Retail News CRM

Tag: SK Jewellery

  • Sunway Velocity Mall opens doors

    Sunway Velocity Mall opens doors

    Sunway Velocity Mall has opened in Cheras, with a catchment of 1.72 million residents including the nearby areas of Ampang and Kuala Lumpur.

    With a neo-futuristic appearance, the sphere-shaped shopping centre, known as the “KL Orb”, is set to be a landmark on the city’s skyline, especially with its LED light display.

    Its opening is also a milestone for the Sunway Group’s retail division. The group’s fifth mall, it integrates shopping, entertainment and gastronomy in an integrated development.

    “Sunway Velocity Mall was built and designed with one key purpose – to enrich the life experiences of its surrounding community,” says Sunway Shopping Malls & Theme Parks CEO HC Chan.

    The centre has four precincts: Vanity Hall, Marketplace, Food Street, and Commune @ Sunway Velocity. The seven-storey mall offers the first-ever Aeon MaxValu Prime in Malaysia – the third such outlet in the world following Japan and Hong Kong.

    The other two main anchors are Parkson and TGV Cinemas, which has the largest Imax screen in Malaysia. Other tenants include Chi Fitness, Grand Imperial, Harvey Norman, JD Sports, Padini Concept Store, Popular Bookstore, Toys‘R’Us and Uniqlo.

    Chan says the mall is part of the “golden triangle of retail spaces” comprising the new Ikea Cheras, Aeon Maluri Shopping Centre, MyTown Shopping Centre and the Tun Razak Exchange (TRX) Lifestyle Quarter development.

    Sunway Velocity Mall has been “dressed” for the festive season with decorations including a 30ft (9m) Christmas tree surrounded by giant presents in the main atrium. There is also a Christmas spend-and-win campaign, Santa City, which runs until February 12. Prizes include a Volvo V40 car, a Celistar diamond ring by SK Jewellery, a Hero bed frame, and a Nature’s Finest Himalaya mattress from Harvey Norman.

    There are also free weekend Christmas workshops for children.

  • Soo Kee Group plans to sell diamonds online

    Soo Kee Group plans to sell diamonds online

    Singapore listed jeweller Soo Kee Group is planning to become the first bricks and mortar store in the city to start selling gold and diamonds online.

    Soo Kee operates a network of more than 60 retail stores under the brands Soo Kee Jewellery, SK Jewellery and Love & Co in Singapore and Malaysia.

    In an interview published in the Straits Times newspaper, CEO Daniel Lim said his company has already launched the first of three planned online stores, choosing its namesake brand for the online debut. He said the site was designed to improve service to local customers by showcasing its entire range online before they visit a physical store.

    “Some of our customers live in Indonesia, Malaysia and Myanmar, and with this eCommerce platform, we can better target and attract them,” he told the newspaper.

    Sites for the other two retail brands will follow later.

    Lim acknowledged that while consumers are happily embracing online shopping in most categories, when it comes to jewellery there is a reticence to buy online due to security and the importance of trust and personal experience in selecting purchases.

    The company is strategically positioning its websites as complementary to the physical retail store experience.

    Earlier this year, Soo Kee Group executed an IPO, raising $31.6 million. Those funds are being used to expand the business via new store openings, development of eCommerce and developing new products.

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  • Soo Kee Group launches IPO

    Soo Kee Group launches IPO

    Singapore retail jeweller Soo Kee Group has launched an IPO to raise funds for expansion in Singapore and Malaysia.

    Soo Kee will sell 112.5 million shares at S$0.30 each, which will raise $33.75 million after expenses. The majority of the shares will be placed with just 9 million available for public offer.

    Soo Kee’s strategy is to open new retail stores in prime shopping malls in both countries and expand its product range as it seeks to boost its share of both markets.

    Founded in 1991, Soo Kee retails jewellery and keepsakes through stores branded SK Jewellery, Soo Kee Jewellery and Love & Co. Last year it achieved sales of $134.5 million and turned a profit of $10.8 million.

    The IPO closes on August 18 with shares to begin trading on August 20.

    Group CEO Daniel Lim said the company had always planned to go public “to improve the visibility for the company, so that we can better serve a wider pool of customers”.