Lingerie retailer will open at Resorts World Sentosa in Q1 next year
VICTORIA’S Secret is coming to town. And hopefully, so will some of the company’s models.
Ashvin Valiram, director of Malaysian-based retailer Valiram Group, says that this will be the first Victoria’s Secret store in Asia and it will open at Resorts World Sentosa – with Valiram’s other new-to-market brands Canali and Damiani – in the first quarter of next year.
Already, there are plans to fly in brand ambassadors such as Sharon Stone and Orlando Bloom to grace various events.
On whether the famous Victoria’s Secret fashion show could be included, Mr Valiram said: ‘Never say never.’
He revealed that he has had his eye on Victoria’s Secret for some time. ‘We have been talking to the company for the past five years.’
The clincher for the US-based lingerie and beauty products retailer was a spot at Resorts World Sentosa, which has a high international profile, according to Mr Valiram.
Valiram only secured the deal to be the sole operator of the 30,000 sq ft luxury retail segment in May. ‘A herculean task,’ he said.
It will spend $18 million to fit out the space that will include 24 stand-alone boutiques.
‘It’s a travel retail business that will focus on tourists and high rollers,’ he said.
The model for the space is similar that for duty-free shopping at airports – probably because Valiram first ventured into retail with duty-free shops at Kuala Lumpur International Airport in 1997.
Today, the company also operates luxury fashion space at Changi Airport’s Terminals 2 and 3.
About 80 per cent of the brands for its Resorts World at Sentosa space have been confirmed, including Bally, Bvlgari, Chanel, Coach, Jimmy Choo, Tod’s, Vertu and Ralph Lauren.
But there are notable omissions, such as Louis Vuitton – a brand which has become synonymous with luxury retail.
Mr Valiram says that the company has had discussions with Louis Vuitton, which may consider an outlet at Sentosa later.
He concedes that 30,000 sq ft is not a large space, but says that he expects to ‘maximise space productivity’.
Valiram will also be looking to expand its business outside Sentosa.
It recently opened a flagship Coach store at Paragon shopping centre and is always on the lookout for the ‘right location’.
With retail rents likely to moderate, this should not be a problem.
Put off by the high retail rents in previous years, Valiram decided to stay out of the market.
But things are different now.
‘I get more excited in a crisis because we get to do more logical deals,’ Mr Valiram said.
Source : Business Times – 17 Dec 2009
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