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Immediate Expansion of the Sales Network for Dessert Business in China
Spreading Hong-Kong-Style Dessert throughout China |
HONG KONG, May 12, 2015 - (ACN Newswire) - Gayety Holdings Limited ("Gayety" or the "Group"; Stock Code: 8179) is pleased to announce that it has entered into a memorandum of understanding with the legal owner of Guangzhou Doreme Catering Management Limited ("Doreme") regarding the disposal of 10% of the equity interests in Lucky Dessert (China) Holdings Limited ("Lucky Dessert (BVI)"). The proposed consideration for the possible disposal shall be HK$50,000,000. Upon the implementation of the memorandum, Doreme shall set up counters in its chained restaurants to sell products under the trademark of "Lucky Dessert". The introduction of Doreme as a strategic shareholder of Lucky Dessert will immediately expand Lucky Dessert's sales network in the PRC, thus speeding up the business development.
Doreme is currently operating about 85 chained restaurants under the trade name of Do & Me in the PRC through direct operations, joint operations and franchise. The restaurants are located at various provinces in the PRC, including Anhui, Guangdong, Hubei, Hunan, Inner Mongolia, and Zhejiang. The Group believes that, leveraging on the numerous business spots and expanse sales network, the cooperation is going to speed up the development of dessert business in the PRC, further expanding Lucky Dessert's business scope in the country.
Mr. Wong Kwan Mo, Chairman of Gayety, said, "The Group has been providing quality, innovative, and distinguishing Chinese cuisine experiences to our customers and already received numerous positive feedbacks. Meanwhile, we are glad that investors express immense interest in our domestic dessert business in China, which shows investment community's confidence in our future development. To grasp the opportunities arising from the Chinese consumers' pursuit of the Hong-Kong-style dessert, we will continuously expand the sales channels of Lucky Dessert and aim to become the leader of China's dessert industry."
Established in Hong Kong for over 15 years, Lucky Dessert is the pioneer of Hong-Kong new style dessert and also a must-visit spot for many tourists. In line with its fast developing dessert business plan in China, the Group's wholly-owned subsidiary completed an acquisition and disposal agreement in April 2015 and, as a result, is interested in 49% of the issued share capital of Lucky Dessert (BVI). Under the trademark of "Lucky Dessert", Lucky Dessert (BVI) opens and operates dessert shops, either through sole investment or collaboration with other parties in China.
Upon the completion of the acquisition, the Group has expanded its market in China under the trademark of "Lucky Dessert", with the first outlet opening in Riverside 66 in Heping of Tianjin on 1st May 2015, which, in line with the Group's expectation, has achieved satisfactory results since its inception. Continuing to uphold the essence of Hong-Kong-style dessert, the new outlet is going to spread the taste and innovation of Hong-Kong-style dessert throughout China. As Tianjin is a major export city next to Beijing, it is believed that the outlet will be crucial to the brand development in Northern China. The second outlet in Tianjin is also under progress, expected to commence operations within the year.
Further with the development of the "Lucky Dessert" brand, the Group will expand its marketing channels further to aim at radial-development throughout the PRC. "Lucky Dessert" is going to promote its brand in different phases and various areas. Beijing is going to be the next target, and the scope will expand to include regions such as Shanghai, Chengdu, Shenzhen, and Chongqing accordingly. The Group already set up a clear target to open more than 200 outlets in the PRC in the next ten years to establish its presence as the leading local dessert brand.
Mr. Wong Kwan Mo concluded, "In addition to introducing 'Lucky Dessert' into the Chinese market, we will continue to pace up our development by diversifying our catering business portfolio to expand the market presence and cement our leadership of the industry. To reflect our determination of business diversification, the Group has proposed the renaming of the Company to 'Food Idea Holdings Limited' to emphasize the future business focus of the Group in developing catering business with new and creative ideas and fresh corporate image, thus creating more opportunities in future."
Contact:
One PR Limited
Tel:+852 2592 7223
Email:inquiry@onepr.com.hk
Topic: Press release summary
Source: Gayety Holdings Limited
Sectors: Daily Finance
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From the Asia Corporate News Network
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