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.