- Store is located at CentralWorld, the largest lifestyle shopping destination in Bangkok, Thailand
- Seeks to grow its geographical footprint in the region while capitalising on the untapped opportunities existing in Thailand’s wedding jewellery market
- Group to continue strengthening its presence in Thailand with upcoming store openings planned for the current fiscal year
Singapore, 3 July 2018 – SK Jewellery Group Limited (“SK Jewellery Group” or the “Company” and, together with its subsidiaries, the “Group”) (“SK珠宝集团”), announced today the official opening of its Love & Co. store in Bangkok, Thailand. This marks the Group’s first foray into Thailand under its bridal specialist brand, after its recent expansion into China during the first half of 2018.
The store is located at CentralWorld, the largest lifestyleshopping destination in Bangkok, Thailand. With a myriad of shopping options available from designer boutiques and trendy fashion stores to exquisitive jewellery retailers, its distinctive target audience of individuals with high purchasing power and discerning tastes then, provides an effective avenue for the Group to capitalise upon. This not only lays the foundation for stronger brand presence within the Thailand market, it also sets the stage for a new era of growth in the country’s wedding jewellery sector.
Physical gold has always been a popular asset in Asia, with it being used by locals for purposes such as investments, ornaments and gifts for newborns and for weddings. Thailand, being the continent’s third largest gold market after India and China, then presents immense untapped potential for Love and Co. to capitalise upon. With the diamond retail and wedding jewellery market in the country still relatively undeveloped, there is opportunity for a strong contemporary jewellery brand such as Love and Co. to penetrate the market and appeal to Thailand’s growing population of discerning consumers.
On the potential of Thailand, Mr. Daniel Lim (“林雍胜”), Chief Executive Officer of SK Jewellery Group commented, “Our entry into Thailand’s wedding jewellery market is timely as the luxury goods market continues to be on the rise, well-supported by increasing affluence and rising consumerism in the country. In addition, Thailand’s large population size of 68 million people presents a huge and untapped market of growth opportunities, while serving as a valuable distribution channel. Going forward, we intend to open more Love & Co. retail points in key cities of Thailand, to bring forth our collection of bespoke jewellery and unique brand experience to customers in Thailand.”
Partnering the Group in its new foray is Aurora Design Co. Ltd (“Aurora”), a leading retailer of gold ornament and fine jewellery in Thailand. Through the combined synergies of the two companies, the Group seeks to establish its foothold by leveraging on Aurora’s extensive retail network and experience in Thailand. Aurora’s familiarity with the local legal framework and established relationships with developers and landlords of retail malls should further support the Group’s expansion plans within Thailand.
Aniwat Srirungthum, Chief Executive Officer of Aurora, said “We are very excited with this new milestone achieved today. The joint collaboration between SK Jewellery Group and Aurora not only represents new growth opportunities for both companies, it also allows us to expand our revenue base while continuing to deliver the best customer experience. As we enter this new chapter together, we look forward to further strengthening our market positioning in Thailand while meeting the demands of the evolving retail jewellery landscape.”