SIGNATURE Group announces Joint Venture with SINGER Sri Lanka to penetrate into the kitchen market i
The SIGNATURE Group, Malaysia's leading kitchen manufacturer has announced a new joint venture in Sri Lanka, as the company continues to boost its overseas business by focusing on building strategic partnerships with leading brands and business corporations.
On 18th August 2020, Signature signed a Joint Venture (JV) agreement with Singer (Sri Lanka) PLC via its wholly owned subsidiary, Signature Manufacturing Sdn Bhd, leveraging the synergies, complementary strengths and brand reputations from each business force to penetrate into the kitchen cabinets market in Sri Lanka. The virtual JV signing ceremony was graced by Mr Mahesh Wijewardene, Group CEO of Singer (Sri Lanka) PLC and Tan Kee Choong, Group Managing Director of Signature International Berhad, in the presence of top management officials.
"We are proud to join forces with SINGER in Sri Lanka, a market where we see significant growth opportunities for the Signature Kitchen brand," commented Mr Tan Kee Choong. "In SINGER we have a partner which has extensive home furnishing product portfolio and a large and robust retail network with experience in distributing multi-brands through its 430 showrooms across the Sri Lanka market; an unmatched presence in Sri Lanka which will enable us to speed up our market penetration as we continue to advance our development of overseas markets."
Under Signature Kitchen Lanka Pvt Ltd, its wholly owned new company set up in Sri Lanka to run the local production operations, SIGNATURE will bring into the venture its kitchen expertise, technical knowledge and 'know how' in relation to the distribution as well as management expertise in the retail operations and project business of its products under its core brand 'Signature Kitchen'.
"By leveraging SINGER's established household brand and large retail network, SIGNATURE will be well positioned to produce important cost synergies to capture the market as we navigate the challenging markets and uncertain environment in times of the Covid-19 pandemic," Tan added.
SINGER has been operating in Sri Lanka since 1877, when the first SINGER sewing machines went on sale in the Colombo stores. Today, SINGER is a public limited liability company listed on the Colombo Stock Exchange of Sri Lanka, offering its consumers a wide range of top quality international brands, engaging with its consumer base through the largest distribution network in Sri Lanka with over 430 sales outlets spread island wide and an equally established after sales service network offering incomparable quality after-sales service that has won the hearts of Sri Lankans. SINGER's product portfolio expands up to 600 electronic items, 1200 home appliances and home furniture with more than 50 internationally renowned brands.
From its humble beginnings in 1994 as a distributor and retailer of modular kitchen systems, Signature has grown to be the largest kitchen manufacturer in Malaysia, specializing in the design, manufacturing, distribution and installation of kitchen cabinets and built in wardrobes under its flagship brand 'SIGNATURE KITCHEN'.
Signature's portfolio thrives on maintaining a good balance between project and retail clients. Architects and designers from local and international developments appreciate the unparalleled versatility offered by Signature Kitchen.
Today, with the largest kitchen retail network in Malaysia, and a strong global presence spanning across 15 countries, Signature is at the forefront of revolutionizing the landscape of living space solutions; bringing to the world the value of a brand synonymous with trusted quality, functionality, design and style. (Source:https://www.theedgemarkets.com/content/advertise/signature-group-announces-joint-venture-singer-sri-lanka-penetrate-kitchen-market-sri-lanka)