Retail News CRM

Tag: Soo Kee

  • Soo Kee Group plans rebranding

    Soo Kee Group plans rebranding

    Listed jewellery retailer Soo Kee Group is planning to change its name.

    In a statement to shareholders, CEO and executive director Lim Yong Sheng says the company proposes to adopt the new title SK Jewellery Group.

    “The group currently retails fashionable jewellery and mementoes under, amongst others, the well-established SK Jewellery brand in Singapore and abroad. As such, the board is of the view that the proposed change of name will better reflect the profile, business activities and business direction of the group,” he wrote.

    “In addition, the, the proposed change of name will also allow investors and the group’s business partners to better identify and associate the company with the SK Jewellery brand.”

    Shareholder approval for the change will be decided at an extraordinary general meeting of the company on April 30, following the annual meeting.

    The new name has already been reserved with the Accounting and Corporate Regulatory Authority of Singapore.

    Lees ook:

  • Soo Kee Group forming JV in Thailand

    Soo Kee Group forming JV in Thailand

    Soo Kee Group has sealed a deal to form a company with Thai jeweller Aurora Design.

    With an initial paid-up capital of S$1.2 million (US$845,000), the JV will be set up in Thailand. Soo Kee will hold a 40 per cent stake in the company with Aurora holding the balance. The move will help Soo Kee launch its bespoke bridal jewellery brand, Love & Co, on the Thailand market. It is also in line with the group’s growth strategy to widen business networks and strengthen its market position in the region.

    Under the agreement, the JV will sell gold and diamond products under the Love & Co brand while Soo Kee will license and supply intellectual property rights, products and support to the company.

    “Thailand’s huge population and growing upper and middle classes provide a large target market for luxury spending,” says Soo Kee Group CEO Daniel Lim. “We believe the sheer size of the country also presents many untapped opportunities for the group.”

    Meanwhile, the group has entered the bullion business as part of its product diversification plan. It acquired a 70 per cent stake in DK Bullion for S$800,000 this month.

    Soo Kee, founded in 1991, has more than 60 retail stores across Singapore and Malaysia.

    Lees ook:

  • Soo Kee to add shine to Thai market in $1.2m joint venture

    Soo Kee to add shine to Thai market in $1.2m joint venture

    Home-grown jeweller Soo Kee Group is setting up a joint venture in Thailand. The collaboration is with leading Thai jeweller Aurora Design and will be set up with an initial paid-up capital of 30 million baht (S$1.2 million). Soo Kee will hold a 40 per cent stake and Aurora a 60 per cent stake, according to a memorandum of understanding signed yesterday.

    The joint venture firm will sell gold and diamond products under Soo Kee’s Love & Co brand, which was set up in 2007 to focus on bespoke engagement rings and wedding bands.

    Soo Kee will also license and supply intellectual property rights, products and support. Group chief executive Daniel Lim said after the signing ceremony at Soo Kee’s Changi Business Park headquarters that the plan is to take the bridal jewellery concept to Thailand, where there is a gap in the market.

    “Thailand is a huge market for jewellery. It’s also highly fragmented as far as diamond consumption is concerned,” he noted.

    “There are no decent business concepts yet to capture the diamond market, which is similar to what it was like in Singapore 20 to 30 years ago when people traditionally bought gold and the diamond market was underdeveloped.”

    He noted that last year, the Thai jewellery market, mostly consisting of diamond and gold, was worth more than 76 billion baht.

    Soo Kee started talks with Aurora, which has more than 170 stores across Thailand, last year as part of regional expansion efforts.

    Mr Lim said the initial plan is to have 20 retail points in Thailand in the first five years. Soo Kee expects to break even after the first year.

    Mr Lim added: “We will target key cities and strategic locations as part of the first phase.

    “We’re looking at concept stores and depending on the location, there are also opportunities in high-end department stores, where we can possibly open boutiques within them to exploit their traffic flow and footfall.”

    Aurora chief executive Aniwat Srirungthum said the firms are looking at cities such as Bangkok and tourist hot spots such as Phuket and Pattaya.

    Mr Aniwat said: “We are confident of Love & Co’s market potential, and this will widen our product offering and strengthen our capability to grow our customer base.”

    Soo Kee also said yesterday that it will be the first Asian partner of The International Institute of Diamond Grading & Research, part of diamond giant De Beers.

    Soo Kee, whose other brands are Soo Kee Jewellery, SK Jewellery and SK Bullion, is keen on growing in the region.

    Mr Lim said: “Thailand is important to us, but we will not stop here. Thailand is also recognised as the most important bullion market in the region.

    “Be it in the form of gold jewellery or bullion, we see other possible opportunities in Thailand. We are definitely interested in the regional markets and are constantly looking out for new opportunities.”