Singapore jewellery firm headed for booming bridal market in China

Its unit Love & Co. International entered an agreement with Global Crown to sell jewellery under Soo Kee's bridal specialist brand, Love & Co, in mainland China and Hong Kong.
Its unit Love & Co. International entered an agreement with Global Crown to sell jewellery under Soo Kee's bridal specialist brand, Love & Co, in mainland China and Hong Kong.PHOTO: ST FILE

SINGAPORE - Singapore-listed jeweller Soo Kee Group is gunning for the booming bridal market in China, an industry estimated to be worth billions.

Its unit Love & Co. International entered an agreement with investment holding company Global Crown to sell jewellery under Soo Kee's bridal specialist brand, Love & Co, in mainland China and Hong Kong.

The collaboration requires an initial investment of 50 million yuan (about S$10.2 million).

Global Crown is the parent company of Shenzhen Batar Investment Holding Group, a leading gold jewellery manufacturer and distributor that owns more than 400 franchises and retail jewellery stores.

Love & Co. International will hold 55 per cent, and Global Crown 45 per cent, of the issued and paid-up share capital of the joint venture called Diamond Avenue.

Soo Kee said China's highly profitable wedding industry is driven by multiple factors, such as "rising affluent and well-informed millennial couples who are increasingly adopting a fusion of both Western and traditional customs for their big day".

It also added that many of those getting engaged are the only children in their family, "and in a country where weddings are very much a family affair, not only are the two sets of parents from both sides contributing money to a single wedding, four sets of grandparents may be as well".