- Entered into memorandum of understanding (“MOU”) with Aurora Design Co., Ltd, a retailer of gold ornament and fine jewellery in Thailand
- Proposed establishment of a joint venture company (“JVC”) to sell gold and diamond products in Thailand under the Group’s “Love & Co.” brand name
- Increasing affluence, rising consumerism and the large population size present compelling growth opportunities in Thailand’s fine jewellery market
Singapore, 9 February 2017 – Soo Kee Group Ltd. (“Soo Kee Group” or the “Company” and, together with its subsidiaries, the “Group”) (“树记珠宝集团”), a leading and established trendsetting jeweller, announced today that it has entered into a MOU with Aurora Design Co., Ltd (“Aurora” and together with its subsidiaries, the “Aurora Group”), in relation to, inter alia, the establishment of the JVC which would allow the Group’s bespoke bridal jewellery brand, “Love & Co.”, to penetrate the Thailand market for the first time.
The Aurora Group is principally engaged in the distribution of gold and jewellery products, with more than 170 retail stores in Thailand.
Soo Kee Group and Aurora intends to establish the JVC, to be incorporated in Thailand, with an initial paid-up capital of THB30 million (approximately S$1.2 million). The JVC will sell gold and diamond products under the Group’s “Love & Co.” brand name in Thailand. It is also proposed that Soo Kee Group, which will have a 40%-stake in the JVC, will license and supply intellectual property rights, products and support to the JVC. The Group’s entry into the fine jewellery market in Thailand is timely as the luxury goods market continues to be on the rise on the back of increasing affluence and rising consumerism. In addition, as part of the Group’s regional expansion, Thailand’s large population size of 68 million presents a huge market of growth opportunities.
Commenting on the proposed joint venture, Aniwat Srirungthum, Chief Executive Officer of Aurora said, “We are pleased to cement our relationship with Soo Kee Group through the MOU. We are confident of the market potential of the “Love & Co.,” brand in Thailand. In addition, the offering of Soo Kee Group’s high quality and exquisite jewellery products as well as its strong regional network will widen our product offerings. We look forward to strengthening our capabilities to grow our customer base as well as delivering the best customer experience.”
Mr. Daniel Lim (“林雍胜”), Chief Executive Officer of Soo Kee Group said, “Thailand’s huge population and growing upper and middle classes provide a large target market for luxury spending. 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.
We are honoured to have the opportunity to partner Aurora, an experienced leading jeweller in the Thailand market. Through Aurora’s extensive retail network, we are proud to offer our collection of bespoke jewellery and our unique brand experience to customers in Thailand.
The proposed joint venture is also in line with our growth strategy as we continue to widen our business network and strengthen our market position in the region. As a Group, we continue to look out for new business channels to meet the demands of the evolving retail landscape and to achieve sustainable growth so as to deliver greater value for both our customers and shareholders.”