LVMH bought over Crystal Jade

[Darthrevan]

Home-grown chain Crystal Jade will soon be running its restaurants with a dash of French flair, thanks to a new ownership structure on the menu.

The company is being taken over by Paris-based luxury group LVMH Moet Hennessy Louis Vuitton's private equity arm, which has been on a buying spree over the past few months.

L Capital Asia has signed a deal to buy "over 90 per cent" of Crystal Jade Group for an undisclosed sum, managing director Christina Teo told The Straits Times earlier this week.

"It is a household brand that resonates with many people. We think we can add value," she said.

Sources told The Straits Times that the investment was around US$100 million (S$126 million).

Ms Teo said L Capital invested in Crystal Jade out of a US$1 billion fund incepted this year, and would continue to look out for other deals in Singapore.

The fusion between the two could go beyond the financials. Crystal Jade will be able to tap LVMH's wine and spirits group to expand its offerings, Ms Teo said. That group includes premium labels such as Moet & Chandon champagne and Belvedere vodka.

LVMH's "good relationships with landlords" can also help Crystal Jade secure prime spots for its outlets, she added.

Crystal Jade, which opened its first restaurant at the former Cairnhill Hotel in 1991, now has 47 outlets in Singapore and 82 overseas, and pulled in close to $250 million in sales last year.

L Capital's backing would open doors for the firm and help it expand faster, Crystal Jade chairman and chief executive Ip Yiu Tung told The Straits Times.

Crystal Jade has carved out a foothold in markets like Indonesia and India, and has set its sights on places as far as the Middle East and Europe, he said. It plans to open 18 restaurants this year. A 20,000 sq ft San Francisco eatery that can seat more than 400 is expected to open in August, he said.

The Hong Konger, who became a Singapore permanent resident in 2008, said he was retaining only a "very small" portion of his stake in the company, mainly as he wants to hand over the reins.

"I am already 65 years old, and my daughter has no interest in taking over. It was time to pass it on to someone capable of bringing the business to another level," he said. "We are still a one-man company, but would like to change to being a corporate-managed company so that we can go further."

He plans to stay at the helm for one or two more years before possibly being an adviser or brand ambassador for the company. He and Ms Teo said a public listing for Crystal Jade could be on the cards.

L Capital bought a controlling stake in Singapore club Ku De Ta earlier this year. It also owns part of Australian food outfit Jones the Grocer and Singapore shoe brand Charles & Keith.

Source: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/french-luxury-group-taking-over-crystal-jade-20140430

[Ktglfc]

What is the next target?

 

Maybe our Old Chang Kee?

 

Looks like foreign companies are eating up our SME companies...

It would be good if we can retain our own unique companies, so that our future generations can see the toil of our forefathers' efforts in shaping our economies, be it in F&B or others.

[Watwheels]

Yawnz. Doing business is about making money. Dun waste your breath on what culture uniqueness or what forefather's efforts. End of the day it's about making profit. Those who say they care are mostly marketing tactics. The daughter dun even care lor. I think what her father will give or have given her already jiak buay liao.

[Maxus-MIFA9]

 

Home-grown chain Crystal Jade will soon be running its restaurants with a dash of French flair, thanks to a new ownership structure on the menu.

The company is being taken over by Paris-based luxury group LVMH Moet Hennessy Louis Vuitton's private equity arm, which has been on a buying spree over the past few months.

L Capital Asia has signed a deal to buy "over 90 per cent" of Crystal Jade Group for an undisclosed sum, managing director Christina Teo told The Straits Times earlier this week.

"It is a household brand that resonates with many people. We think we can add value," she said.

Sources told The Straits Times that the investment was around US$100 million (S$126 million).

Ms Teo said L Capital invested in Crystal Jade out of a US$1 billion fund incepted this year, and would continue to look out for other deals in Singapore.

The fusion between the two could go beyond the financials. Crystal Jade will be able to tap LVMH's wine and spirits group to expand its offerings, Ms Teo said. That group includes premium labels such as Moet & Chandon champagne and Belvedere vodka.

LVMH's "good relationships with landlords" can also help Crystal Jade secure prime spots for its outlets, she added.

Crystal Jade, which opened its first restaurant at the former Cairnhill Hotel in 1991, now has 47 outlets in Singapore and 82 overseas, and pulled in close to $250 million in sales last year.

L Capital's backing would open doors for the firm and help it expand faster, Crystal Jade chairman and chief executive Ip Yiu Tung told The Straits Times.

