Louis Vuitton rescues Jones the Grocer model
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Louis Vuitton’s personal fairness arm L Capital Asia has purchased the stays of collapsed Singapore gourmand meals retailer Jones the Grocer.
The upmarket grocery retailer was initially based in Australia, however collapsed final yr. It has shops on Dempsey Hill and in Mandarin Gallery.
L Capital Asia had taken a 63 per cent stake within the Singapore arm of the enterprise, Jones the Grocer Worldwide, (JTGI), three years in the past, believing the model and idea had robust potential in Asia. However it was positioned beneath judicial administration in December.
The Singapore Enterprise Occasions reported the corporate had money owed of $15 million and a financial institution stability of $61,000 on the time.
Recent Bay Investments, a subsidiary of L Capital Asia, has paid S$2.75 million for the model rights and different belongings of the enterprise, however not the debt, probably angering some suppliers. Singapore information media report L Capital has already acquired the worldwide model rights from the Australian firm which it additionally has a majority stake in.
In addition to its unique funding, and final week’s $2.75 million for the shell, Recent Bay has reportedly ploughed an extra $17 million into maintaining the enterprise afloat till now.
L Capital Asia managing companion Ravi Thakran informed AsiaOne Enterprise that his firm knew the Jones the Grocer enterprise greatest and was subsequently the only option to rebuild the model.
Questions & Answers
Q.What entity purchased the remaining assets of Jones the Grocer and how much did they pay?
What entity purchased the remaining assets of Jones the Grocer and how much did they pay?
Fresh Bay Investments, a subsidiary of L Capital Asia, paid S$2.75 million for the brand rights and other assets of the collapsed Singapore gourmet food retailer. They did not acquire the company's debts.
Q.When did L Capital Asia first invest in Jones the Grocer and what was their initial stake?
When did L Capital Asia first invest in Jones the Grocer and what was their initial stake?
L Capital Asia took a 63 per cent stake in the Singapore arm of the business, Jones the Grocer International, three years ago. They believed the brand and concept had strong potential in Asia.
Q.What was the financial situation of Jones the Grocer when it was placed under judicial management?
What was the financial situation of Jones the Grocer when it was placed under judicial management?
When placed under judicial management in December, Jones the Grocer had reported debts of $15 million. At that time, its bank balance was only $61,000, according to the Singapore Business Times.
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