SINGAPORE. Gucci Group said last week that it has acquired the remaining 35% stake in Gucci Singapore and Gucci (Malaysia) held by its joint venture partner F J Benjamin Holdings.
The FJ Benjamin -Gucci joint venture originally begun in June 2000 operating retail stores for Gucci as well as Yves Saint Laurent Couture and Sergio Rossi. Sales of the venture were estimated at US$45 million. Gucci currently has five shop-in-shop operations in Singapore and two in Malaysia.
Gucci Group president and ceo Domenico De Sole said: “South East Asia is a very important region for our industry, and Singapore and Malaysia are increasingly exciting centres. The acquisition of full control over our operations there indicates our commitment to further develop the Gucci brand in markets which we believe have good potential for future growth”.
FJ Benjamin, which has been the Gucci franchisee for over 20 years, maintains a strong presence in Asia Pacific, with more than 50 retail outlets and active distribution channels in many markets. Its remaining business thrust is in licences for fashion and sports brands such as Manchester United, Valentino, Ungaro, La Perla, Lalique, NIke Timing, Victorinox, Fendi, Guess and others.
