(Yicai Global) Sept. 13 -- Singapore's Soo Kee Group Ltd. and Shenzhen Batar Investment Holding Group Co. established a joint venture company to help the former formally enter the Chinese market, Fengsung reported.
International fashion jewelry brand Love & Co. recently hosted a conference in Shenzhen to officially kick off its China operations.
Love & Co. is a brand under Soo Kee Group that has a good public image and sales volume in Southeast Asia's wedding preparation market. Shenzhen Batar Investment Holding Group Co. owns more than 20 subsidiaries and runs industrial bases in Shenzhen, Hangzhou, Tianjin, Zhengzhou and Chengdu. The group has more than 400 direct sales jewelry stores and franchises.
Batar Group's specialty is gold. Diamonds are more popular in the wedding preparation market among customers born in the 1990s and millennials. Love & Co. is known for its quality diamonds.
"We chose Love & Co. to become our first cooperative partner in Asia in consideration of pursuing quality and services of the brand to provide new and guaranteed diamond products for Chinese consumers," Jonathan Kendall, chairman of diamond industry leader De Beers' International Diamond Classification and Research Institute, said at the event. "Our strict classification standards are accepted by the industry and the market based on the industrial base, experiences and brand influence that De Beers insisted on for 120 years."
"Batar Group has the jewelry industrial experience and a measured net in China that will help us develop more smoothly and effectively in the huge market," said Soo Kee Group Chief Executive Lin Yongsheng. "Nowadays, the consumers in China pursue the quality of products and pay more attention to the shopping experiences and brand reputation at the same time. The unique brand concept and ultra-high distinguishing degree that Love & Co. has will satisfy Chinese consumers better."
Love & Co. will make its way onto the diamond and jewelry market in mainland China and Hong Kong, and is open to brand licensing.