Business / Companies

LVMH enters China's restaurant business

( Updated: 2014-05-05 14:32

French luxury giant LVMH Moet Hennessy spent $100 million to acquire 90 percent stock shares of Crystal Jade, a Chinese restaurant chain, according to Tencent News on May 4.

Crystal Jade's CEO Ip Yiu Tung will stay on in his position and help select the successor.

LVMH Moet Hennessy plans to help Crystal Jade exploit new markets and regions, and expand its operations in Chinese mainland. The international experience of LVMH Moet Hennessy will help Crystal Jade increase its brand awareness.

Crystal Jade group, which was established in 1991, is a Cantonese cuisine restaurant chain with more than 100 sub branches around Asia. Its headquarters are in Singapore.

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