Singaporean jewellery specialist Luvenus has opened its first shop outside its native country, at Hong Kong International Airport Terminal 2.
The 65sq m store, which opened on 26 July, is said to be a major step in the company’s plans to expand in global travel retail.
Luvenus specialises in 22ct and 24ct gold jewellery, diamonds and gold bullion bars. Its vision is to be the “leading purveyor of the world’s finest gold jewellery”.
Luvenus Head of Strategy Suresh Keerthi said the company is seeking opportunities in other Asian airports. Macau and Mainland China are earmarked as key growth targets.
“In travel retail we have been bidding for several airports. Our next plans are to enter markets like Thailand, Indonesia, Brunei and Malaysia,” noted Keerthi. He added that developments further afield, in Australia and the USA, were also under consideration.
Luvenus Founder and Managing Director Parthiban Murugaiyan commented: “Hong Kong is a major tourist and business travel destination for both Mainland China and international visitors. Having a retail outlet at Hong Kong International Airport is part of our strategic plan for expansion into the Mainland. We will be using Hong Kong as our regional base from which to grow our business and better serve the needs of our customers.”
Murugaiyan said Luvenus would consider various development models including franchising.
Luvenus, which takes its name from Luminous and Venus – symbolising beauty and light – opened its first shop in Singapore Changi Airport Terminal 2 in 2012. A second Changi outlet opened in T1 in 2013, followed by two further stores in the city.
The company, which describes its range as “contemporary and unique”, offers a blend of styles and aesthetics where traditional Chinese motifs are fused with Indian aesthetics.
Keerthi said: “Our focus is on the growing Asian middle class, who buy 22ct gold jewellery, both for investment and for aesthetic and/or ornamental value. Indians, Chinese and other South, South East and Far East Asians, make up our major clientele.
“With our Hong Kong outlet, we want to create a need for 22ct gold jewellery for Chinese clients, since the major players in Hong Kong have focused on 24ct gold only. Uniquely crafted and intricate designs in 22ct gold, which is much stronger than 24ct, are possible and we want to occupy that niche.”
Up to 25% of Luvenus’ airport sales come from gold bars and coins. “They sell well at airports as they offer good investment value,” Keerthi said.
Luvenus offers specially minted gold bars, with the Singapore Changi logo or national symbols as a souvenir edition. During Singapore’s Golden Jubilee celebrations last year, the company launched a limited-edition commemorative coin.
A percentage of the company’s monthly sales go to support the Down Syndrome Association in Singapore.
