EpiCentre Holdings has decided to exit the Apple authorised reseller and premium reseller business in Singapore. Four of its storefronts will be sold to Elush for SG$516,275 which includes its outlets at ION Orchard, Wheelock Place, Marina Bay Sands and Bugis Junction.
The move is the result of a challenging retail environment as the company “faces stiff competition” from other authorised premium resellers, and from the new Apple retail store at Knightsbridge, Orchard. A listing on the SGX said since the opening of the new Apple retail store, sales had been “adversely affected”, the company said, adding that Apple intends to open more retail stores in Singapore.
“With Apple’s upcoming plan, the company has decided to dispose the Business and focus on its beauty, wellness and lifestyle business while looking at other possible related businesses. The [company]’s status as an authorised premium reseller expired in April 2018 and was not renewed by Apple,” the statement added.
Without the renewal of its APR status, EpiCentre would not be able to obtain stocks directly from Apple, incurring higher costs and lower profit margins.
Moving forward, EpiCentre Holdings will maintain its business in Malaysia and focus on its lifestyle and wellness business with Japan IPL Holdings, and its subsidiaries. This consists of service providers of hair removal and skin rejuvenation for men and women. Marketing has reached out to EpiCentre Holdings for comment.
Last year, EpiCentre Holdings revealed its intention to move its focus away from Apple following the launch of its first Live Out Loud concept store. This was in a bid to reshape Singaporeans’ digital lifestyle experience, by making a myriad of products readily available in a one-stop shop.
In a conversation with Marketing, Kenneth Lim, chairman, EpiCentre Holdings said that with the opening of the Apple Store earlier this year, it was time for EpiCentre Holdings to review its strategy moving forward.