The move allowed the company to rapidly expand into retail jewelry business across Asia to drive growth.
Eternite International Company Limited (“Eternite”) announced the completion of the acquisition of Sharp Wonder Holdings Limited (“Sharp Wonder”), a company which holds 100% of the equity interest of each of Larry Jewelry Limited (“Larry HK”) and Larry Jewelry (1967) pte. Ltd (“Larry Singapore”). Completion of the acquisition represents a major milestone in the Group’s business plan to expand its retail jewelry business across the Asian markets.
Upon Completion, Sharp Wonder becomes an indirect wholly-owned subsidiary of the Company and its financial results will be consolidated into the financial statements of the Company.
Mr. Joe Chan, Chairman of Eternite said, “Being founded in 1967, Larry Jewelry is one of the longest-established jewelry retailers amongst the major players in Hong Kong and Singapore, renowned for its unsurpassed mastery in jewelry design and gem setting technique. Leveraging its established market position, brand awareness and reputation in Hong Kong and Singapore, the acquisition offers an excellent platform for us to penetrate the China jewelry market. By devoting more efforts and resources to rapidly roll out our expansion plan, we will fully utilize this platform to accelerate our future growth.”
At present, Larry (HK) and Larry (Singapore) operates a total of 3 jewelry retail outlets in Hong Kong and 2 jewelry retail outlets in Singapore respectively, all under the brand name of “Larry Jewelry”. During the fourth quarter this year, Eternite is going open a new retail outlet under “Larry” brand and create a new line named “Vera” which target mid-end jewelry market in Causeway Bay. In addition, the company will rapidly roll out its expansion plan by building an extensive retail network for both “Larry” and “Vera” in the PRC, Hong Kong and South East Asia
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