Singaporean consumer goods firm SUTL Global has crossed the border, buying a 51-per-cent stake in Malaysian Nike retailer Sportsland.
Sportsland – to be renamed SUTL Sportsland – currently operates Nike mono-brand stores in Kuala Lumpur, Ipoh, and Penang, with an upcoming store in Johor Bahru in September.
The acquisition comes just months after the successful opening of Nike Jewel Changi Airport in Singapore in February, lauded to be the largest Nike store in Southeast Asia and India to date. It also fulfills SUTL Sports Retailing’s long-time goal to expand beyond the shores of Singapore and attests to the Group’s agility in realizing market opportunities in its partnership with Nike.
As the majority stakeholder of SUTL Sportsland, SUTL Sports Retailing will streamline and consolidate the centralized leadership team in Singapore, which will be responsible for the overall running of the Nike partnership business across both countries and supported by a local Malaysia-based operations team.
Meanwhile, SUTL Global will extend its SUTL Life membership benefits to the stores operated by SUTL Sportsland in Malaysia. SUTL Life is a membership-based program that offers customers discounts off regular-priced merchandise and allows them to earn points to offset future purchases. Members also enjoy privileges that include exclusive invitations to members-only events, birthday treats, and personalized offers.
“Over the years, SUTL Global has established itself as a leading operator of Nike stores in Singapore, backed by our strong understanding of the local retail landscape, focus on operational excellence and commitment to the creation of differentiated customer experiences,” said SUTL Global chairman Arthur Tay.
“I believe SUTL Global’s track record and experience will hold us in good stead as we gain access to new markets and their consumer base.
“SUTL Global will continue to explore opportunities to further add value to and expand its portfolio in Singapore, Malaysia as well as potential new markets. We look forward to establishing the SUTL brand name as a premier distributor of Nike products within a challenging, yet rewarding and dynamic global lifestyle and retail environment.”