SPC sets up joint venture in Cambodia

SPC Group Vice President Hur Jin-soo, right, poses with HSC Group President Sok Hong after signing a contract to set up a joint venture in Phnom Penh, Cambodia, Sept. 4. / Courtesy of SPC Group

By Kwak Yeon-soo

SPC Group has established a joint venture with Cambodia's HSC Group to tap into the Southeast Asian country, the company said Thursday.

This is the first time SPC has set up a joint venture to enter into a foreign market instead of through direct investment.

HSC Group operates Crystal Jade restaurant group and DFS duty free shop, both of which are connected with luxury retailer LVMH. It also runs Burger King in Cambodia.

Once SPC Group's Paris Baguette Singapore and HSC Food & Beverage complete the joint venture called “H.SPC,” they plan to open Cambodia's first Paris Baguette store.

“The food and beverage market is growing fast in Cambodia, and we can expect to create synergy with two neighboring countries, Vietnam and Singapore,” an SPC Group official said.

“Apart from Paris Baguette, we will seek opportunities to export other SPC brands and construct manufacturing infrastructure in Southeast Asia.”

Meanwhile, an HSC Group official expressed excitement about opening Paris Baguette in Cambodia. “We will do our best to make Paris Baguette a top bakery brand in Cambodia, with the help of its brand and product quality.”

SPC Group operates 430 overseas stores in five countries, including China, the U.S., France, Vietnam and Singapore.