(Bloomberg) -- It’s another sweltering Saturday evening in Singapore, and the air conditioning at the ION Orchard shopping mall is doing its job. Inside...
-- It’s another sweltering Saturday evening in Singapore, and the air conditioning at the ION Orchard shopping mall is doing its job. Inside, well-heeled tourists and locals line up behind a velvet rope, eagerly awaiting their entry into a room bursting with hues of orange, blue and gold.Hedge Fund Executive’s Sudden Death Exposes a Firm Deep in TroubleBut this isn’t a trendy nightclub, or even a chance to check out the newest iPhone. Once admitted, these guests will be drinking — coffee.
Over the past 15 years, the married couple has expanded their retail outlets and cafes to more than 20 countries and territories with the backing of deep-pocketed business partners. Bouqdib, Barnes and Singapore tycoon Ron Sim, founder of OSIM massage chairs, announced in January 2022 that their holding company V3 Gourmet Pte. would spend $100 million in investments on TWG, Bacha and other brands over three years.
A look at media reports, social media and online forums show that many remain in the dark about the origins of TWG. New packaging will remove the 1837 year from its logo because “we don’t want to have kind of misled the communication,” Bouqdib said. “Tea and coffee, it’s not a new element today in the market,” he said. “If you choose to build something that is kind of timeless, you cannot escape this element of grandiose.”
The pandemic also forced Barnes, who is the chief commercial officer at V3 Gourmet, to quickly come up with an e-commerce strategy for the brick-and-mortar businesses. At the height of the pandemic, 15% to 20% of TWG’s total revenue came from online sales and it was “much higher” for Bacha, she said. The percentage has since dropped with customers returning to the stores and restaurants, she said.
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