Retail in Asia

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Korea’s LBG inks luxury joint venture with Cambodia’s WorldBridge

South Korea’s Luxury Business Group (LBG) announced on January 27 a new partnership with Cambodia’s WorldBridge Group — a joint venture that will give luxury retail professionals in Cambodia access to expert training and consulting services.

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As part of the new partnership, LBG, a consulting firm specialising in luxury and retail, will work one-on-one with WorldBridge, by providing consultancy services for local brands and retailers in areas such as recruitment and training for professionals.

Other training aspects of the deal include operational service manual development, store and brand human resources organisation strategising, store and luxury brand HR management know-how, and leadership, according to a press release.

The companies signed-off on the agreement at the ‘Korea-Cambodia Business Forum’, held at the Intercontinental Seoul COEX Hotel late last week.

“The development of higher standards in the retail sector is critical for serving the Cambodian consumer and capturing the full potential of tourism dollars in the domestic market and travel retail such as downtown duty- free,” said Neak Oknha Rithy Sear, chairman of WorldBridge Group.

“Top global brands, both in the luxury and premium segments, require professional skills that are currently in short supply. Advancement of the Cambodian retail sector will require significant investments in human resource development.”

Cambodia has an average economic growth rate of 7 percent every year, and the development of hotels, shopping malls, resorts, high-rise buildings, and various social infrastructures is rapidly developing, according to LBG, adding the tie-up marks the company’s first steps in expanding outside its native Korea.

“Cambodia is in the center of Indochina and is not far from the huge markets of India and China,” said Daniel Mayran, founder and chairman of LBG.

“In addition, with Thailand and Vietnam as neighboring countries, Cambodia is expected to grow into a huge luxury market in the future, and it is a significant market strategically. We will provide a differentiated consulting approach and insight into the challenges and responses faced in the luxury and retail field and focus on enhancing the quality of service of human resources through customized solutions.”