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“This market represents the single largest business opportunity for Davidoff in our time“ |
Hans-Kristian Hoejsgaard CEO and Board Member Oettinger Davidoff |
SWITZERLAND/CHINA. Oettinger Davidoff and Chinese luxury brand dealer and distributor Sparkle Roll Group announced today that they have struck a shareholders’ agreement to create a joint venture for Davidoff cigars and cigar accessories in China.
Oettinger Davidoff will hold 49.9 % and Sparkle Roll Group 50.1% in the joint venture, which follows an announcement earlier this year that both companies were entering into a framework agreement to form such an alliance. Sparkle Roll Group is principally engaged in trading of top-tier automobiles, high-end watches and jewellery and other branded consumer goods in Mainland China, Hong Kong, Macau and Malaysia.
Oettinger Davidoff CEO and Board Member Hans-Kristian Hoejsgaard said: “The signing of this joint venture agreement heralds a new era in our relationship with Sparkle Roll and in our commitment to building the Davidoff business in China. This market represents the single largest business opportunity for Davidoff in our time and I am convinced that with this new joint venture we will be able to exploit that opportunity to its fullest.”
Sparkle Roll Chairman Tong Kai Lap commented: “Since the individual customers of Sparkle Roll’s existing principal business in top-tier automobiles are predominantly people with high spending power, the joint venture will create synergies for both companies. The end products in both businesses are perceived to have the same target customer group and market positioning in the premium segment.”
