Press release -
OSIM Acquires 35% Equity Stake in TWG Tea and 60% Stake in Joint Venture Holding Company OSIM-TWG (North Asia)
Singapore, 15 April, 2011 – Singapore-based companies OSIM International Ltd (“OSIM”), a global leader in well-being and lifestyle products and TWG Tea Company Pte Ltd (“TWG Tea”), the finest luxury tea brand in the world, launch a partnership to capitalise on strategic expansion plans throughout Asia.
This involves OSIM acquiring a 35% equity stake in TWG Tea for a consideration of S$31.36 million. Established in Singapore in celebration of the island’s great history as a trading post for fine teas, TWG Tea is continuously intent on confirming Singapore’s historic status as the most illustrious trading post in the region, the crossroads of the Eastern sea routes. Committed to offering teas from source, TWG Tea consciously positions itself in Singapore at the epicentre of the largest and most renowned tea producing countries of the world, where it commands unparalleled access to the finest and freshest tea harvests, reinforcing Singapore’s well-established, international reputation for quality and excellence.
OSIM recognises the opportunity and forms this partnership with TWG, sharing as they do a similar vision of Singapore’s positioning in Asia. Targeting expanding Asian markets, OSIM will be a 60% majority shareholder in a newly formed joint venture with TWG Tea which will cover four countries in North Asia: China, Hong Kong, Taiwan and South Korea. This partnership meets key rationale in TWG Tea’s corporate strategy by accelerating TWG Tea’s geographical expansion across Asia, enabling TWG Tea to tap into the current growing demand for luxury Asian brands amongst middle to upper income households across the region.
Mr Ron Sim, OSIM Chairman and CEO said, “I am pleased with the successful completion of this strategic transaction as I share TWG Tea’s dynamic interest in Asian markets. Our value added investment in TWG Tea is expected to be earnings accretive since TWG Tea is one of the fastest growing luxury tea brands in the world”.
Mr Manoj M Murjani, Chairman and CEO of TWG Tea and Mr Taha Bouqdib, President of TWG Tea said, “TWG Tea is positioned as a global Singapore brand, and this partnership will offer a tremendous opportunity for us moving forward as we strategically target energetically opening TWG Tea Salons and Boutiques and developing the TWG Tea distribution infrastructure throughout Asia, all the while accelerating expansion plans into the United States and Europe to strengthen our brand presence globally”.
Topics
- Lifestyle, Fashion, Leisure
Categories
- twg tea
- osim
About OSIM
SGX mainboard-listed OSIM is a global leader in branded healthy lifestyle products. Established in April 1979, OSIM is a brand management and niche marketing company with a focus on the wellbeing
of the consumer.
The Group is innovation-driven and is an IP (intellectual property) developer. OSIM uses innovative selling approaches and constantly enhances its innovation capabilities to produce successful products with superior designs, performance and quality. As an IP developer, OSIM controls its brands, designs, technologies and concepts.
In a 2008 survey by international market research company, Synovate, OSIM came up as the No. 1 Healthy Lifestyle products brand in consumers' minds across Asia. Overall, respondents across these markets ranked OSIM as the most preferred brand of healthy lifestyle products in Asia. In addition, OSIM brand ranked No. 1 in spontaneous top-of-mind awareness, and was the 'Most Preferred Brand' of massage chair.
Specialty retail brands under the OSIM group includes RichLife, GNC and Brookstone. Today, OSIM operates a wide point-of-sales network with more than 1,169 outlets in more than 224 cities across 30 countries in Asia, Oceania, Africa, the Middle East, Europe and North America. For more information, please visit www.OSIM.com
OSIM Global Network:
Singapore • China • Hong Kong • Malaysia • Taiwan • Australia • Bahrain • Brunei • Cambodia • Canada • India • Indonesia • Iran • Italy • Kuwait • Macau • Myanmar • New Zealand • Oman • Pakistan • Philippines • Qatar • Romania • Saudi Arabia • South Korea • Thailand • UAE • UK • USA • Vietnam
OSIM Media Contacts:
Impressions PR
Tel: +65 6354 0225
Corinne Tan Tel: +65 9688 7770 cor@impressions-pr.com
Ronnie Tan Tel: +65 9688 0007 ron@impressions-pr.com
About TWG Tea
TWG Tea, the finest luxury tea brand in the world, was established in Singapore in celebration of the island’s great history as a trading post for fine teas. TWG Tea, which stands for The Wellness Group, is an institution incorporating an international distribution network to professionals, unique and original retail boutiques and exquisite tea rooms. Committed to offering teas directly from source gardens, TWG Tea’s collection is the largest in the world, with fine harvests from every tea producing country and exclusive hand crafted tea blends. TWG Tea also offers exquisite signature modern tea accessories and delicate tea-infused sweets and savouries.
After launching its first Singapore tea salon & boutique at Republic Plaza in 2008, TWG Tea has opened in iconic destinations such as ION Orchard, Marina Bay Sands, DFS Galleria and Takashimaya Singapore. Expanding its presence internationally, 2010 heralded the opening of TWG Tea Jiyugaoka in Tokyo, Japan and TWG Tea Counters in Harrods Knightsbridge, London and Dean & DeLuca Madison Ave, New York. The premier tea supplier to the finest hotels, restaurants and international airlines, TWG Tea is retailed around the world in gourmet epiceries including El Corte Ingles in Portugal and Feinkost Kaefer in Germany.
TWG Teas are available in Singapore, Australia, Azerbaijan, Cambodia, China, Fiji, Germany, India, Indonesia, Japan, Malaysia, Maldives, Portugal, Saudi Arabia, Seychelles, Taiwan, Thailand, Turks & Caicos, United Kingdom, United States of America, and Vietnam. European online orders can be made at www.Harrods.com; online orders within the USA can be made at www.DeanDeluca.com; worldwide online orders can be made directly from the TWG Tea e-Boutique at www.TWGTea.com.
TWG Tea Media Contact:
Maranda Barnes
TWG Tea Director of Communications
Tel: +65 9108 2402
Maranda.Barnes@TWGTea.com
