoon Huat's acquisition of a majority stake in French goods retailer Le Petit Depot.

But Mr Sato added that Phoon Huat remains a "small and humble" company: "We do not jump into big, fancy deals."