Its Jones the Grocer foray may have run into difficulties in Singapore, but the gourmet grocer's big-name backer L Capital Asia is not slowing down.
L Capital's chairman and managing partner Ravi Thakran said the investment arm of the French luxury group LVMH Moet Hennessy Louis Vuitton is looking to put another $200 million into the country in the next five years.
It has injected as much money to grow consumer brands in Singapore since 2010, the year it invested in shoemaker Charles & Keith Group.
It bought a share in Jones the Grocer in 2012, pumping in more than $15 million into Jones' operations.
Last year, it bought a stake in the Crystal Jade Culinary Concepts Holding restaurant chain, known for its steamed dumplings and noodles; and it now owns a majority share of Ku De Ta Group, which operates the 57th-floor bar at the top of Marina Bay Sands hotel.
L Capital Asia's Jones the Grocer investment represents less than 2 per cent of its invested capital.
In an exclusive interview, Mr Thakran told The Straits Times that the firm is in talks with two Singapore-based entrepreneurs - one in the beauty industry and the other in food and beverage.
"We are going to make a fairly large commitment with them," he said, adding that he is looking to invest in entrepreneurs who can satisfy "the new Singaporean".
"The new Singapore customer is different. They are widely travelled, go to the best places in the world and don't want classic products. They want innovative and creative products."
The biggest driver for the world economy is middle-class consumption in America and in Europe, what Mr Thakran terms "the 800-pound gorilla".
"I believe the 800-pound panda that is emerging is the Asian middle-class consumer," said the Singapore permanent resident. "And that quirkiness that people said Singapore was bereft of? Entrepreneurs here have acquired it."
L Capital's bullish approach, especially towards the labour-intensive service industry in Singapore, runs contrary to current attitudes.
Economists had predicted that the country's growth potential would be limited by, for example, the manpower crunch sparked off by Singapore's move to rely less on foreign labour. But Mr Thakran has a different view.
"It is good for Singapore to go through this churn. Restructuring is the time when the best businesses keep standing and the not so solid businesses fall apart," he said. "The market will go through a correction and the result is sharper businesses."
In such a climate, the successful businesses will be those that focus on quality.
"Businesses need to be able to innovate. This should be a central pillar, as well as understanding the new consumer.
"If not, you are not changing with the times," he said. "Price is soon forgotten, but quality is remembered for a long time."
This article was first published on May 30, 2015.
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