SINGAPORE. Singapore Airlines (SIA), 3Sixty (formerly DFASS Group) and SATS have today finalised a shareholders’ agreement sealing the establishment of a partnership to operate KrisShop and Scootalogue retail programmes in Singapore.
The joint venture, KrisShop Pte Ltd, will launch operations on 1 December 2018.
The finalisation of the agreement follows an announcement in March, revealed exclusively by The Moodie Davit Report, that the three companies intended to launch a joint venture covering inflight duty free and ground-based duty paid sales, as well as pre-order services, with onboard and ground-based deliveries.
These activities will commence under the existing KrisShop and Scootalogue inflight sales brands, “transforming KrisShop into an e-commerce platform that is easily accessible to consumers”, the partners noted. Other potential interested parties are expected to progressively come onboard the programme, the alliance’s stakeholders said in a joint statement.
As reported, prior to today’s finalisation of the shareholders’ agreement, the companies signed a share subscription agreement on 23 November under which SIA, 3Sixty and SATS will jointly invest approximately S$35 million (US$25.5 million)in KrisShop Pte Ltd (formerly known as Singapore Airport Duty-Free Emporium).
SIA holds 70% of this entity, while 3Sixty (Singapore) and SATS Ltd each hold 15% under the terms of the agreement.
