China's consumption has been growing, with an exceptionally strong appetite in the luxury market.
BEIJING – The Dalian Wanda Group, a Chinese property and global cinema group, announced that it will acquire almost 92 percent stake in the leading global luxury yacht company, Sunseeker International Limited, at an estimated 320 million British pounds.
In 2012 China surpassed Japan as the world’s largest luxury market and by 2015 McKinsey & Co. predicts China’s luxury market will account for one-fifth of global sales. Although the private yachting market is in its early stages in China, this industry is growing rapidly. Wanda’s Chairman Wang Jianling states that “China’s consumption is growing, especially in the market for high-end luxury products. We have noticed the growth in consumption of luxury yachts, also private planes — the growth is exponential.” Chairman Wang also added that “With the committed support of Wanda, Sunseeker is well-placed to take full advantage of opportunities in China, one of the world’s fastest growing luxury yacht markets. We are confident that this will bring Sunseeker’s business to the next level.”
Wanda’s acquisition of Sunseeker is strategic; Stewart Mcintyre, Managing Director of Sunseeker International Ltd, commented, “We are thrilled to be joining the Wanda family. Support from Wanda will be instrumental in enabling Sunseeker to unlock the enormous potential of China’s rapidly expanding luxury yacht market. Combined with Wanda’s outstanding track record of entrepreneurship, and history of commitment to supporting leading global brands, this investment will provide an excellent foundation for Sunseeker’s next phase of growth. Wanda’s history of managing global brands after acquisition makes clear that it will continue to invest in Sunseeker and support our management team as we take the company to the next stage of development.”
Asia based Puji Capital, an investment group that focuses on China cross border investments and M&A in the lifestyle, media, and entertainment sectors, assembled the consortium for this transaction and acted as the financial advisor to Wanda in this acquisition. Puji Capital’s Mr. Michael Chien from Hong Kong states that “having the right strategic investor and partner is critical especially in cross border transactions where there is an additional cultural component. The Wanda Sunseeker strategic acquisition model is a win-win situation that will provide not only consumer driven benefits both in China and worldwide but will also increase shareholder value. We are experiencing a lot of activities and interests from many of our large scale China private enterprise owners and families for these cross border value added strategic investments.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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