SUTL divests Nike retail business to GMG
SUTL divests Nike retail business to GMG
- Transaction includes SUTL’s Nike-only stores in Singapore and Malaysia
- Marks the end of a mutually rewarding partnership with Nike after 12 years
- Frees up resources for SUTL to seek partnerships in other growth areas
Photo caption (L-R): Mr Alex Tay, Group Business Director, SUTL, Mr Teo Joo Leng, Group GM, SUTL, Mr Arthur Tay, Chairman & CEO, SUTL, Mr Mohammad A. Baker, Deputy Chairman and CEO, GMG, Mr Kapil Sethi, Deputy CEO, GMG, Mr Pradeep Chandrasekharan, Chief Legal Officer, GMG
SINGAPORE – 27 April 2022 – SUTL Corporation (“SUTL” or the “Group”), a leading regional distribution company for consumer and lifestyle products, has announced the divestment of the Nike-only stores through its sports retailing arm to GMG, a global well-being company retailer, distributor and manufacturer with headquarters in Dubai.
The transaction included all “Nike operated by SUTL” stores in Singapore and Malaysia and marks the end of a successful and mutually rewarding 12-year partnership between SUTL and Nike. Starting off as one of three operators appointed by Nike to run its retails stores in 2010, SUTL’s track record for consistent and strong annual revenue growth eventually led to the Group becoming the exclusive operator of Nike-only retail stores in Singapore. In 2019, SUTL also became the exclusive operator of Nike-only stores across the causeway when it acquired Malaysia’s largest Nike-only store operator Sportsland Sdn Bhd.
SUTL’s recent notable achievements included the opening of Nike @ Jewel Changi Airport – the largest Nike-only retail store in Southeast Asia (including India) – in 2019; and the opening of Nike @ KL Pavilion – the first Nike Rise retail concept store in Malaysia – in 2021.
Mr Arthur Tay, SUTL Chairman, said: “Nike is yet another brand that SUTL has successfully helped build in Singapore and Malaysia. When customers enter our stores, they have a certain expectation about the service quality and retail experience. We are proud to have established exacting standards of customer expectations and the right foundation for the further expansion of the brand’s retail presence in these markets. As such, we felt that now is the right time to capitalise on a profitable investment we’ve made over more than a decade.
“GMG is a forward-looking global retail and distribution company that is very successful in what it does. As the new owners of the Nike-only stores in Singapore and Malaysia, they are in a good position to take the brand to its next stage of growth. We believe that all the stores and its staff are in very good hands.”
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About SUTL Corporation Pte. Ltd.
SUTL has three main business divisions namely, Consumer Goods, Lifestyle and Environmental. It is one of Singapore’s most established consumer goods companies distributing a broad range of products from everyday items to beauty and fragrances to alcoholic beverages, representing an extensive portfolio of household and luxury brands. Under its Leisure arm, SUTL owns and operates KFC fast food chains in Vietnam. SUTL also has a majority stake in Singapore Exchange Mainboard listed SUTL Enterprise Limited, which is a leading integrated marina developer, operator, and consultant and owner of the ONE°15 brand.
About GMG
GMG is a global well-being company retailing, distributing and manufacturing a portfolio of leading international and home-grown brands across sport, food and health sectors. Its vision is to inspire people to win in ways that make the world better. Today, GMG’s investments span across four key verticals: GMG Sports, GMG Food, GMG Health, and GMG Consumer Goods. Under the ownership and management of the Baker family, it has become a leading global company, affiliated with the world’s most successful and respected brands in the well-being sector. Working across the Middle East, North Africa, and Asia, GMG has introduced more than 120 brands into its markets.
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