Global well-being company GMG has signed an agreement with the sports retailing arm of SUTL Corporation (SUTL), a leading distribution company for consumer and lifestyle products representing global brands in Asia, to acquire its Nike-only retail outlets in Singapore and Malaysia.
GMG's Deputy Chairman and CEO, Mohammad A. Baker, shared that the acquisition of SUTL's Nike stores marks another important milestone in the company’s growth journey. “This is not simply another acquisition of retail stores, but also an opportunity to solidify our position in Asia, enabling us to further cement our long-standing partnership with Nike and expand our footprint in Asia.”
SUTL was appointed by Nike as one of three operators with three Nike-only stores, subsequently becoming the exclusive operator of Nike-only retail outlets in Singapore and Malaysia and growing the business in both markets.
"Having partnered with the brand for the last 12 years, we would like to convey our deepest appreciation to Nike for providing us with an opportunity to take the brand from strength to strength,” said SUTL's Chairman and CEO, Arthur Tay, commenting on the sale.
“We have established a strong foundation to expand Nike's retail presence in these markets and believe it is the right time to capitalize on this success by handing the baton to a forward-looking company such as GMG, to take it to the next level."