Luxury goods-buying service Nanboya opens Singapore outlet
SINGAPORE, NNA - A Japanese company buying luxury goods from customers has opened an outlet in Singapore, spotting a business opportunity in the city-state's pawnbroking market.
Valuence Holdings Inc. opened Nanboya Singapore on the busy South Bridge Road on Tuesday, adding to the two outlets it already operates abroad in Hong Kong and Indonesia, according to the Japanese company's statement released the same day.
Nanboya Singapore plans to buy not only branded goods, namely bags and watches but also other items, including precious metals and jewelry, the company said.
Pawnbroking businesses already operate in Singapore, where there is a reuse culture, but existing pawnbrokers generally limit their business to certain types of goods, such as bags and watches, it said.
The new outlet is run by Valuence International Singapore Pte. Ltd., which was set up last December under Valuence International Ltd., the Hong Kong affiliate of the Japanese company.
Valuence Group, which launched a goods-buying service in Hong Kong last year and in Jakarta in late August, aims to increase the number of its overseas outlets to 30 by the year ending in August 2025 and attain annual consolidated sales of 100 billion yen ($942.6 million) by then.
"We plan to study the feasibility of opening more shops in Singapore, Indonesia and elsewhere in Southeast Asia while researching local customers' reuse demands," a spokesperson for Valuance Holdings told NNA. (NNA/Kyodo)