KUALA LUMPUR: Genting Hong Kong Ltd is buying Singapore-based club operator Zouk for an undisclosed sum to reach and attracting a younger and more lifestyle driven clientele.
The acquisition is expected to be completed in the fourth quarter of 2015.
“Zouk is a brilliant example of a local Singapore brand that has not only achieved worldwide status and recognition in the global club scene, but has truly evolved into a subculture of its own for generations of trend-setters in Asia,” Andrew Li, vice president, lifestyle and F&B concepts, Genting Hong Kong said in a statement.
“As Genting Hong Kong continues to expand its reach in attracting a younger and more lifestyle driven clientele, we are confident that the addition of such an iconic institution will further complement and enhance the company’s overall brands and offerings across the region,” he added.
Under the terms of the agreement, Genting Hong Kong will acquire Zouk’s major trademarks along with the new Zouk Club in Clarke Quay, Singapore, scheduled to open in the third quarter of 2016. Genting Hong Kong will continue to operate the annual ZoukOut dance music festival with the next event upcoming in December 2015.
The terms of the agreement excludes Zouk Kuala Lumpur club at Jalan Tun Razak.
Zouk was launched in 1991.
Zouk brand founder Lincoln Cheng said Zouk, a world-class brand, had all along held ambition to expand beyond Singapore and Malaysia.
“Genting Hong Kong will take the Zouk brand to the next level and to greater heights together with the existing Zouk Singapore team, mapping its footprint out of Singapore and Malaysia, and for the future.”
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