Crystal Jade has carved out a foothold in markets like Indonesia and India, and has set its sights on places as far as the Middle East and Europe, he said. It plans to open 18 restaurants this year. A 20,000 sq ft San Francisco eatery that can seat more than 400 is expected to open in August, he said.

The Hong Konger, who became a Singapore permanent resident in 2008, said he was retaining only a "very small" portion of his stake in the company, mainly as he wants to hand over the reins.

"I am already 65 years old, and my daughter has no interest in taking over. It was time to pass it on to someone capable of bringing the business to another level," he said. "We are still a one-man company, but would like to change to being a corporate-managed company so that we can go further."

He plans to stay at the helm for one or two more years before possibly being an adviser or brand ambassador for the company. He and Ms Teo said a public listing for Crystal Jade could be on the cards.

L Capital bought a controlling stake in Singapore club Ku De Ta earlier this year. It also owns part of Australian food outfit Jones the Grocer and Singapore shoe brand Charles & Keith.

Source: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/french-luxury-group-taking-over-crystal-jade-20140430

 

 

So will they continue to sell the 'dark sauce' chicken or they start selling 'snails'.....

What is the next target?

 

Maybe our Old Chang Kee?

 

 

Nope.... Koo Kee Yong Tau Fu ....

[Kar_lover]

 

Home-grown chain Crystal Jade will soon be running its restaurants with a dash of French flair, thanks to a new ownership structure on the menu.

The company is being taken over by Paris-based luxury group LVMH Moet Hennessy Louis Vuitton's private equity arm, which has been on a buying spree over the past few months.

L Capital Asia has signed a deal to buy "over 90 per cent" of Crystal Jade Group for an undisclosed sum, managing director Christina Teo told The Straits Times earlier this week.

 

Sorry for being blur, but I don't understand how come LVMH take over CJ and at the same time L Capital Asia buy over 90% of CJ Group. So who owns CJ? LVMH or L Capital Asia??

[Kangadrool]

The trick of getting filthy rich is to build up a business and brand name, then sell it for a handsome profit. Trying to toil and run it until you die is a recipie for slippery downslop fall.

[Sabian]

 

Sorry for being blur, but I don't understand how come LVMH take over CJ and at the same time L Capital Asia buy over 90% of CJ Group. So who owns CJ? LVMH or L Capital Asia??

L Capital belongs to LVMH.

 

Like if Silk Air buys over another airline, that airline's ultimate owner is SIA.

[Kar_lover]

L Capital belongs to LVMH.

 

Like if Silk Air buys over another airline, that airline's ultimate owner is SIA.

 

Ah I see. Poor journalism. They expect everybody to know meh....

[Zanter]

What is the next target?

 

Maybe our Old Chang Kee?

 

Looks like foreign companies are eating up our SME companies...

It would be good if we can retain our own unique companies, so that our future generations can see the toil of our forefathers' efforts in shaping our economies, be it in F&B or others.

 

But Crystal Jade is started by a foreigner ley. What talk you?

[Jman888]

LV also bought part of Charles n Keith mah, hope to see more atas retail scene here.

 

next can have champaign n foie gras in CJ

[Chiawy]

LV also bought part of Charles n Keith mah, hope to see more atas retail scene here.

 

next can have champaign n foie gras in CJ

 

Cooked in XO sauce and with slices of abalone?

[Ender]

LV also bought part of Charles n Keith mah, hope to see more atas retail scene here.

 

next can have champaign n foie gras in CJ

Fusion type,

Char Siew flavored foie gras.

Wanton Escargot..

Spaghetti La Mien,

 

All selling at atas pricing.

[frenchfly]

Wow, all the owners huat ah.

 

Smelly smelly each person 10million.

[Volvobrick]

Crystal Jade food not so good anymore as it expanded (like many chain restaurants), a lot of things are cooked in its central kitchen. Now I almost never go to its outlets. Zhi Char food cooked on the spot is tastier.

 

[Ktglfc]

 

But Crystal Jade is started by a foreigner ley. What talk you?

 

Hahaha... I didn't know that.

Anyway, seldom eat there, too exp for me.

 

Like Volvobrick said, rather eat at Zhi Char stalls downstairs, easier and cheaper for me and my old folks :)

[Toothiewabbit]

Does that mean the Crystal Jade Kitchen dishes comes with French menu prices?

[Porker]

LV also bought part of Charles n Keith mah, hope to see more atas retail scene here.

 

next can have champaign n foie gras in CJ

 

What sort of value do you think they can add to Crystal Jade's current offerings?

[Celicar]

Price of about US$100 million for over 90% of a company that pulled in close to $250 million (dunno what currency) in sales last year.

 

Hmmmm.....

.