GMG, a global well-being company retailing, distributing and manufacturing a portfolio of leading international and home-grown brands across sport, food and health sectors, has acquired
Nike-only stores from the sports retailing arm of SUTL Corporation (“SUTL”), a leading distribution company for consumer and lifestyle products representing global brands in Asia.
As part of the agreement, all Nike-only retail outlets currently run by SUTL in Singapore and Malaysia, will now be owned and operated by GMG.
Senior management from both companies were present at the signing ceremony including GMG’s Deputy Chairman and CEO, Mohammad A. Baker; Deputy CEO, Kapil Sethi and Chief Legal Officer, Mr Pradeep Chandrasekharan, together with SUTL’s Chairman & CEO, Arthur Tay; Group GM, Teo Joo Leng and Group Business Director, Alex Tay.
GMG’s Deputy Chairman and CEO, Mohammad A. Baker, commented: “The acquisition of SUTL’s Nike stores marks another important milestone in our 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.”
GMG has introduced more than 120 brands into its markets, promoting healthier and more active lifestyles through four business verticals: GMG Sports, GMG Food, GMG Health, and GMG Consumer Goods. These verticals come together under a purpose-centric vision for GMG to inspire people to win in ways that make the world better.
Commenting on the sale, SUTL’s Chairman and CEO, Arthur Tay, remarked: “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.
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.”
SUTL was appointed by Nike as one of three operators in 2010 with three Nike-only stores. It subsequently became the exclusive operator of Nike-only retail outlets in Singapore and Malaysia, growing the business in both markets.
SUTL’s recent notable achievements included the opening of Singapore’s Nike Jewel Changi Airport, the largest Nike-only retail store in Southeast Asia (including India), in 2019; and the opening of Malaysia’s Nike Pavilion KL, the first Nike Rise retail concept store in Malaysia, in 2021.