Singapore business titans Osim's Ron Sim and TWG Tea's Taha Bouqdib have brought the two brands together under the newly established V3 Gourmet Group, whereby they intend to invest more than SG$136 million in the next three years to grow and further brands in the F&B and gourmet retail sector.
In an attempt to bring the concept of affordable luxury to the table, Sim wants to make luxury and gourmet food and beverages more accessible and understood by the masses. In this light, affordable luxury is defined as sophisticated yet accessibly priced experiences that sit in the white space between major luxury designer and mass-produced offerings.
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On the new venture's mission into the burgeoning mass affluent market, Sim—the founder of lifestyle products and wellness group V3—told Channel NewsAsia, “We believe that the mass affluent market has tremendous potential especially in retail lifestyle. By that, we mean [things like] fine coffee and fine food, but [in terms of] affordable luxury. That is key.”
V3 Gourmet’s offerings will reportedly target the mass affluent, a group that Sim refers to as the “60 per cent of people who sit between the top 20 per cent and bottom 20 per cent [in terms of affluence].”
While V3 Gourmet’s menu is currently only made up of beverages, Sim explained that they want to bring the enjoyable experience of dining to the forefront as well.