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Sunil Tuli: “Changi is a key location” |
SINGAPORE. King Power International Pte Ltd, Singapore, a subsidiary of Antares Cheng’s King Power Group Hong Kong, has been granted an extension to operate the fashionwear concession at Singapore Changi Airport Terminal One, by Civil Aviation Authority of Singapore.
King Power Travel Retail and Duty Free Managing Director Sunil Tuli told The Moodie Report that the company was pleased to be continuing with such a high profile concession in such a key Asian airport. “Changi is a key location for us,” he said.
The store, which is approximately 5,000sq ft in area, includes a range of boutiques from Ferragamo, Paul & Shark, Celine, Porsche Design, Etienne Aigner, Tumi and Zegna.
Other featured brands include Swarovski, Frey Wille, Agatha, Pianegonda, Tie Rack, Le Sportsac and others, plus a range of sunglasses and other fashion accessories.
The contract extension is the second in recent weeks for the Hong Kong retailer. Earlier this month it took up a two-year renewal option for its Chocolate, Confectionery and Delicatessen concession in T2.
King Power was first awarded the T1 fashion contract on 20 February 2004, taking up an initial three-year tenure on 1 April that year with a renewal option.
The retailer bid a total of S$15,130,863.60 for the three-year contract ahead of the then-incumbent DFS Venture’s S$11,650,863.60. King Power’s bid was structured as follows:
– 35% of total monthly gross sales OR MMG of $350,000 for the 1st year from 1 April 2004 to 31 March 2005;
– MMG of $368,000 for the 2nd year from 1 April 2005 to 31 March 2006;
– MMG of $388,000 for the 3rd year from 1 April 2006 to 31 March 2007, whichever is higher.
Terms of the extension have not been revealed.
MORE STORIES ON KING POWER GROUP (HONG KONG)
Hong Kong’s King Power eyes Incheon contract by creating Korean subsidiary – 23/02/07
King Power extends Changi T2 confectionery contract – 14/02/07
King Power’s Antares brand enjoys international lift-off – 17/01/07
Valentino makes its debut with King Power in Macao – 11/01/07
